BUZZ - Kinder Morgan shares rise in premarket trading as gas business expands and profit exceeds expectations

October 22 - ** Shares of U.S. pipeline operator Kinder Morgan (KMI.N) rose 2.65% to $34.87 in pre-market trading after the company approved a $4.7 billion investment for two natural gas pipeline joint ventures (link), and its quarterly profit exceeded market expectations.

** The investment includes about $3.1 billion for the "Southeast Connector" project and about $1.6 billion for the "Permian Connector" project to meet surging demand from power plants, data centers, and LNG exporters.

** The approval brings the company's project order backlog to a record $14.4 billion.

** For the three months ended September 30, the company reported adjusted earnings per share of 35 cents, above analysts' expectations of 32 cents per share.

** Of 26 brokerages, 14 gave the stock a "Buy" or higher rating, and 12 rated it "Hold"; the median price target is $36 — Reuters compiled data.

** As of yesterday's close, the stock has gained 23.6% year-to-date.

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