Patton Fund Management Inc. significantly reduced its stake in Kinder Morgan, Inc. (NYSE: KMI) by 91.1% during the third quarter of 2023. According to its latest Form 13F filing with the U.S. Securities and Exchange Commission, the fund now holds only 9,798 shares after selling 100,684 shares during the period. As of the most recent filing, Patton Fund Management’s holdings in Kinder Morgan were valued at approximately $277,000.
A number of other institutional investors have also adjusted their positions in Kinder Morgan recently. LFA Lugano Financial Advisors SA initiated a new position valued at $26,000 during the second quarter, while Cranbrook Wealth Management LLC increased its holdings by 116.1%, acquiring an additional 562 shares to reach a total of 1,046 shares worth $31,000. Wolff Wiese Magana LLC, CoreFirst Bank & Trust, and Twin Peaks Wealth Advisors LLC also made new investments in the company, with valuations ranging from $34,000 to $40,000. Institutional investors and hedge funds collectively own 62.52% of Kinder Morgan’s stock.
Current Stock Performance and Financial Metrics
On Tuesday, Kinder Morgan shares opened at $26.89. The stock has experienced fluctuations over the past year, with a 52-week low of $23.94 and a high of $31.48. The company maintains a current ratio of 0.63, a quick ratio of 0.49, and a debt-to-equity ratio of 0.98. Kinder Morgan has a market capitalization of $59.83 billion and a price-to-earnings (P/E) ratio of 22.04, with a price-to-earnings-growth ratio of 2.32. The stock is currently trading below its 50-day moving average of $26.81 and its 200-day moving average of $27.29.
In addition to stock performance, Kinder Morgan recently announced a quarterly dividend of $0.2925 per share, which was paid on November 17, 2023, to shareholders recorded as of November 3, 2023. This dividend represents an annualized yield of 4.4% and a payout ratio of 95.90%.
Analyst Ratings and Insider Transactions
Recent reports from several research firms have varied in their outlook on Kinder Morgan. Scotiabank lowered its target price for the stock from $28.00 to $27.00 while maintaining a “sector perform” rating. In contrast, BMO Capital Markets initiated coverage with an “outperform” rating and a target price of $32.00. Mizuho revised its price target down to $31.00 from $32.00, also giving an “outperform” rating. The Royal Bank of Canada raised its price objective from $28.00 to $30.00, maintaining a “sector perform” rating. Overall, nine analysts have assigned a Buy rating to the stock, while eight have issued Hold ratings, leading to an average rating of “Moderate Buy” and a target price of $31.27, according to MarketBeat.
Insider trading activity has also been notable. On December 5, 2023, Vice President John W. Schlosser sold 6,166 shares at an average price of $27.81, totaling $171,476.46. Following this transaction, Schlosser retained 207,370 shares valued at approximately $5.77 million, marking a 2.89% decrease in ownership. Additionally, Chairman Richard D. Kinder purchased 1,000,000 shares on October 27, 2023, for an average price of $25.96, amounting to $25,960,000. This acquisition increased his total holdings to over 246 million shares, worth approximately $6.39 billion.
Kinder Morgan operates as a major energy infrastructure company, managing a broad network of pipelines and terminals throughout North America. The company specializes in the transportation, storage, and handling of various energy products, including natural gas, crude oil, and refined petroleum products. Its extensive assets include long-haul and gathering pipelines, storage facilities, and multi-modal terminals that support a wide range of industrial customers.
For those interested in further details, additional insights on Kinder Morgan’s stock performance, insider trading, and institutional holdings can be found through financial reporting platforms providing real-time updates on market activity.
