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Kinder Morgan opens nearly 2% lower after cautious Barron's piece

Jun. 12, 2015 10:14 AM ETKinder Morgan, Inc. (KMI) StockKMIBy: Carl Surran, SA News Editor79 Comments
  • Kinder Morgan (KMI -1.8%) opens lower, perhaps in response to a new bearish thesis on the company from Valuentum Securities president Brian Nelson, who outlines five reasons why KMI shares will "collapse."
  • Like some previous negative commentary, Nelson questions the solidity of KMI's underlying earnings, but he also argues that the company’s debt load “is downright scary."
  • Nelson writes that KMI's debt (net of cash) was $42.8B in Q1 vs. $40.6B in the year-ago quarter, and the debt-to-EBITDA ratio was 5.8x vs. 5.5x in last year’s quarter; he adds that KMI is “not generating organic free operating cash flow, and it had just $315M in cash on the balance sheet at last check."
  • "We’re going to see something really bad happen to Kinder Morgan shareholders very soon... We’re not sticking around to find out how bad," Nelson writes.
  • The piece first appeared yesterday on Yahoo Finance but was referenced in a Barron's column published last night.

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