Bessemer Group Inc. Has $8.61 Million Stake in Kinder Morgan, Inc. (NYSE:KMI)
Bessemer Group Inc. decreased its position in Kinder Morgan, Inc. (NYSE:KMI) by 10.7% during the second quarter, Holdings Channel reports. The firm owned 449,498 shares of the pipeline company’s stock after selling 54,135 shares during the period. Bessemer Group Inc.’s holdings in Kinder Morgan were worth $8,612,000 as of its most recent SEC filing.
Several other institutional investors also recently modified their holdings of the company. Bollard Group LLC increased its position in shares of 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 during the period. Greylin Investment Mangement Inc. increased its position in shares of 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 during the period. Duff & Phelps Investment Management Co. increased its position in shares of 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 during the period. DnB Asset Management AS increased its position in shares of 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 during the period. Finally, SFE Investment Counsel increased its position in shares of Kinder Morgan by 21.9% in the first quarter. SFE Investment Counsel now owns 52,087 shares of the pipeline company’s stock worth $1,132,000 after buying an additional 9,343 shares during the period. Institutional investors own 57.70% of the company’s stock.
Shares of Kinder Morgan, Inc. (NYSE KMI) opened at 19.07 on Friday. The firm 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. The firm has a market cap of $42.59 billion, a PE ratio of 62.94 and a beta of 0.64.
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 consensus estimate of $0.15 by $0.01. The company had revenue of $3.37 billion during the quarter, compared to analysts’ expectations of $3.12 billion. Kinder Morgan had a return on equity of 4.41% and a net margin of 6.20%. The business’s quarterly revenue was up 7.1% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.15 EPS. On average, equities research analysts predict that Kinder Morgan, Inc. will post $0.64 earnings per share for the current year.
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 $0.125 dividend. The ex-dividend date is Thursday, July 27th. This represents a $0.50 annualized dividend and a dividend yield of 2.62%. Kinder Morgan’s payout ratio is currently 161.29%.
Kinder Morgan announced that its board has authorized a stock repurchase 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 reacquire up to 4.6% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s leadership believes its stock is undervalued.
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A number of brokerages have recently issued reports on KMI. Credit Suisse Group set a $27.00 price objective on Kinder Morgan and gave the stock a “buy” rating in a research report on Thursday, April 20th. Macquarie began coverage on Kinder Morgan in a research note on Friday, April 21st. They set a “neutral” rating and a $21.00 target price for the company. Raymond James Financial, Inc. reaffirmed a “buy” rating on shares of Kinder Morgan in a research note on Saturday, July 22nd. BMO Capital Markets reaffirmed a “buy” rating and set a $26.00 target price on shares of Kinder Morgan in a research note on Friday, July 28th. Finally, Zacks Investment Research raised Kinder Morgan from a “sell” rating to a “hold” rating in a research note on Thursday, July 27th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus target price of $23.91.
In related news, Director William A. Smith purchased 4,903 shares of the business’s stock in a transaction that occurred on Monday, July 31st. The shares were bought at an average price of $20.24 per share, for a total transaction of $99,236.72. Following the purchase, the director now directly owns 14,587 shares of the company’s stock, valued at approximately $295,240.88. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Dax Sanders purchased 2,600 shares of the business’s stock in a transaction that occurred on Tuesday, May 30th. The stock was 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 purchased a total of 507,503 shares of company stock worth $9,437,597 in the last 90 days. 13.99% of the stock is currently owned by company insiders.
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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