Kinder Morgan (NYSE:KMI) Releases Quarterly Earnings Results, Hits Estimates

Kinder Morgan (NYSE:KMI) released its earnings results on Wednesday. The pipeline company reported $0.34 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.34, Yahoo Finance reports. Kinder Morgan had a return on equity of 7.85% and a net margin of 16.08%. The company had revenue of $3.84 billion during the quarter, compared to analyst estimates of $4.36 billion. During the same quarter in the previous year, the company posted $0.30 EPS. Kinder Morgan’s revenue for the quarter was down 1.2% on a year-over-year basis. Kinder Morgan updated its FY24 guidance to $1.22 EPS and its FY 2024 guidance to 1.220-1.220 EPS.

Kinder Morgan Stock Up 2.6 %

Shares of NYSE KMI opened at $18.22 on Friday. The firm has a fifty day simple moving average of $17.74 and a two-hundred day simple moving average of $17.37. The firm has a market capitalization of $40.44 billion, a PE ratio of 16.56, a price-to-earnings-growth ratio of 4.97 and a beta of 0.90. The company has a current ratio of 0.35, a quick ratio of 0.28 and a debt-to-equity ratio of 0.88. Kinder Morgan has a 12 month low of $15.89 and a 12 month high of $18.72.

Kinder Morgan Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 15th. Shareholders of record on Tuesday, April 30th will be given a dividend of $0.2875 per share. This is an increase from Kinder Morgan’s previous quarterly dividend of $0.28. This represents a $1.15 dividend on an annualized basis and a yield of 6.31%. The ex-dividend date is Monday, April 29th. Kinder Morgan’s payout ratio is presently 102.73%.

Analysts Set New Price Targets

A number of analysts have recently weighed in on KMI shares. Truist Financial reissued a “hold” rating and set a $20.00 price objective (down previously from $22.00) on shares of Kinder Morgan in a research note on Monday, March 25th. StockNews.com lowered shares of Kinder Morgan from a “buy” rating to a “hold” rating in a report on Friday, March 1st. Six equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $20.20.

Hedge Funds Weigh In On Kinder Morgan

Several hedge funds and other institutional investors have recently modified their holdings of KMI. Hobbs Group Advisors LLC purchased a new stake in Kinder Morgan in the fourth quarter worth about $323,000. SageView Advisory Group LLC raised its position in shares of Kinder Morgan by 13.8% in the 4th quarter. SageView Advisory Group LLC now owns 23,460 shares of the pipeline company’s stock worth $404,000 after acquiring an additional 2,853 shares in the last quarter. Oarsman Capital Inc. purchased a new position in shares of Kinder Morgan in the 4th quarter valued at approximately $177,000. Harbour Investments Inc. boosted its position in shares of Kinder Morgan by 10.1% during the fourth quarter. Harbour Investments Inc. now owns 24,084 shares of the pipeline company’s stock valued at $425,000 after purchasing an additional 2,217 shares in the last quarter. Finally, Public Employees Retirement System of Ohio lifted its position in Kinder Morgan by 0.4% during the 4th quarter. Public Employees Retirement System of Ohio now owns 989,726 shares of the pipeline company’s stock valued at $17,459,000 after acquiring an additional 3,683 shares during the period. Hedge funds and other institutional investors own 62.52% of the company’s stock.

About Kinder Morgan

Kinder Morgan, Inc operates as an energy infrastructure company primarily 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 gathering systems and natural gas processing and treating facilities; natural gas liquids fractionation facilities and transportation systems; and liquefied natural gas gasification, liquefaction, and storage facilities.