Investors were clinging on to hope that major exporters would help the over-saturated market by agreeing on a deal to trim output.
This optimism sent oil futures up today. Crude oil (WTI) is hiking by 3.13% to $34.26 per barrel and Brent crude is rallying by 2.6% to $34.77 per barrel.
Russia said this week that it could work with Organization of Petroleum Exporting Countries (OPEC) to reduce production, Reuters reports.
Also helping Kinder Morgan shares were positive remarks from both Credit Suisse and Sitfel Nicolaus, who said it was time to buy into the company.
Credit Suisse boosted its rating to "outperform" from "neutral" and raised its price target to $20 from $18. Similarly, Stifel Nicolaus upgraded the company to "buy" from "hold."
Separately, TheStreet Ratings currently has a "Sell" rating on the stock with a letter grade of D+.
It appears that the company, on the basis of change in net income from the same quarter one year ago, has significantly underperformed when compared to that of the S&P 500 and the Oil, Gas & Consumable Fuels industry.
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 articles's author.
You can view the full analysis from the report here: KMI