Kinder Morgan Inc. (NYSE:KMI) decreased -5.61% to $19.50 during Thursday day time trading. Total volume of shares is 45.63 million now, and average trading volume of shares is 23.58 million. The market capitalization right now is $45.69 billion. Kinder Morgan already slumped 15% this week.
Kinder Morgan is biggest energy Infrastructure Company in North America. The company owns a rights to operates 84,000 miles of pipelines and 165 terminals. The company’s pipelines supply crude oil, gasoline, natural gas and other products. The company’s terminals store chemicals and petroleum products, and process bulk materials like coal and petroleum coke.
On Monday afternoon, Kinder Morgan announced that they plan to raise ownership from 20% to 50% in Enterprise Products Partners L.P.(NYSE:EPD).
“We are extremely pleased to announce an agreement to acquire full ownership of NGPL in partnership with Brookfield. This partnership ensures that Natural Gas Pipeline Co. is positioned to take full advantage of future opportunities to provide natural gas transportation and storage services to its current and future customers,” said Kinder Morgan Chief Executive Officer Steve Kean.
After Kinder Morgan’s announcement, Moody’s Investor Services lowered the prospect for Kinder Morgan from stable to negative, and described Natural Gas Pipeline Co.’s capital structure as untenable. The company said Kinder Morgan will have to pay a lot of cash to prevent default.
The stock of Kinder Morgan has lost 51% its value this year, the worst performance of any pipeline operator in the Standard & Poor’s 500 Index. However, Billionaire Rich Kinder has remained optimistic on his namesake company, even though the value of his holdings halved. Mr. Kinder is the majority shareholder in Kinder Morgan which he founded in the 1990s, with 245 million shares at the time when he gave the CEO position to his protégé Steve Kean. The 51% plunge in the stock occurred even as Mr. Kinder added half a million shares to his portfolio, but he didn’t respond to any interview request.