Progress on the Trans Mountain project
Kinder Morgan Canada (KML.TO) is scheduled to resume construction on the Trans Mountain expansion project in August, according to the company’s filing to the National Energy Board. The company suspended non-essential spending on the project in April. Kinder Morgan Canada expects the sale of the pipeline project to the Canadian government to close by the end of the third quarter or early in the fourth quarter.
The government will fund the construction of the project through a credit facility until the transaction closes. Kinder Morgan Canada will also help the government find a third-party buyer for the pipeline system through July 22.
Kinder Morgan rose 1.5%
Kinder Morgan (KMI) stock rose 1.5% for the week ending July 6. Enterprise Products Partners (EPD) ended the week marginally down, while ONEOK (OKE) rose 2% for the week. The Energy Select Sector SPDR ETF (XLE) fell 0.4% during the week. Crude oil prices fell ~0.5% for the week. Read What Could Impact the S&P 500 and Crude Oil in Q3 2018? to learn more.
In the above graph, you can see how Kinder Morgan stock and its peers performed last week. Read What Does Kinder Morgan’s Current Valuation Indicate? to learn how Kinder Morgan looks from a valuation perspective. To learn what Wall Street analysts think about Kinder Morgan, read Analysts See 17% Upside for Kinder Morgan.