Company Update (NYSE:KMI): Canada regulator approves Kinder Morgan pipeline with conditions

[Reuters] – Canada’s energy regulator on Thursday recommended the approval of Kinder Morgan Inc’s plan to expand its Trans Mountain oil pipeline, subject to 157 conditions, clearing a major hurdle for the proposed trebling of capacity to serve lucrative Asian markets. The National Energy Board (NEB) said it found the C$6.8 billion ($5.19 billion) project, which would boost capacity from 300,000 barrels per day to 890,000 bpd, would not cause significant harm to the environment. The decision prompted immediate outcry from critics, who called on Canadian Prime Minister Justin Trudeau to block the twinning of the existing pipeline, which carries oil from Alberta to a port in Metro Vancouver. Read more on this. Kinder Morgan, Inc. (KMI) , valued at $38.52B, started the session at $16.93. Looking at today’s trading action, the company’s one day range from $16.82 to $17.37 with a trailing 52-week range being $11.20 to $42.86. Kinder Morgan (KMI) shares are currently priced at 24.70x this year’s forecasted earnings, which makes them relatively expensive compared to the industry’s -1.77x earnings multiple for the same period. And for passive income investors, the company pays shareholders $0.50 per share annually in dividends, yielding 2.83%. In a review of the consensus earnings estimate this quarter, 16 sell-side analysts are looking at $0.15 per share, which would be $0.01 worse than the year-ago quarter and a $0.01 sequential decrease. The full-year EPS estimate is $0.69 which would be a $0.03 worse than last year’s full-year earnings. The quarterly earnings estimate is predicated on a consensus revenue forecast of $3.49 Billion. If reported, that would be a 0.87% increase over the year-ago quarter. In terms of ratings, Credit Suisse downgraded KMI from Outperform to Neutral (Mar 17, 2016). Previously, Stifel upgraded KMI from Hold to Buy. The average price target for KMI shares by the analysts covering it is $20.74, which is 22.50% above where the stock opened. See more in (NYSE:KMI) Similar Articles: Market Update: Kinder Morgan Inc (NYSE:KMI) – Kinder Morgan Closes Previously Announced Acquisition of 15 Terminals and Infrastructure from BP Products North America Stock Update: Kinder Morgan Inc (NYSE:KMI) – KINDER MORGAN 2016 Analyst Conference Stock Update: Kinder Morgan Inc (NYSE:KMI) – British Columbia to oppose Kinder Morgan’s pipeline expansion-Vancouver Sun
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