Kinder Morgan Continues to Trade Weak, Falls 1%
KMI’s price performance
Kinder Morgan (KMI) stock fell 1% last week (ended March 17, 2017), giving back some of its previous gains. By comparison, Energy Select Sector SPDR ETF (XLE) fell 0.3% last week, while NYMEX near-month WTI (West Texas Intermediate) crude oil futures rose 0.6% week-over-week. Kinder Morgan had outperformed XLE in the previous week (ended March 10).
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Kinder Morgan gained some momentum after the company announced strong commercial support for its Trans-Mountain expansion project on March 9, 2017. Kinder Morgan provided final cost estimates and revised tolls to the project’s shippers after receiving federal approval for the project.
Only 3% of shippers turned back their volume commitments, while the rest kept them. The project is expected to come into service in late 2019. (Learn more about this project in Investor Update: Kinder Morgan Pipeline Project to Move Forward. For an in-depth analysis on Kinder Morgan, read Kinder Morgan’s Growth Prospects: The 2017 Lowdown.)
In this series, we’ll take a look at KMI’s technical indicators and short interest. We’ll also take a look at KMI’s current valuation relative to peers as well as analyst recommendations for the stock.
Continue to the next part for a closer look at KMI’s recent stock movement.