New York State Common Retirement Fund Purchases 127,259 Shares of Kinder Morgan, Inc. (KMI)
New York State Common Retirement Fund boosted its position in Kinder Morgan, Inc. (NYSE:KMI) by 2.6% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 5,054,160 shares of the pipeline company’s stock after purchasing an additional 127,259 shares during the quarter. New York State Common Retirement Fund owned about 0.23% of Kinder Morgan worth $96,838,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Acrospire Investment Management LLC boosted its stake in Kinder Morgan by 30.7% in the 2nd quarter. Acrospire Investment Management LLC now owns 6,814 shares of the pipeline company’s stock valued at $131,000 after purchasing an additional 1,600 shares during the period. Thrivent Financial For Lutherans boosted its stake in Kinder Morgan by 3.2% in the 2nd quarter. Thrivent Financial For Lutherans now owns 74,220 shares of the pipeline company’s stock valued at $1,422,000 after purchasing an additional 2,320 shares during the period. BT Investment Management Ltd bought a new stake in Kinder Morgan in the 2nd quarter valued at $4,624,000. BlueMountain Capital Management LLC bought a new stake in Kinder Morgan in the 2nd quarter valued at $1,466,000. Finally, Amalgamated Bank boosted its stake in Kinder Morgan by 60.3% in the 2nd quarter. Amalgamated Bank now owns 216,634 shares of the pipeline company’s stock valued at $4,151,000 after purchasing an additional 81,456 shares during the period. Institutional investors and hedge funds own 59.12% of the company’s stock.
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Shares of Kinder Morgan, Inc. (NYSE:KMI) traded up 0.15% during trading on Tuesday, reaching $19.42. The company’s stock had a trading volume of 1,310,831 shares. The stock has a market cap of $43.37 billion, a P/E ratio of 64.09 and a beta of 0.65. The stock’s 50-day moving average is $19.34 and its 200-day moving average is $19.95. Kinder Morgan, Inc. has a 12-month low of $18.23 and a 12-month 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 (EPS) for the quarter, missing the Thomson Reuters’ 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 firm had revenue of $3.37 billion for the quarter, compared to the consensus estimate of $3.12 billion. During the same period last year, the firm earned $0.15 EPS. The company’s revenue for the quarter was up 7.1% on a year-over-year basis. Equities research analysts anticipate that Kinder Morgan, Inc. will post $0.64 earnings per share for the current fiscal year.
Kinder Morgan declared that its board has approved a stock buyback program on Wednesday, July 19th that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the pipeline company to buy up to 4.6% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.
In other news, Director William A. Smith purchased 4,903 shares of the company’s stock in a transaction on Monday, July 31st. The stock was purchased at an average price of $20.24 per share, with a total value of $99,236.72. Following the completion of the purchase, the director now directly owns 14,587 shares in the company, valued at approximately $295,240.88. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 13.99% of the company’s stock.
KMI has been the subject of a number of recent analyst reports. Zacks Investment Research downgraded Kinder Morgan from a “hold” rating to a “sell” rating in a research report on Tuesday, July 11th. Raymond James Financial, Inc. reiterated a “buy” rating on shares of Kinder Morgan in a research report on Wednesday, May 31st. Morgan Stanley reiterated an “overweight” rating and set a $25.00 target price on shares of Kinder Morgan in a research report on Monday, July 3rd. BMO Capital Markets set a $26.00 target price on Kinder Morgan and gave the company a “buy” rating in a research report on Tuesday, June 20th. Finally, Royal Bank Of Canada cut their target price on Kinder Morgan from $25.00 to $22.00 and set a “sector perform” rating for the company in a research report on Tuesday, June 27th. One analyst has rated the stock with a sell rating, seven have given a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $23.91.
Kinder Morgan 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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