Checchi Capital Advisers LLC Sells 1,967 Shares of Kinder Morgan, Inc. (KMI)
Checchi Capital Advisers LLC cut its stake in shares of Kinder Morgan, Inc. (NYSE:KMI) by 15.6% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,616 shares of the pipeline company’s stock after selling 1,967 shares during the period. Checchi Capital Advisers LLC’s holdings in Kinder Morgan were worth $203,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in KMI. State of Alaska Department of Revenue purchased a new position in Kinder Morgan during the first quarter valued at about $244,000. OLD Point Trust & Financial Services N A purchased a new position in Kinder Morgan during the first quarter valued at about $517,000. Candriam Luxembourg S.C.A. increased its position in Kinder Morgan by 15.0% in the first quarter. Candriam Luxembourg S.C.A. now owns 632,294 shares of the pipeline company’s stock valued at $13,747,000 after buying an additional 82,325 shares in the last quarter. Loeb Partners Corp purchased a new position in Kinder Morgan during the first quarter valued at about $435,000. Finally, Hollencrest Securities LLC purchased a new position in Kinder Morgan during the first quarter valued at about $516,000. 57.40% of the stock is owned by institutional investors.
Shares of Kinder Morgan, Inc. (NYSE KMI) opened at 18.55 on Tuesday. The firm has a market cap of $41.43 billion, a P/E ratio of 61.22 and a beta of 0.64. Kinder Morgan, Inc. has a 12 month low of $18.23 and a 12 month high of $23.36. The stock’s 50 day moving average is $19.63 and its 200 day moving average is $20.34.
Kinder Morgan (NYSE:KMI) last posted its 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 net margin of 6.20% and a return on equity of 4.41%. The business had revenue of $3.37 billion for the quarter, compared to analysts’ expectations of $3.12 billion. During the same period last year, the firm posted $0.15 earnings per share. Kinder Morgan’s quarterly revenue was up 7.1% on a year-over-year basis. Equities research analysts expect that Kinder Morgan, Inc. will post $0.65 EPS for the current year.
Kinder Morgan declared that its board has initiated a stock buyback plan 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 plans are usually a sign that the company’s board believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, August 15th. Stockholders of record on Monday, July 31st were paid a dividend of $0.125 per share. The ex-dividend date was Thursday, July 27th. This represents a $0.50 annualized dividend and a dividend yield of 2.70%. Kinder Morgan’s dividend payout ratio (DPR) is presently 161.29%.
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KMI has been the subject of several recent research reports. Vetr downgraded 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. Wells Fargo & Company reaffirmed an “outperform” rating and issued a $25.00 price objective (down previously from $26.50) on shares of Kinder Morgan in a research note on Monday, May 15th. Sanford C. Bernstein initiated coverage on Kinder Morgan in a research note on Tuesday, May 16th. They issued a “market perform” rating for the company. Wolfe Research downgraded Kinder Morgan from an “outperform” rating to a “market perform” rating and lowered their price objective for the company from $26.00 to $21.00 in a research note on Tuesday, May 30th. Finally, Zacks Investment Research downgraded Kinder Morgan from a “hold” rating to a “sell” rating in a research note on Wednesday, May 31st. One investment analyst has rated the stock with a sell rating, seven have assigned 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 a consensus rating of “Buy” and an average target price of $23.91.
In other Kinder Morgan news, Director William A. Smith bought 4,903 shares of Kinder Morgan stock in a transaction dated Monday, July 31st. The shares were purchased at an average cost of $20.24 per share, with a total value of $99,236.72. Following the completion of the purchase, the director now owns 14,587 shares of the company’s stock, valued at $295,240.88. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, VP Dax Sanders bought 2,600 shares of Kinder Morgan stock in a transaction dated Tuesday, May 30th. The shares were acquired at an average cost of $18.60 per share, for a total transaction of $48,360.00. The disclosure for this purchase can be found here. Insiders have bought 507,503 shares of company stock worth $9,437,597 over the last three months. Insiders own 13.99% of the company’s stock.
About Kinder Morgan
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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