Kornitzer Capital Management Inc. KS Has $14.29 Million Stake in Kinder Morgan, Inc. (KMI)
Kornitzer Capital Management Inc. KS increased its stake in Kinder Morgan, Inc. (NYSE:KMI) by 8.0% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 745,995 shares of the pipeline company’s stock after buying an additional 54,965 shares during the period. Kornitzer Capital Management Inc. KS’s holdings in Kinder Morgan were worth $14,293,000 as of its most recent SEC filing.
A number of other large investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position in Kinder Morgan by 4.7% in the first quarter. Vanguard Group Inc. now owns 138,904,165 shares of the pipeline company’s stock valued at $3,019,777,000 after buying an additional 6,222,962 shares in the last quarter. Wellington Management Group LLP boosted its position in Kinder Morgan by 8.2% in the first quarter. Wellington Management Group LLP now owns 29,672,731 shares of the pipeline company’s stock valued at $645,086,000 after buying an additional 2,258,597 shares in the last quarter. Geode Capital Management LLC boosted its position in Kinder Morgan by 7.7% in the first quarter. Geode Capital Management LLC now owns 18,346,909 shares of the pipeline company’s stock valued at $398,283,000 after buying an additional 1,309,520 shares in the last quarter. Atlantic Trust Group LLC boosted its position in Kinder Morgan by 6.3% in the first quarter. Atlantic Trust Group LLC now owns 11,337,726 shares of the pipeline company’s stock valued at $246,482,000 after buying an additional 672,731 shares in the last quarter. Finally, Brookfield Asset Management Inc. boosted its position in Kinder Morgan by 10.4% in the first quarter. Brookfield Asset Management Inc. now owns 10,396,470 shares of the pipeline company’s stock valued at $226,019,000 after buying an additional 976,320 shares in the last quarter. 57.70% of the stock is currently owned by institutional investors and hedge funds.
Shares of Kinder Morgan, Inc. (NYSE:KMI) opened at 19.39 on Friday. Kinder Morgan, Inc. has a 12 month low of $18.31 and a 12 month high of $23.36. The stock has a market cap of $43.30 billion, a PE ratio of 63.99 and a beta of 0.64. The firm has a 50-day moving average price of $19.67 and a 200-day moving average price of $20.55.
Kinder Morgan (NYSE:KMI) last released its quarterly earnings data 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. The company had revenue of $3.37 billion for the quarter, compared to analysts’ expectations of $3.12 billion. Kinder Morgan had a net margin of 6.20% and a return on equity of 4.41%. The business’s quarterly revenue was up 7.1% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.15 EPS. Equities analysts forecast that Kinder Morgan, Inc. will post $0.64 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 15th. Shareholders 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 dividend on an annualized basis and a dividend yield of 2.58%. Kinder Morgan’s payout ratio is currently 161.29%.
Kinder Morgan declared that its board has authorized a share buyback plan on Wednesday, July 19th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the pipeline company to buy up to 4.6% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board believes its stock is undervalued.
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KMI has been the subject of several recent analyst reports. Raymond James Financial, Inc. restated a “buy” rating on shares of Kinder Morgan in a research note on Saturday, July 22nd. Zacks Investment Research upgraded Kinder Morgan from a “sell” rating to a “hold” rating in a research note on Tuesday, June 13th. Wolfe Research cut Kinder Morgan from an “outperform” rating to a “market perform” rating and decreased their price target for the stock from $26.00 to $21.00 in a research note on Tuesday, May 30th. Morgan Stanley restated an “overweight” rating and issued a $25.00 price target on shares of Kinder Morgan in a research note on Monday, July 3rd. Finally, Wells Fargo & Company restated an “outperform” rating and issued a $25.00 price target (down previously from $26.50) on shares of Kinder Morgan in a research note on Monday, May 15th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $23.91.
In related news, insider Richard D. Kinder acquired 500,000 shares of Kinder Morgan stock in a transaction on Tuesday, May 30th. The stock was acquired at an average price of $18.58 per share, for a total transaction of $9,290,000.00. Following the purchase, the insider now owns 234,712,353 shares of the company’s stock, valued at approximately $4,360,955,518.74. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Dax Sanders acquired 2,600 shares of Kinder Morgan stock in a transaction on Tuesday, May 30th. The shares were bought 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. Insiders have acquired a total of 507,503 shares of company stock valued at $9,437,597 in the last quarter. 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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