Kinder Morgan (NYSE:KMI) Board of Directors Approves Stock Repurchase Plan
Kinder Morgan (NYSE:KMI) declared that its board has authorized a stock buyback program, which allows the company to buyback $2.00 billion in outstanding shares on Wednesday, July 19th, EventVestor reports. This buyback authorization allows the pipeline company to purchase up to 4.6% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its stock is undervalued.
Several research analysts have weighed in on the company. Jefferies Group LLC reiterated a “hold” rating and set a $20.00 target price (up from $2.00) on shares of Kinder Morgan in a report on Thursday. BidaskClub upgraded Kinder Morgan from a “strong sell” rating to a “sell” rating in a report on Wednesday, July 5th. Stifel Nicolaus reiterated a “buy” rating and set a $25.00 target price on shares of Kinder Morgan in a report on Friday, July 14th. Zacks Investment Research lowered Kinder Morgan from a “hold” rating to a “sell” rating in a report on Tuesday, July 11th. Finally, Sanford C. Bernstein assumed coverage on Kinder Morgan in a report on Tuesday, May 16th. They set a “market perform” rating on the stock. Two research analysts have rated the stock with a sell rating, five have given a hold rating, twelve have issued a buy rating and two have given a strong buy rating to the company’s stock. Kinder Morgan presently has a consensus rating of “Buy” and an average price target of $24.03.
Kinder Morgan (NYSE:KMI) traded up 5.465% during mid-day trading on Thursday, hitting $20.745. The company’s stock had a trading volume of 18,984,154 shares. The firm has a 50 day moving average of $19.06 and a 200-day moving average of $20.73. The firm has a market cap of $46.31 billion, a price-to-earnings ratio of 68.692 and a beta of 0.63. Kinder Morgan has a 52-week low of $18.31 and a 52-week high of $23.36.
Kinder Morgan (NYSE:KMI) last released its quarterly earnings data on Wednesday, July 19th. The pipeline company reported $0.14 earnings per share (EPS) 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 the consensus estimate of $3.12 billion. Kinder Morgan had a return on equity of 4.62% and a net margin of 6.27%. Kinder Morgan’s revenue for the quarter was up 7.1% compared to the same quarter last year. During the same period last year, the company earned $0.15 EPS. On average, equities research analysts expect that Kinder Morgan will post $0.66 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 15th. Stockholders of record on Monday, July 31st will be given a dividend of $0.125 per share. This represents a $0.50 dividend on an annualized basis and a dividend yield of 2.54%. Kinder Morgan’s dividend payout ratio (DPR) is presently 161.29%.
In other Kinder Morgan news, insider Richard D. Kinder bought 500,000 shares of the stock in a transaction that occurred on Tuesday, May 30th. The shares were bought at an average price of $18.58 per share, for a total transaction of $9,290,000.00. Following the acquisition, the insider now directly 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 Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Dax Sanders bought 2,600 shares of the stock in a transaction that occurred on Tuesday, May 30th. The stock was acquired 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. 13.99% of the stock is owned by corporate insiders.
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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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