Thoroughbred Financial Services LLC has significantly reduced its investment in Kinder Morgan, Inc. (NYSE: KMI), lowering its stock holdings by 55.7% during the second quarter of 2023. According to its recent Form 13F filing with the Securities and Exchange Commission, the institutional investor now owns 18,637 shares of the pipeline company after selling 23,464 shares. As of the latest filing, these holdings are valued at approximately $547,000.
This decision comes amid a broader trend among institutional investors and hedge funds regarding Kinder Morgan. Notably, LFA Lugano Financial Advisors SA initiated a new position in the company during the second quarter, investing around $26,000. Cranbrook Wealth Management LLC increased its stake by 116.1%, now holding 1,046 shares valued at $31,000 after acquiring an additional 562 shares in the previous quarter. Other new stakes were reported by Wolff Wiese Magana LLC and Clearstead Trust LLC, highlighting a mix of buying and selling activity among various funds.
Market Performance and Analyst Ratings
Shares of Kinder Morgan opened at $27.37 on the New York Stock Exchange, reflecting a slight decline of 0.2%. The company has a market capitalization of $60.89 billion and a PE ratio of 22.44. Over the past year, the stock hit a low of $23.94 and a high of $31.48. Analysts project an average price target of $31.19, with ten analysts giving it a Buy rating and eight a Hold rating, according to MarketBeat.com.
Several financial institutions have recently revised their target prices for Kinder Morgan. On October 9, 2023, Morgan Stanley set a target price of $30.00, while Scotiabank lowered its target from $28.00 to $27.00, maintaining a “sector perform” rating. In contrast, Weiss Ratings reiterated a “buy” rating on the shares, and Wolfe Research upgraded its rating from “peer perform” to “outperform” with a price target of $31.00.
Dividend Announcement and Insider Activity
In addition to stock performance, Kinder Morgan announced a quarterly dividend of $0.2925 per share, scheduled for payment on November 17, 2023. Shareholders of record as of November 3, 2023 will receive this dividend, which translates to an annual yield of 4.3%. The company’s dividend payout ratio sits at 95.90%, reflecting its commitment to returning value to shareholders.
Insider trading activity has also been notable. On October 27, 2023, Chairman Richard D. Kinder acquired 1,000,000 shares at an average cost of $25.96 per share, amounting to a total investment of $25,960,000. Following this purchase, he holds around 246,212,353 shares valued at approximately $6.39 billion. Additionally, Director Amy W. Chronis purchased 3,800 shares on October 31, 2023, increasing her stake by 10.78%.
This activity indicates a mixed sentiment among both institutional investors and company insiders, reflecting ongoing interest in Kinder Morgan’s performance in the energy infrastructure sector.
