Sumitomo Life Insurance Co. increased its position in shares of Kinder Morgan, Inc. (NYSE:KMI) by 4.4% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 68,530 shares of the pipeline company’s stock after buying an additional 2,888 shares during the period. Sumitomo Life Insurance Co.’s holdings in Kinder Morgan were worth $1,313,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. First Bank & Trust increased its position in Kinder Morgan by 9.4% in the first quarter. First Bank & Trust now owns 4,739 shares of the pipeline company’s stock worth $103,000 after buying an additional 408 shares in the last quarter. Trust Co. of Vermont increased its position in Kinder Morgan by 71.5% in the first quarter. Trust Co. of Vermont now owns 6,522 shares of the pipeline company’s stock worth $142,000 after buying an additional 2,719 shares in the last quarter. Guardian Life Insurance Co. of America increased its position in Kinder Morgan by 0.8% in the first quarter. Guardian Life Insurance Co. of America now owns 7,416 shares of the pipeline company’s stock worth $161,000 after buying an additional 60 shares in the last quarter. Salem Investment Counselors Inc. increased its position in Kinder Morgan by 20.6% in the first quarter. Salem Investment Counselors Inc. now owns 7,959 shares of the pipeline company’s stock worth $171,000 after buying an additional 1,359 shares in the last quarter. Finally, CWM LLC increased its position in Kinder Morgan by 770.5% in the second quarter. CWM LLC now owns 8,052 shares of the pipeline company’s stock worth $154,000 after buying an additional 7,127 shares in the last quarter. 57.70% of the stock is owned by hedge funds and other institutional investors.
Shares of Kinder Morgan, Inc. (NYSE:KMI) opened at 19.75 on Thursday. The firm has a 50-day moving average of $19.64 and a 200 day moving average of $20.56. The stock has a market capitalization of $44.11 billion, a PE ratio of 65.18 and a beta of 0.64. Kinder Morgan, Inc. has a 1-year low of $18.31 and a 1-year high of $23.36.
Kinder Morgan (NYSE:KMI) last posted its quarterly earnings results on Wednesday, July 19th. The pipeline company reported $0.14 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.15 by $0.01. The firm had revenue of $3.37 billion during the quarter, compared to the consensus estimate of $3.12 billion. Kinder Morgan had a return on equity of 4.41% and a net margin of 6.20%. The business’s revenue for the quarter was up 7.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.15 earnings per share. Analysts predict that Kinder Morgan, Inc. will post $0.64 EPS for the current year.
Kinder Morgan declared that its Board of Directors has authorized a share buyback program on Wednesday, July 19th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the pipeline company to buy up to 4.6% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its shares are undervalued.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, August 15th. Shareholders of record on Monday, July 31st will be given a $0.125 dividend. The ex-dividend date of this dividend is Thursday, July 27th. This represents a $0.50 dividend on an annualized basis and a dividend yield of 2.53%. Kinder Morgan’s payout ratio is currently 161.29%.
Several research analysts recently commented on the stock. Jefferies Group LLC reaffirmed a “hold” rating and issued a $20.00 price objective on shares of Kinder Morgan in a report on Thursday, July 20th. Mizuho assumed coverage on shares of Kinder Morgan in a report on Thursday, July 27th. They issued a “neutral” rating and a $22.00 price objective for the company. Sanford C. Bernstein assumed coverage on shares of Kinder Morgan in a report on Tuesday, May 16th. They issued a “market perform” rating for the company. BidaskClub raised shares of Kinder Morgan from a “strong sell” rating to a “sell” rating in a report on Wednesday, July 5th. Finally, BMO Capital Markets reaffirmed a “buy” rating and issued a $26.00 price objective on shares of Kinder Morgan in a report on Friday, July 28th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $23.91.
In related news, insider Richard D. Kinder bought 500,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 30th. The stock was purchased at an average price of $18.58 per share, for a total transaction of $9,290,000.00. Following the completion of the transaction, the insider now owns 234,712,353 shares in the company, valued at $4,360,955,518.74. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director William A. Smith bought 4,903 shares of the company’s stock in a transaction that occurred on Monday, July 31st. The shares were bought at an average price of $20.24 per share, with a total value of $99,236.72. Following the transaction, the director now owns 14,587 shares of the company’s stock, valued at approximately $295,240.88. The disclosure for this purchase can be found here. Over the last quarter, insiders acquired 507,503 shares of company stock valued at $9,437,597. Company insiders own 13.99% of the company’s stock.
Kinder Morgan Company Profile
Kinder Morgan, Inc is an energy infrastructure company. It operates through five segments. Its Natural Gas Pipelines segment is engaged in the ownership and operation of interstate and intrastate natural gas pipeline and storage systems, and liquefied natural gas facilities, among others. Its CO2 segment is engaged in the production, transportation and marketing of carbon dioxide (CO2) to oil fields and the ownership and operation of a crude oil pipeline system, among others.
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