Falling oil prices are dragging down energy related stocks today after Saudi Arabia, the world's top crude exporter said it may raise production output to new record highs amid the global supply glut, Reuters reports.
Saudi Arabia said it was in talks with Indian buyers to supply more crude oil. The exporter could potentially surpass its record high production of 10.3 million barrels per day in May, Reuters noted.
Brent crude for July delivery was down 1.12% to $64.38 a barrel as of 12:55 p.m. ET today, while U.S. crude for July delivery was lower by 1% to $60.16 a barrel.
About 18.86 million shares have exchanged hands as of 1:02 p.m. ET today, compared to its average trading volume of about 8.01 million shares a day.
Houston, Texas-based Kinder Morgan owns and manages a diversified portfolio of energy transportation and storage assets, with an interest in approximately 37,000 miles of pipelines and 180 terminals.
Insight from TheStreet's Research Team:
Valuentum's Brian Nelson commented on Kinder Morgan in a recent post on RealMoney.com. Here is what Nelson had to say about the stock:
The facts have changed at Kinder Morgan (KMI).
We're removing the company from the dividend growth portfolio right now! The entire position will be eliminated at $40 per share. What was once an optimistic view of the entity's decision to de-risk by consolidating its disparate master-limited-partnership structure has now turned into fear that the firm's equity may collapse.