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Kinder Morgan's Fall and Price Target Cuts Last Week

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Kinder Morgan's Fall and Price Target Cuts Last Week PART 1 OF 2

Kinder Morgan Fell 1.8% Last Week—What’s Next?

Kinder Morgan fell 1.8%

Kinder Morgan (KMI) fell 1.8% last week (ended October 20, 2017), while Enterprise Products Partners (EPD) and ONEOK (OKE) fell ~4.3% and ~0.8%, respectively. The Energy Select Sector SPDR ETF (XLE) ended the week 0.5% down, while crude oil prices were flat for the week.

By comparison, the SPDR S&P 500 ETF (SPY) (SPX-INDEX) rose 0.8% last week, but the broader midstream sector was weak last week, with the Alerian MLP ETF (AMLP) falling 3.4%.

Kinder Morgan Fell 1.8% Last Week—What’s Next?

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Notably, KMI had fallen 1.4% the week before last (ended October 13). You can learn about the factors impacting crude oil prices recently in Market Realist’s series Could US Crude Oil Prices Hit $60?

KMI’s moving averages

Kinder Morgan continues to trade below its key moving averages. On October 20, 2017, the stock was trading nearly 4% below its 50-day moving average and nearly 10% below its 200-day moving average. Its 50-day moving average may act as resistance for the stock in the near-term. KMI may continue to trade weak until it crosses above these moving averages.

3Q17 results

Kinder Morgan reported its 3Q17 results on October 18, 2017. For an overview of its performance in the quarter, read the series Kinder Morgan’s 3Q17 Results Met Analysts’ Expectations.

Meanwhile, troubles related to Kinder Morgan’s Trans Mountain expansion project persist. In its 3Q17 earnings release, Kinder Morgan said that a delay in regulatory approvals could delay the project’s completion by up to nine months.

A few Wall Street analysts have their price targets for Kinder Morgan last week as well. We’ll discuss that in the corresponding part of this series.

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