Kinder Morgan KMI, a leading midstream infrastructure provider in the United States, has announced the shutdown of its terminals and fuel racks in Tampa, FL, on Tuesday as Hurricane Milton approaches landfall. Milton is a Category 5 hurricane that is anticipated to make landfall late Wednesday or early Thursday.
As part of the safety measures against the cyclone, Florida’s Gulf Coast has put out evacuation orders. Milton could potentially become one of the deadliest hurricanes to hitwest-central Florida, per the National Hurricane Center. KMI has stated that it will keep track of the hurricane’s development and trajectory to make further adjustments as necessary.
Kinder Morgan’s terminals in and around Tampa, which have been shut over hurricane warnings, include Tampa Bay Stevedores, Tampaplex Terminal and Port Sutton. The terminals are responsible for handling fertilizers, scrap metal, petroleum coke and coal. KMI also shut down the Central Florida Pipeline (CFPL) system, which transports refined products like gasoline, diesel, ethanol and jet fuel to Orlando, FL. The company has mentioned that its Orlando truck racks are expected to continue services until wind speed in the area surpasses 35 miles per hour (mph).
Energy giant Chevron has also withdrawn staff from its Blind Faith platform in the U.S. Gulf of Mexico. As a precautionary measure, the company has announced the shutdown of the Blind Faith platform and ordered the evacuation of its workers following the announcement of Hurricane Milton. Chevron highlighted that the production from its other Gulf of Mexico assets shall remain unaffected.
KMI’s Zacks Rank and Key Picks
Currently, KMI carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the energy sector are PEDEVCO Corp. PED,Archrock Inc. AROC and FuelCell Energy FCEL. PEDEVCO and Archrock presently sport a Zacks Rank #1 (Strong Buy) each, while FuelCell Energy carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
PEDEVCO is engaged in the acquisition and development of energy assets in the United States and Pacific Rim countries. PED stands to benefit significantly from its holdings in the Permian Basin, one of the most prolific oil-producing regions in the United States, and in the D-J Basin in Colorado, which includes more than 150 high-quality drilling locations. Combined with bullish oil prices, this is expected to boost the company's production and overall profitability.
Archrock is an energy infrastructure company based in the United States, with a focus on midstream natural gas compression. It provides natural gas contract compression services and generates stable fee-based revenues.
FuelCell Energy is a clean energy company offering low-carbon energy solutions. It produces power using flexible fuel sources such as biogas, natural gas and hydrogen. The company designs fuel cells that generate electricity through an electrochemical process that combines fuel with air, reducing carbon emissions and minimizing the environmental impact of power generation. As such, the company is anticipated to play a crucial role in the energy transition by enabling industries and communities to shift from traditional fossil fuels to low-carbon alternatives.
5 Stocks Set to Double
Each was handpicked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2024. While not all picks can be winners, previous recommendations have soared +143.0%, +175.9%, +498.3% and +673.0%.
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.
Today, See These 5 Potential Home Runs >>Kinder Morgan, Inc. (KMI) : Free Stock Analysis Report
FuelCell Energy, Inc. (FCEL) : Free Stock Analysis Report
Pedevco Corp. (PED) : Free Stock Analysis Report
Archrock, Inc. (AROC) : Free Stock Analysis Report
To read this article on Zacks.com click here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
