Kinder Morgan Energy Partners Rises Slightly After Q4 Earnings Beat
Kinder Morgan Energy Partners (NYSE: KMP) is up less than one percent after the company announced its fourth quarter results.
The firm reported a Q4 EPS of $0.77 versus the Street estimate of $0.73.
Earnings per share were up three percent from the year-ago period.
"KMI had an excellent fourth quarter and year. Growth was driven by continued outstanding performance at Kinder Morgan Energy Partners (KMP) highlighted by the strong results produced by the assets it acquired through the Copano and El Paso transactions, and a full year of contributions from El Paso Pipeline Partners (EPB)," Richard D. Kinder, Chairman and CEO of Kinder Morgan Energy Partners, said in a company release.
"As a result, KMI met its revised target to declare a dividend of $1.60 per share for the full year and actually generated $1.65 per share in cash available per share outstanding. Looking ahead, we believe that our large footprint of diversified assets will continue to generate stable, attractive risk-adjusted returns to our investors."
Kinder went on to say that he is excited about 2014 and that his company has identified "approximately $14.8 billion in expansion and joint venture investments at KMP and EPB that we are confident will come to fruition and drive growth at KMI for years to come."
"We are also pursuing customer commitments for many more projects," Kinder added.
Disclosure: At the time of this writing, Louis Bedigian had no position in the equities mentioned in this report.
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.