Kinder Morgan, Kinder Morgan Energy Partners (KMP), Kinder Morgan Management (KMR) and El Paso Pipeline Partners will all trade under the KMI symbol as part of the Kinder Morgan umbrella. The new entity will be the fourth-largest U.S. energy company by market value. The four companies' combined market value at the closing bell Friday was $92 billion.
Kinder Morgan will spend $71 billion, including $27 billion in assumed debt, to purchase the three other companies.
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El Paso Pipeline Partners was up 18.73% to $39.89 at 10:25 a.m. More than 9 million shares had changed hands, compared to the average volume of 654,116.
Separately, TheStreet Ratings team rates EL PASO PIPELINE PARTNERS LP as a "buy" with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate EL PASO PIPELINE PARTNERS LP (EPB) a BUY. This is driven by some important positives, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. Among the primary strengths of the company is its expanding profit margins over time. We feel these strengths outweigh the fact that the company has had somewhat weak growth in earnings per share."