Kinder Morgan shares up 4% after company forecasts dividend increase
Shares of Kinder Morgan Inc. rose 4% late Wednesday after the energy infrastructure company said it expects its dividend to increase in future years and announced a share repurchase program. Kinder Morgan said it expects a 60% dividend increase for next year to 80 cents a share and projected a 25% dividend annual growth rate in the two years through 2020. The company's board also authorized a $2 billion share buyback program. Kinder Morgan said it earned $337 million, or 14 cents a share, in the second quarter, compared with $333 million a year ago. Revenue reached $3.36 million, from $3.14 million a year ago. Analysts polled by FactSet had expected adjusted earnings of 14 cents a share on sales of $3.37 million in the quarter. Kinder Morgan stock ended the regular session up 0.9%.
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