Following this sale, Martin holds 861,652 shares directly. Additionally, he has an indirect holding of 277,950 shares through a trust for family members, over which he shares voting and disposition power. Martin has disclaimed any beneficial ownership of the shares held by the trust. With KMI’s market capitalization now at $62.5 billion and a P/E ratio of 24.6, investors seeking deeper insights can access comprehensive valuation metrics and the full Pro Research Report through InvestingPro. With KMI’s market capitalization now at $62.5 billion and a P/E ratio of 24.6, investors seeking deeper insights can access comprehensive valuation metrics and the full Pro Research Report through InvestingPro.
Following this sale, Martin holds 861,652 shares directly. Additionally, he has an indirect holding of 277,950 shares through a trust for family members, over which he shares voting and disposition power. Martin has disclaimed any beneficial ownership of the shares held by the trust.
In other recent news, Kinder Morgan (NYSE:KMI)’s subsidiary, Tennessee Gas Pipeline, has decided to proceed with the Mississippi Crossing Project, a $1.4 billion venture to transport up to 1.5 billion cubic feet per day of natural gas. The company has secured long-term agreements with customers for all the project’s capacity. The project, scheduled to be operational by November 2028, involves constructing nearly 206 miles of pipeline and establishing two new compressor stations.
In a separate development, Phillips 66 (NYSE:PSX) has agreed to sell its 25% stake in the Gulf Coast Express Pipeline to an affiliate of ArcLight Capital Partners (WA:CPAP) for $865 million. The sale, expected to close in January 2025, will help Phillips 66 surpass its $3 billion asset divestiture target.
Analysts from various firms have updated their assessments of Kinder Morgan. Citi has raised its target for the company to $25, maintaining a neutral stance, while RBC Capital Markets has increased its price target from $24 to $26. Goldman Sachs has increased its target to $26, maintaining a Conviction Buy rating. CFRA has raised its target price from $24 to $28, and BofA Securities has initiated coverage with a Buy rating and a $27 price target.
These updates follow Kinder Morgan’s announcement of a 2% year-over-year increase in EBITDA and stable earnings per share. The company also announced a $3 billion South System Expansion 4 Project, anticipating significant growth in natural gas demand. The board declared a quarterly dividend of $0.2875 per share, marking a 2% increase from the previous year.
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