- Kinder Morgan (KMI -0.4%) and Kinder Morgan Partners (KMP -0.5%) show mild losses in the second day after Hedgeye's second critical analysis of the companies; shares/units are down less than half a percent each since the latest note hit the street.
- The first report early this month pushed KMI lower by as much as 8%; the company, which generally doesn’t comment on analyst notes, ended up holding a conference call to reject the allegations.
- The way Kinder Morgan treats maintenance expenses “creates an enormous wealth transfer from KMP to KMI that should not be taking place,” to the tune of ~$200M/year, Kevin Kaiser wrote; even though this structure has existed for many years and is known to analysts, Kaiser says he still doesn’t think it's proper.
Kinder Morgan companies have barely moved since last Hedgeye report
Sep 27 2013, 14:51 ET