Texas Permanent School Fund Reduces Position in Kinder Morgan, Inc. (NYSE:KMI)
Texas Permanent School Fund cut its position in shares of Kinder Morgan, Inc. (NYSE:KMI) by 3.8% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 539,435 shares of the pipeline company’s stock after selling 21,524 shares during the period. Texas Permanent School Fund’s holdings in Kinder Morgan were worth $10,336,000 at the end of the most recent quarter.
Other institutional investors have also modified their holdings of the company. Boys Arnold & Co. Inc. increased its position in shares of Kinder Morgan by 1.1% in the first quarter. Boys Arnold & Co. Inc. now owns 25,124 shares of the pipeline company’s stock worth $546,000 after buying an additional 284 shares in the last quarter. Bollard Group LLC increased its position in Kinder Morgan by 13.9% in the first quarter. Bollard Group LLC now owns 319,892 shares of the pipeline company’s stock worth $6,954,000 after buying an additional 39,142 shares in the last quarter. Greylin Investment Mangement Inc. increased its position in Kinder Morgan by 16.6% in the first quarter. Greylin Investment Mangement Inc. now owns 34,300 shares of the pipeline company’s stock worth $746,000 after buying an additional 4,875 shares in the last quarter. Duff & Phelps Investment Management Co. increased its position in Kinder Morgan by 2.1% in the first quarter. Duff & Phelps Investment Management Co. now owns 4,005,541 shares of the pipeline company’s stock worth $87,080,000 after buying an additional 81,595 shares in the last quarter. Finally, DnB Asset Management AS increased its position in Kinder Morgan by 15.6% in the first quarter. DnB Asset Management AS now owns 225,173 shares of the pipeline company’s stock worth $4,895,000 after buying an additional 30,443 shares in the last quarter. Institutional investors own 57.70% of the company’s stock.
Shares of Kinder Morgan, Inc. (KMI) opened at 19.07 on Friday. Kinder Morgan, Inc. has a 12 month low of $18.31 and a 12 month high of $23.36. The company has a market cap of $42.59 billion, a PE ratio of 62.94 and a beta of 0.64. The firm’s 50-day moving average price is $19.68 and its 200-day moving average price is $20.53.
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 Thomson Reuters’ consensus estimate of $0.15 by $0.01. The company had revenue of $3.37 billion for the quarter, compared to analyst estimates of $3.12 billion. Kinder Morgan had a return on equity of 4.41% and a net margin of 6.20%. The firm’s revenue for the quarter was up 7.1% compared to the same quarter last year. During the same period last year, the firm earned $0.15 EPS. Equities analysts predict that Kinder Morgan, Inc. will post $0.64 EPS for the current fiscal year.
The business 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 dividend of $0.125 per share. This represents a $0.50 annualized dividend and a dividend yield of 2.62%. The ex-dividend date of this dividend is Thursday, July 27th. Kinder Morgan’s dividend payout ratio (DPR) is 161.29%.
Kinder Morgan declared that its board has authorized a share repurchase program on Wednesday, July 19th that allows the company to buyback $2.00 billion in outstanding shares. This buyback authorization allows the pipeline company to repurchase up to 4.6% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s management believes its shares are undervalued.
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A number of research firms recently commented on KMI. Stifel Nicolaus restated a “buy” rating and issued a $25.00 price objective on shares of Kinder Morgan in a report on Friday, July 14th. Raymond James Financial, Inc. restated a “strong-buy” rating and issued a $23.00 price objective (down previously from $27.00) on shares of Kinder Morgan in a report on Tuesday, June 20th. TD Securities set a $26.00 price objective on Kinder Morgan and gave the stock a “buy” rating in a report on Tuesday, June 20th. Mizuho began coverage on Kinder Morgan in a report on Thursday, July 27th. They issued a “neutral” rating and a $22.00 price objective on the stock. Finally, Wells Fargo & Company restated an “outperform” rating and issued a $25.00 price objective (down previously from $26.50) on shares of Kinder Morgan in a report on Monday, May 15th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. The stock has an average rating of “Buy” and an average target price of $23.91.
In other Kinder Morgan news, VP Dax Sanders bought 2,600 shares of the firm’s stock in a transaction that occurred on Tuesday, May 30th. The shares were acquired at an average cost of $18.60 per share, with a total value of $48,360.00. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director William A. Smith bought 4,903 shares of the firm’s stock in a transaction that occurred on Monday, July 31st. The shares were acquired at an average cost of $20.24 per share, for a total transaction of $99,236.72. Following the completion of the acquisition, the director now directly owns 14,587 shares in the company, valued at approximately $295,240.88. The disclosure for this purchase can be found here. Insiders have acquired a total of 507,503 shares of company stock worth $9,437,597 in the last ninety days. 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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