Parsec Financial Management Inc. Has $16.08 Million Stake in Kinder Morgan, Inc. (KMI)
Parsec Financial Management Inc. increased its position in Kinder Morgan, Inc. (NYSE:KMI) by 4.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 839,209 shares of the pipeline company’s stock after buying an additional 33,749 shares during the period. Kinder Morgan makes up approximately 1.3% of Parsec Financial Management Inc.’s investment portfolio, making the stock its 25th largest position. Parsec Financial Management Inc.’s holdings in Kinder Morgan were worth $16,079,000 as of its most recent SEC filing.
Other hedge funds also recently bought and sold shares of the company. First Bank & Trust raised its stake 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 raised its stake 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 raised its stake 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. raised its stake 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 raised its stake 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. Institutional investors own 57.70% of the company’s stock.
Kinder Morgan, Inc. (KMI) opened at 19.07 on Friday. The firm has a market capitalization of $42.59 billion, a P/E ratio of 62.94 and a beta of 0.64. The company has a 50 day moving average price of $19.68 and a 200 day moving average price of $20.53. Kinder Morgan, Inc. has a 52-week low of $18.31 and a 52-week high of $23.36.
Kinder Morgan (NYSE:KMI) last announced its quarterly earnings results on Wednesday, July 19th. The pipeline company reported $0.14 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 company had revenue of $3.37 billion for the quarter, compared to analyst estimates of $3.12 billion. During the same quarter in the prior year, the business earned $0.15 earnings per share. Kinder Morgan’s revenue was up 7.1% compared to the same quarter last year. On average, equities analysts forecast that Kinder Morgan, Inc. will post $0.64 EPS for the current fiscal year.
Kinder Morgan announced that its Board of Directors has approved a stock buyback program on Wednesday, July 19th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the pipeline company to purchase up to 4.6% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, August 15th. Investors of record on Monday, July 31st will be paid a dividend of $0.125 per share. The ex-dividend date of this dividend is Thursday, July 27th. This represents a $0.50 annualized dividend and a yield of 2.62%. Kinder Morgan’s dividend payout ratio is currently 161.29%.
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A number of research firms have weighed in on KMI. Jefferies Group LLC restated a “hold” rating and set a $20.00 target price on shares of Kinder Morgan in a report on Thursday, July 20th. Sanford C. Bernstein began coverage on Kinder Morgan in a report on Tuesday, May 16th. They set a “market perform” rating for the company. Mizuho began coverage on Kinder Morgan in a report on Thursday, July 27th. They set a “neutral” rating and a $22.00 target price for the company. BidaskClub upgraded Kinder Morgan from a “strong sell” rating to a “sell” rating in a report on Wednesday, July 5th. Finally, Zacks Investment Research upgraded Kinder Morgan from a “sell” rating to a “hold” rating in a report on Tuesday, June 13th. One analyst has rated the stock with a sell rating, seven have given a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus price target of $23.91.
In related news, insider Richard D. Kinder purchased 500,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 30th. The shares were purchased at an average cost of $18.58 per share, for a total transaction of $9,290,000.00. Following the purchase, the insider now directly owns 234,712,353 shares of the company’s stock, valued at $4,360,955,518.74. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Dax Sanders purchased 2,600 shares of the business’s stock in a transaction that occurred on Tuesday, May 30th. The shares were bought at an average price of $18.60 per share, for a total transaction of $48,360.00. The disclosure for this purchase can be found here. Insiders have purchased a total of 507,503 shares of company stock worth $9,437,597 over the last quarter. 13.99% of the stock is owned by company insiders.
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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