KMI's Richard Kinder bought 500K shares this week in Canada pipeline bet

|About: Kinder Morgan, Inc. (KMI)|By:, SA News Editor

Kinder Morgan (KMI -0.4%) Chairman and co-founder Richard Kinder bought 500K shares for $9.3M, an average of $18.58/share, on the open market on May 30, Barron's reports, in the first purchase by a KMI insider this year and the chairman's first since 2015.

Kinder, also KMI’s largest shareholder, now owns 235M shares directly and another 11M through a limited partnership and a spouse; overall, he continues to control a ~11% stake.

KMI dipped after British Columbia's new provincial government said it would fight the expansion of the company's Trans Mountain pipeline, but shares have since recouped much of their decline as the market may believe that B.C. will not prevail in the end against Canada's federal government and Alberta.

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