In a report published Wednesday, Jefferies analyst Christopher Sighinolfi initiated coverage on Kinder Morgan KMI with a Hold rating and $38.00 price target.
In the report, Jefferies noted, “KMI, through KMP & EPB, boasts one the broadest midstream and downstream footprints in the US providing non-discretionary services throughout various facets of the energy value chain. While owning just 9% and 41% of BV equity in KMP & EPB, resp., KMI receives ~48% & ~58% of KMP & EPB's respective distribution payouts as both MLPs are in the 50% IDR splits. Despite a strong ~10% div CAGR through '17, we are cautious on KMI and initiating with a Hold & $38 PT.”
Kinder Morgan closed on Tuesday at $37.93.
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