Kinder Morgan is a Houston-based pipeline company.
Iraq's output hit a record high in December, with some oil fields producing as much as 4.13 million barrels a day, Reuters reports.
In light of the continued global supply glut, HSBC and UniCredit today became the latest of several banks and brokerages to slash their oil price forecasts for 2016, Reuters adds.
Crude oil (WTI) is declining by 6.06% to $30.24 per barrel this afternoon and Brent crude is down by 5.56% to $30.39 per barrel, according to the CNBC.com index.
Additionally, Canada's government is preparing to announce further regulatory requirements that will set a higher standard for projects including Kinder Morgan's proposed Trans Mountain pipeline expansion, Bloomberg reported.
Separately, TheStreet Ratings team rates the stock as a "sell" with a ratings score of D+.
Kinder Morgan's weaknesses include its generally disappointing historical performance in the stock itself, deteriorating net income, generally high debt management risk, disappointing return on equity and feeble growth in its earnings per share.
You can view the full analysis from the report here: KMI
TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author.