Energy infrastructure behemoth Kinder Morgan Inc. (NYSE: KMI) is scheduled to report first-quarter results after markets close on Wednesday. Analysts are looking for earnings per share of $0.19 and revenues of $3.74 billion. In the same period last year, Kinder Morgan reported EPS of $0.24 and $3.6 billion in revenue.
Since posting a new 52-week low of $11.20 in late January, shares had climbed back to a high of $19.40 on Tuesday, an increase of 73%. And a jump that was sorely needed. Shares had plunged from a 52-week high of $44.71 — 75% — to the January low.
Kinder Morgan had cut its dividend by 75% and raised the borrowing limit on its unsecured revolving credit facility from $4 billion to $5 billion and closed on a three-year, $1 billion term loan. Both loans carry an interest rate of LIBOR plus 1.5%. Last Friday’s LIBOR rate in the United States was 1.2183%.
The company completed an acquisition of refined product terminals and other infrastructure from BP in early February at a price of $350 million. The acquisition added about 9.5 million barrels of storage capacity to Kinder Morgan’s U.S. total.
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