10:51 AM EDT, 09/23/2025 (MT Newswires) -- Kinder Morgan's ( KMI ) upcoming Q3 earnings results will likely be outweighed by commentary around its backlog and growth outlook, RBC Capital Markets said, noting the company is expected to continue adding to its project backlog though growth can be "lumpy" given the timing of project sanctions.

Ahead of the company's results on Oct. 22, the brokerage said that it trimmed its adjusted earnings before interest, taxes, depreciation, and amortization estimate to $1.97 billion from $1.99 billion, citing lower natural gas, D3 RIN, and NGL prices, partially offset by stronger crude oil.

RBC said in a Monday note that it will also listen for potential expansions of the Trident Pipeline and other growth projects on the company's earnings call.

Additionally, for 2025, the firm now forecasts adjusted EBITDA of $8.33 billion compared with its earlier projection of $8.35 billion and consensus estimates of $8.35 billion.

RBC maintained a sector perform rating on Kinder Morgan ( KMI ) with a $28 price target.

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