Kinder Morgan (KMI) Stock Edges Higher on Q2 Earnings Beat

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Kinder Morgan (NYSE:KMI) reported its latest quarterly earnings results after the bell on Wednesday, which included an earnings beat despite the company posting a loss.

Kinder Morgan (KMI)For its second quarter of fiscal 2018, the oil and natural gas pipeline managing company brought in a loss of roughly $141 million, which amounted to about 8 cents per share after reporting a profit in its second quarter of fiscal 2017. On an adjusted basis, the company’s earnings were a profit of 21 cents per share.

Kinder Morgan impressed in the earnings front as the results were ahead of what analysts were calling for at 19 cents per share in adjusted earnings, according to data compiled by Zacks Investment Research. Revenue for the period tallied up to about $3.43 billion

The company also announced today that its board of directors have green-lit a cash dividend of 20 cents per share for the period (80 cents annualized), which will be payable on August 15, 2018 to common stockholders of record as of the close of business on July 31, 2018. This figure marks a 60% improvement over Kinder Morgan’s fourth-quarter dividend from its fiscal 2017.

KMI stock was up about 0.5% during regular trading hours on Wednesday in anticipation of the company’s latest quarterly earnings results. Following these figures, the stock was mostly unmoved, rising about 0.3% after the bell.

Company shares have fallen about 2% since the beginning of the year.


Article printed from InvestorPlace Media, https://investorplace.com/2018/07/kinder-morgan-kmi/.

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