In the last trading session, the stock price of Kinder Morgan Inc (NYSE:KMI) declined more than 2% to close the day at $19.01. The decline came at a share volume of 37 million compared to average share volume of 12.65 million. Post the recent decline the market cap of firm was noted at $43.7 billion. The stock has posted gains of over 5% so far in this month.
Kinder Morgan is delighted with the National Energy Board’s decision setting down a generic procedure to hear any upcoming motions as they relate to municipal and provincial permitting issues. Ian Anderson, who is the President of Kinder Morgan Canada Ltd., expressed that creation of a procedure that is fair, open and offers certainty for all parties is positive news and is a vital component of the assurances they require for the successful deployment of the Trans Mountain Expansion Project.
Kinder Morgan is dedicated to continuing to associate with local authorities in faith and will be assessing the decision in detail. The Government of Canada and the NEB considered schedule and timing in their purpose that the assignment is in the public’s interest. Timely implementation of the assignment is required for Trans Mountain to offer the required transportation capacity to access international oil markets and enhance related economic advantages to all Canadians including regional, Aboriginal and local communities.
In unrelated news, Kinder Morgan reported that its board permitted a cash payout of $0.125 a share for the fourth quarter payable on February 15, 2018, as of record date – January 31, 2018. The company continues to project to increase its payout to $0.80 per share for 2018. It also continues to anticipate to use cash in surplus of dividend payments to support growth investments, further enhancing its balance sheet. The company thrived in 2017 and posted strong financial performance despite witnessing continued strong headwinds.