Meridian Wealth Management LLC increased its holdings in shares of Kinder Morgan Inc (NYSE:KMI) by 575.4% in the second quarter, Holdings Channel.com reports. The fund owned 14,048 shares of the pipeline company’s stock after buying an additional 11,968 shares during the quarter. Meridian Wealth Management LLC’s holdings in Kinder Morgan were worth $293,000 at the end of the most recent quarter.
Several other hedge funds have also modified their holdings of the stock. Livforsakringsbolaget Skandia Omsesidigt lifted its stake in shares of Kinder Morgan by 28.9% during the 2nd quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 22,770 shares of the pipeline company’s stock worth $475,000 after acquiring an additional 5,100 shares during the last quarter. Independent Investors Inc. bought a new stake in Kinder Morgan during the 2nd quarter valued at $1,908,000. American Research & Management Co. raised its position in Kinder Morgan by 4.8% during the 2nd quarter. American Research & Management Co. now owns 13,118 shares of the pipeline company’s stock valued at $274,000 after purchasing an additional 603 shares in the last quarter. BTR Capital Management Inc. raised its position in Kinder Morgan by 1.2% during the 2nd quarter. BTR Capital Management Inc. now owns 229,049 shares of the pipeline company’s stock valued at $4,783,000 after purchasing an additional 2,630 shares in the last quarter. Finally, Shulman DeMeo Asset Management LLC raised its position in Kinder Morgan by 8.7% during the 2nd quarter. Shulman DeMeo Asset Management LLC now owns 19,477 shares of the pipeline company’s stock valued at $407,000 after purchasing an additional 1,555 shares in the last quarter. 62.53% of the stock is owned by hedge funds and other institutional investors.
A number of equities research analysts have weighed in on the company. BMO Capital Markets lowered Kinder Morgan from an “outperform” rating to a “market perform” rating and set a $22.00 target price for the company. in a research report on Monday. Zacks Investment Research reaffirmed a “hold” rating on shares of Western New England Bancorp in a research report on Saturday, June 29th. Johnson Rice assumed coverage on Enterprise Products Partners in a research report on Thursday, May 30th. They set a “buy” rating and a $35.00 target price for the company. Raymond James assumed coverage on Planet Fitness in a research report on Wednesday, June 26th. They set an “outperform” rating and a $80.00 target price for the company. Finally, Stifel Nicolaus lifted their target price on Mondelez International from $48.00 to $52.00 and gave the company a “hold” rating in a research report on Monday, June 17th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have assigned a buy rating to the company. Kinder Morgan presently has an average rating of “Hold” and a consensus price target of $21.75.
Kinder Morgan (NYSE:KMI) last released its quarterly earnings results on Wednesday, July 17th. The pipeline company reported $0.22 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.23 by ($0.01). The company had revenue of $3.21 billion during the quarter, compared to the consensus estimate of $3.59 billion. Kinder Morgan had a return on equity of 6.23% and a net margin of 16.50%. The company’s revenue was down 6.2% on a year-over-year basis. During the same period in the previous year, the firm posted $0.20 earnings per share. Sell-side analysts predict that Kinder Morgan Inc will post 0.96 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, August 15th. Stockholders of record on Wednesday, July 31st will be given a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 4.83%. The ex-dividend date of this dividend is Tuesday, July 30th. Kinder Morgan’s payout ratio is 112.36%.
In related news, insider Richard D. Kinder purchased 400,000 shares of Kinder Morgan stock in a transaction dated Thursday, May 2nd. The stock was purchased at an average cost of $19.53 per share, with a total value of $7,812,000.00. Following the transaction, the insider now owns 240,201,954 shares in the company, valued at approximately $4,691,144,161.62. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Richard D. Kinder purchased 300,000 shares of Kinder Morgan stock in a transaction dated Wednesday, May 29th. The stock was bought at an average cost of $19.68 per share, with a total value of $5,904,000.00. Following the completion of the transaction, the insider now owns 241,179,496 shares in the company, valued at approximately $4,746,412,481.28. The disclosure for this purchase can be found here. Over the last three months, insiders bought 1,377,542 shares of company stock valued at $26,918,641. Corporate insiders own 13.95% of the company’s stock.
Kinder Morgan Company Profile
Kinder Morgan, Inc operates as an energy infrastructure company in North America. The company operates through Natural Gas Pipelines, Products Pipelines, Terminals, and CO2 segments. The Natural Gas Pipelines segment owns and operates interstate and intrastate natural gas pipeline and storage systems; natural gas and crude oil gathering systems, and natural gas processing and treating facilities; natural gas liquids (NGL) fractionation facilities and transportation systems; and liquefied natural gas facilities.
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