Transaction details
David Patrick Michels, who serves as Vice President and Chief Financial Officer at Kinder Morgan, INC. (NYSE:KMI), completed the sale of 20,000 shares of the company’s Class P Common Stock on January 22, 2026. The shares were sold at $30.00 each, producing gross proceeds of $600,000.
Following this disposition, Michels directly holds 139,428 shares of Kinder Morgan. The sale was carried out as part of a pre-arranged 10b5-1 trading plan that Michels adopted on February 19, 2025; that plan is scheduled to expire on January 31, 2026.
Quarterly financial update
Separately, Kinder Morgan released its fourth-quarter 2025 financial results. The company reported adjusted earnings per share of $0.39, above the consensus estimate of $0.36. Revenue for the quarter came in at $4.51 billion, exceeding the anticipated $4.32 billion. These results were highlighted by analysts as a positive performance in Kinder Morgan’s gas systems.
In response to the quarter, TD Cowen raised its price target on Kinder Morgan to $35 from $34 while maintaining a Buy rating, citing a positive EBITDA beat in the natural gas segment as the rationale for the adjustment. Scotiabank also raised its target to $30 from $29, noting solid operational results and margins that came in better than forecast, and kept its existing rating unchanged.
What the filing shows
- The filing documents that the sale was executed under a 10b5-1 plan, indicating the trade was pre-arranged under that framework adopted February 19, 2025, and expiring January 31, 2026.
- Michels sold 20,000 Class P shares at $30.00 per share on January 22, 2026, for total proceeds of $600,000 and now directly owns 139,428 shares.
- Kinder Morgan’s Q4 2025 adjusted EPS of $0.39 and revenue of $4.51 billion surpassed respective expectations of $0.36 and $4.32 billion, prompting analysts to raise price targets while retaining ratings.
Context and market reaction
The filing and corporate results are factual disclosures that document an insider sale executed under a defined trading arrangement and a quarterly performance beat that elicited modest analyst upward revisions to price targets. The materials provided by the company and the analyst notes referenced specific drivers such as positive EBITDA in the natural gas segment and stronger-than-forecast margins.