I Like This Natural Gas Stock
I like this company and I will really like it if it's stock can break through this key resistance level - It is so close!
I really like Kinder Morgan, (KMI). This is one of three companies that hold significant ownership in the natural gas position, in particular, natural gas storage. Furthermore, they manage about 83,000 miles of pipelines as well as 144 terminals.
They currently have about 2.23 billion shares outstanding but 62% of those shares are in the hands of institutional owners, there
is institutional signals that this company is worth having. The company reported Earnings Per Share of $0.29 for Q! 2023 which beat expectations of most analysts. Revenue was up over 5% from 2022 to 2023 so the market is still giving to this industry and this company.
On the Technical side, you can see that the weekly chart shows resistance at about 20.20/share and a support level at !8/share and then below again at 16/share. Brak out above 20.20/share could signal the potential for further growth if the stock can hold above that mark.
With good liquidity due to its large float but a smaller supply due to the high degree of institutional ownership, this stock is a good candidate to play a role in a portfolio strategy.
