Kinder Morgan Energy Partners L.P. (KMP
This pipeline company reported earnings of 51 cents per share, which came in below analyst expectations of 62 cents. Revenues, however, came in at $3.28 billion versus the expected $3.07 billion – largely due to higher oil prices.
Kinder Morgan Energy Partners also announced on Wednesday that it will increase its quarterly dividend to $1.35, or $5.40 annualized; prior to this, the company’s dividend was $1.32 quarterly, or $5.28 annualized. The dividend will be payable on November 14, 2013 to shareholders of record as of October 31, 2013.
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Commenting on the company’s performance, CEO Richard Kinder noted “KMP had a strong third quarter as our stable and diversified assets continued to grow and produce incremental cash flow.”
Kinder Morgan Energy Partners shares traded 0.46% higher during Wednesday’s session. Year-to-date, the stock is down 4.56%.
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