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Kinder Morgan Files for IPO to Fund Trans Mountain Project
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Energy transportation and storage company Kinder Morgan, Inc. (KMI - Free Report) recently announced that its Canadian unit has filed for an initial public offering (IPO) of restricted voting shares to garner funds for its $5.48 billion Trans Mountain project expansion.
Kinder Morgan has filed an introductory prospectus with the American Securities and Exchange Commission (SEC). However, the size of the IPO and its timeline in the submission have not been revealed.
The offering will authorize the sale of a portion of Kinder Morgan’s Canadian assets. Notably, Kinder Morgan considered the possibility of either an IPO or a joint venture, with the project startup scheduled for later this year in either case.
The 1,150 km Trans Mountain Pipeline, wholly owned by the Canadian unit of Kinder Morgan, carries crude and refined oil from Alberta to the west coast of British Columbia.
The development of the Trans Mountain project will nearly triple the size of the existing pipeline. It will help Kinder Morgan transport 890,000 barrels a day of crude from Edmonton, Alberta, to Barnaby, British Columbia. Interestingly, the project has been approved the Canadian government in spite of objection from aboriginal and environmental groups.
About the Company
Kinder Morgan is engaged in energy transportation and storage in North America. The company transports energy products like natural gas, refined petroleum products, crude oil, ethanol, coal, and carbon dioxide (CO2). It operates natural gas pipelines in the Rocky Mountains, the Midwest, and Texas as well as refined petroleum products pipeline in North America. Kinder Morgan also operates terminals for the storage of petroleum products and chemicals and CO2 pipelines and oil producing fields. Kinder Morgan is headquartered in Houston, TX.
Price Performance
In the last one year, Kinder Morgan’s shares have outperformed the Zacks categorized Oil and Gas - Production and Pipelines industry. During this period, the industry registered an increase of 13.86% while Kinder Morgan’s stock gained 14.22%.
Global Partners is expected to witness sales growth of 8.63% year over year in 2017. The partnership had an average positive earnings surprise of 96.55% in the last four quarters.
Enerplus Corporation is expected to witness current year sales growth of 66.12% year over year. The company had an average positive earnings surprise of 66.67% in the last four quarters.
Antero Resources is expected to record year-over-year growth of 8.16% in 2017 sales. The company had an average positive earnings surprise of 239.10% in the last four quarters.
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Kinder Morgan Files for IPO to Fund Trans Mountain Project
Energy transportation and storage company Kinder Morgan, Inc. (KMI - Free Report) recently announced that its Canadian unit has filed for an initial public offering (IPO) of restricted voting shares to garner funds for its $5.48 billion Trans Mountain project expansion.
Kinder Morgan has filed an introductory prospectus with the American Securities and Exchange Commission (SEC). However, the size of the IPO and its timeline in the submission have not been revealed.
The offering will authorize the sale of a portion of Kinder Morgan’s Canadian assets. Notably, Kinder Morgan considered the possibility of either an IPO or a joint venture, with the project startup scheduled for later this year in either case.
The 1,150 km Trans Mountain Pipeline, wholly owned by the Canadian unit of Kinder Morgan, carries crude and refined oil from Alberta to the west coast of British Columbia.
The development of the Trans Mountain project will nearly triple the size of the existing pipeline. It will help Kinder Morgan transport 890,000 barrels a day of crude from Edmonton, Alberta, to Barnaby, British Columbia. Interestingly, the project has been approved the Canadian government in spite of objection from aboriginal and environmental groups.
About the Company
Kinder Morgan is engaged in energy transportation and storage in North America. The company transports energy products like natural gas, refined petroleum products, crude oil, ethanol, coal, and carbon dioxide (CO2). It operates natural gas pipelines in the Rocky Mountains, the Midwest, and Texas as well as refined petroleum products pipeline in North America. Kinder Morgan also operates terminals for the storage of petroleum products and chemicals and CO2 pipelines and oil producing fields. Kinder Morgan is headquartered in Houston, TX.
Price Performance
In the last one year, Kinder Morgan’s shares have outperformed the Zacks categorized Oil and Gas - Production and Pipelines industry. During this period, the industry registered an increase of 13.86% while Kinder Morgan’s stock gained 14.22%.
Zacks Rank and Stocks to Consider
Kinder Morgan presently has a Zacks Rank #3 (Hold). Some better-ranked stocks in oil and energy sector include Global Partners LP (GLP - Free Report) , Enerplus Corporation (ERF - Free Report) , and Antero Resources Corporation (AR - Free Report) . All the companies sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Global Partners is expected to witness sales growth of 8.63% year over year in 2017. The partnership had an average positive earnings surprise of 96.55% in the last four quarters.
Enerplus Corporation is expected to witness current year sales growth of 66.12% year over year. The company had an average positive earnings surprise of 66.67% in the last four quarters.
Antero Resources is expected to record year-over-year growth of 8.16% in 2017 sales. The company had an average positive earnings surprise of 239.10% in the last four quarters.
Looking for Ideas with Even Greater Upside?
Today's investment ideas are short-term, directly based on our proven 1 to 3 month indicator. In addition, I invite you to consider our long-term opportunities. These rare trades look to start fast with strong Zacks Ranks, but carry through with double and triple-digit profit potential. Starting now, you can look inside our home run, value, and stocks under $10 portfolios, plus more. Click here for a peek at this private information >>