Kinder Morgan, Inc. $KMI Stake Lessened by Carnegie Lake Advisors LLC

Key Points

• Carnegie Lake Advisors cut its Kinder Morgan stake by 97.5% in the third quarter, selling 56,565 shares and retaining 1,470 shares valued at about $44,000.
• Kinder Morgan beat quarterly expectations, reporting earnings of $0.35 per share and revenue of $4.53 billion; revenue rose 9.3% year over year.
• The company announced a quarterly dividend of $0.2975 per share, equivalent to a 4.0% annualized yield. Chairman Richard Kinder also bought 500,000 shares for nearly $15 million.

Carnegie Lake Advisors LLC trimmed its stake in Kinder Morgan, Inc. (NYSE:KMI - Free Report) by 97.5% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,470 shares of the pipeline company's stock after selling 56,565 shares during the period. Carnegie Lake Advisors LLC's holdings in Kinder Morgan were worth $44,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. BlackRock Inc. increased its position in shares of Kinder Morgan by 1.1% during the second quarter. BlackRock Inc. now owns 175,834,246 shares of the pipeline company's stock worth $5,621,421,000 after purchasing an additional 1,875,143 shares in the last quarter. State Street Corp grew its stake in Kinder Morgan by 4.3% during the 2nd quarter. State Street Corp now owns 130,863,419 shares of the pipeline company's stock worth $4,183,704,000 after buying an additional 5,361,578 shares during the last quarter. Bank of America Corp DE grew its stake in Kinder Morgan by 1.4% during the 1st quarter. Bank of America Corp DE now owns 62,018,394 shares of the pipeline company's stock worth $2,079,477,000 after buying an additional 836,571 shares during the last quarter. Dimensional Fund Advisors LP increased its position in Kinder Morgan by 2.7% during the first quarter. Dimensional Fund Advisors LP now owns 17,237,384 shares of the pipeline company's stock worth $577,998,000 after buying an additional 448,130 shares during the period. Finally, Amundi increased its position in Kinder Morgan by 5.8% during the first quarter. Amundi now owns 15,130,700 shares of the pipeline company's stock worth $507,332,000 after buying an additional 831,125 shares during the period. 62.52% of the stock is owned by hedge funds and other institutional investors.

Kinder Morgan Trading Up 0.1%

Shares of KMI stock opened at $29.98 on Monday. The company has a market capitalization of $66.80 billion, a P/E ratio of 18.51, a price-to-earnings-growth ratio of 2.09 and a beta of 0.58. The company has a current ratio of 0.67, a quick ratio of 0.55 and a debt-to-equity ratio of 0.95. The business's 50 day moving average is $32.08 and its two-hundred day moving average is $32.12. Kinder Morgan, Inc. has a twelve month low of $26.03 and a twelve month high of $34.81.

Kinder Morgan (NYSE:KMI - Get Free Report) last released its quarterly earnings results on Wednesday, October 21st. The pipeline company reported $0.35 EPS for the quarter, topping the consensus estimate of $0.33 by $0.02. Kinder Morgan had a return on equity of 10.84% and a net margin of 19.64%. The business had revenue of $4.53 billion during the quarter, compared to analysts' expectations of $4.37 billion. During the same quarter in the prior year, the business earned $0.29 earnings per share. The company's quarterly revenue was up 9.3% compared to the same quarter last year. Equities analysts forecast that Kinder Morgan, Inc. will post 1.57 EPS for the current year.

Kinder Morgan Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 16th. Shareholders of record on Monday, November 2nd will be paid a $0.2975 dividend. This represents a $1.19 annualized dividend and a yield of 4.0%. The ex-dividend date of this dividend is Monday, November 2nd. Kinder Morgan's payout ratio is currently 73.46%.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on KMI. Jefferies Financial Group increased their price objective on Kinder Morgan from $33.00 to $37.00 and gave the company a "hold" rating in a report on Thursday, October 22nd. BMO Capital Markets lifted their target price on shares of Kinder Morgan from $36.00 to $37.00 and gave the company an "outperform" rating in a report on Thursday, October 22nd. Mizuho upped their price target on shares of Kinder Morgan from $37.00 to $39.00 and gave the company an "outperform" rating in a research report on Thursday, October 22nd. Scotiabank increased their price target on shares of Kinder Morgan from $32.00 to $34.00 and gave the stock a "sector perform" rating in a research note on Tuesday, October 27th. Finally, Freedom Broker raised shares of Kinder Morgan from a "hold" rating to a "buy" rating and raised their price objective for the stock from $34.00 to $39.00 in a research report on Thursday, October 22nd. Twelve analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the stock. According to MarketBeat, Kinder Morgan has a consensus rating of "Moderate Buy" and an average target price of $37.15.

Insiders Place Their Bets

In other Kinder Morgan news, VP Michael Garthwaite sold 1,550 shares of the company's stock in a transaction on Friday, October 16th. The shares were sold at an average price of $33.65, for a total transaction of $52,157.50. Following the completion of the transaction, the vice president owned 47,313 shares in the company, valued at approximately $1,592,082.45. This represents a 3.17% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Chairman Richard Kinder bought 500,000 shares of Kinder Morgan stock in a transaction dated Friday, November 6th. The stock was purchased at an average price of $29.99 per share, with a total value of $14,995,000.00. Following the purchase, the chairman directly owned 246,712,353 shares in the company, valued at approximately $7,398,903,466.47. This trade represents a 0.20% increase in their position. The disclosure for this purchase is available in the SEC filing. 12.72% of the stock is currently owned by corporate insiders.

About Kinder Morgan

Kinder Morgan, Inc NYSE: KMI is an energy infrastructure company that transports and stores natural gas, crude oil, refined petroleum products and other energy-related commodities. Its assets include pipelines, terminals and storage facilities serving energy producers, utilities, industrial customers and other markets across the United States and Canada.

The company's operations include natural gas transportation and storage, refined-products and crude-oil pipelines, bulk and liquids terminals, and carbon dioxide transportation.

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