Kinder Morgan Inc (NYSE:KMI) stock was on the rise today following a positive earnings report for the second quarter of 2017.
Kinder Morgan Inc reported earnings per share of 15 cents during its second quarter of 2017. This matches its earnings per share that were reported during the same time last year. The company’s earnings per share helped boost KMI stock by coming in one penny above Wall Street’s estimate for the quarter.
KMI stock was also helped today by the company’s $3.37 billion in revenue for the second quarter of the year. This is an increase over Kinder Morgan Inc’s revenue of $3.14 billion in the second quarter of 2017. It also beat out analysts’ revenue estimate of $3.12 billion for the second quarter of the year.
Kinder Morgan Inc reported operating income of $922 million during its second quarter of 2017. The energy infrastructure company reported operating income of $940 million in the same period of the year prior.
Net income reported by Kinder Morgan Inc in the second quarter of the year was $383 million. This is up compared to the $375 million that was reported by KMI in the second quarter of the previous year.
Kinder Morgan Inc also announced that it will be paying a cash dividend to investors on Aug. 15, 2017. This dividend comes in at 12.5 cents per share and will be available to all holders of KMI stock that are on record as of July, 31, 2017. The company also announced that it plans to increase its yearly dividend to 80 cents per share in 2018, $1.00 per share in 2019 and $1.25 per share in 2020.
KMI stock was up 5% as of Thursday morning.
As of this writing, William White did not hold a position in any of the aforementioned securities.
