IBM Retirement Fund Increases Position in Kinder Morgan, Inc. (NYSE:KMI)
IBM Retirement Fund boosted its stake in shares of Kinder Morgan, Inc. (NYSE:KMI) by 120.1% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 47,249 shares of the pipeline company’s stock after buying an additional 25,781 shares during the period. IBM Retirement Fund’s holdings in Kinder Morgan were worth $1,011,000 at the end of the most recent quarter.
Several other large investors have also recently added to or reduced their stakes in KMI. First Bank & Trust boosted its stake in shares of 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 during the period. Trust Co. of Vermont boosted its stake in shares of Kinder Morgan by 10.3% in the second quarter. Trust Co. of Vermont now owns 7,197 shares of the pipeline company’s stock worth $138,000 after buying an additional 675 shares during the period. CWM LLC boosted its stake in shares of 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 during the period. Guardian Life Insurance Co. of America boosted its stake in shares of 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 during the period. Finally, Salem Investment Counselors Inc. boosted its stake in shares of 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 during the period. 57.70% of the stock is owned by institutional investors.
Shares of Kinder Morgan, Inc. (NYSE:KMI) opened at 19.75 on Thursday. The company has a market capitalization of $44.11 billion, a price-to-earnings ratio of 65.18 and a beta of 0.64. The stock has a 50 day moving average price of $19.64 and a 200-day moving average price of $20.56. Kinder Morgan, Inc. has a one year low of $18.31 and a one year high of $23.36.
Kinder Morgan (NYSE:KMI) last issued 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. Kinder Morgan had a return on equity of 4.41% and a net margin of 6.20%. The business had revenue of $3.37 billion for the quarter, compared to analyst estimates of $3.12 billion. During the same quarter in the previous year, the business posted $0.15 earnings per share. The business’s revenue was up 7.1% on a year-over-year basis. On average, equities research analysts expect that Kinder Morgan, Inc. will post $0.64 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, August 15th. Shareholders of record on Monday, July 31st will be issued a dividend of $0.125 per share. The ex-dividend date of this dividend is Thursday, July 27th. This represents a $0.50 dividend on an annualized basis and a yield of 2.53%. Kinder Morgan’s payout ratio is currently 161.29%.
Kinder Morgan announced that its Board of Directors has approved a stock buyback plan on Wednesday, July 19th that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the pipeline company to repurchase up to 4.6% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.
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A number of equities research analysts recently commented on KMI shares. BMO Capital Markets set a $26.00 price objective on Kinder Morgan and gave the stock a “buy” rating in a research note on Tuesday, June 20th. TD Securities set a $26.00 price objective on Kinder Morgan and gave the stock a “buy” rating in a research note on Tuesday, June 20th. Raymond James Financial, Inc. reaffirmed a “buy” rating on shares of Kinder Morgan in a research note on Wednesday, May 31st. Vetr cut Kinder Morgan from a “strong-buy” rating to a “buy” rating and set a $22.49 price objective for the company. in a research note on Monday, April 24th. Finally, Credit Suisse Group set a $27.00 price objective on Kinder Morgan and gave the stock a “buy” rating in a research note on Thursday, April 20th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus target price of $23.91.
In other Kinder Morgan news, insider Richard D. Kinder purchased 500,000 shares of the firm’s stock in a transaction on Tuesday, May 30th. The stock was purchased at an average cost of $18.58 per share, for a total transaction of $9,290,000.00. Following the acquisition, the insider now owns 234,712,353 shares in the company, valued at approximately $4,360,955,518.74. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Dax Sanders purchased 2,600 shares of the firm’s stock in a transaction on Tuesday, May 30th. The shares were acquired at an average price of $18.60 per share, with a total value of $48,360.00. The disclosure for this purchase can be found here. Over the last quarter, insiders have 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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