Kinder Morgan (KMI) Stock Retreats as Oil Prices Slide
NEW YORK (TheStreet) -- Kinder Morgan (KMI) - Get Report shares are under pressure, down 0.41% to $17.68 Monday afternoon, as oil prices fell on the Iranian oil minister's remarks about increasing output.
By the middle of summer, Iran's crude exports would reach 2.2 million barrels a day, up from the 2 million barrels a day it's pumping out currently, Iran's Deputy Oil Minister Rokneddin Javadi stated, Reuters reports.
Crude oil (WTI) is falling 0.89% to $47.98 per barrel and Brent crude is sliding 0.96% to $48.25 per barrel.
However, Friday's industry report released by Genscape provided some positive news to ease the supply glut concerns.
During the week ended May 20 the Cushing, OK delivery hub saw an inventory drop of 978,862 barrels.
This is the first time this year that the number of oil rigs operated by U.S. drillers held steady, Reuters noted.
Separately, TheStreet Ratings currently has a "Sell" rating on the stock with a letter grade of D+.
The company's weaknesses can be seen in multiple areas, such as its generally disappointing historical performance in the stock itself, generally high debt management risk, disappointing return on equity, weak operating cash flow and feeble growth in its earnings per share.
Recently, 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.
You can view the full analysis from the report here: KMI
