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Income Insights

Kinder’s Message: Midstream is Healthy Again

By Roger S. Conrad on Oct. 19, 2018

Kinder Morgan Inc (NYSE: KMI) kicked off third quarter earnings and guidance reporting for the energy midstream sector this week. The good news confirms Kinder’s gathering strength and holds favorable portents for the rest of the sector, but remains largely unappreciated by investors.

Kinder has basically been out of favor since late 2015. That’s when management responded to being frozen out of capital market by cutting dividends 75 percent. Chairman and 11.2 percent owner Richard Kinder declared then that the company would henceforth rely solely on internally generated cash flow to fund growth. He promised substantial debt reduction to defend the barely investment grade credit rating, along with better operational focus to cut costs and increase revenue reliability.

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