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KMI $26.85

KMI target price
26.85
17
24
Kinder Morgan, Inc.
Type
Public
Traded as
  • NYSE: KMI
  • S&P 100 Component
  • S&P 500 Component
Industry Oil and gas
Founded 1997
Founder Richard Kinder
William V. Morgan
Headquarters Houston, Texas, U.S.
Area served
United States and Canada
Key people
Richard Kinder
(Executive Chairman)
Steve Kean
(President and CEO)
Services Pipeline transport
Oil storage
Number of employees
~12,000 (2016)
Website www.kindermorgan.com

Kinder Morgan, Inc. is the largest energy infrastructure company in North America. The company specializes in owning and controlling oil and gas pipelines and terminals.

Kinder Morgan owns an interest in or operates approximately 84,000 miles of pipelines and owns about 180 terminals. Their pipelines transport natural gas, refined petroleum products, crude oil, carbon dioxide and more. They also store or handle a variety of products and materials at their terminals such as gasoline, jet fuel, ethanol, coal, petroleum coke and steel.

The company has approximately 69,000 miles of natural gas pipelines and moves about 38 percent of the natural gas consumed in the United States. Kinder Morgan is also the largest independent terminal operator and the largest independent transporter of petroleum products in North America. The company's CO2 division provides carbon dioxide (CO2) for enhanced oil recovery projects in North America.

The company's headquarters is located in Houston, Texas.

Steven J. Kean is President and Chief Executive Officer and a member of the Office of the Chairman of Kinder Morgan. He has been the President at Kinder Morgan, Inc. since March 31, 2013, and has been its Chief Executive Officer since June 1, 2015. Kean served as Chief Operating Officer of Kinder Morgan, Inc. since February 2011.

Kinder Morgan Energy Partners (KMP) was founded in 1997 when a group of investors acquired the general partner of a small, publicly traded pipeline limited partnership (Enron Liquids Pipeline, L.P.) later renamed Kinder Morgan Energy Partners, L.P.

In 1999, Kinder Morgan conducted a reverse merger with KN Energy, a utility and pipeline company. Natural Gas Pipeline Company of America (NGPL), which serves the Chicago market, was acquired through this deal. KN Energy became Kinder Morgan's second publicly traded company, Kinder Morgan, Inc. (KMI).

In 2001, Kinder Morgan's third publicly traded company, Kinder Morgan Management, LLC (KMR) was formed to facilitate institutional ownership of KMP equity.

On August 28, 2006, Kinder Morgan announced that it would be taken private in a management-led leveraged buyout totaling approximately $22 billion. Outside participants in the transaction include Fayez Sarofim, Goldman Sachs Capital Partners and Highstar Capital (then owned by American International Group). KMI began trading again on the NYSE on February 11, 2011, following the largest private-equity backed U.S. IPO offering in history.

In October 2011, Kinder Morgan Inc. agreed to buy El Paso Corp. (EP) for $21.1 billion and gave the combined company 67,000 miles (107,000 kilometers) of gas lines, eclipsing Enterprise Products Partners LP (EPD) as the biggest U.S. pipeline operator. The transaction paid with shares of Kinder Morgan, Kinder Morgan warrants, and all of cash portion $11.5 billion through Barclays Plc (BARC) borrowing.

On August 10, 2014, Kinder announced it was moving to full ownership of its partially owned subsidiaries Kinder Morgan Energy Partners, Kinder Morgan Management, and El Paso Pipeline Partners in a deal worth $71 billion. The transaction closed on November 26, 2014.

Prior to November 26, 2014, the Kinder Morgan group publicly traded companies included Kinder Morgan, Inc. (NYSE: KMI), Kinder Morgan Energy Partners, L.P. (NYSE: KMP), Kinder Morgan Management, LLC (NYSE: KMR) and El Paso Pipeline Partners, L.P. (NYSE: EPB); a merger transaction combined all under Kinder Morgan, Inc. (NYSE: KMI), on November 26, 2014.

On December 23, 2013, Kinder Morgan announced that, through its Kinder Morgan Energy partner subsidiary (ticker KMP on NYSE), it would acquire the US oil tanker operator American Petroleum Tankers (APT) and its affiliated company SCT (State Class Tankers) from the US private equity investment firms Blackstone Group and Cerberus Capital management. APT operates a fleet of five US flagged MR 50,000 tons - 330,000 barrels - oil tankers and has four other similar tankers on order from the General Dynamics shipbuilding company NASSCO in California. This acquisition appears to be the first case whereby a pipeline operator will also be able to offer marine transportation.

This acquisition would facilitate the export of U.S. natural resources to overseas markets, and Kinder Morgan had lined up "some LNG export customers" by July 2014.

El Paso Corporation was purchased in 2012 with subsidiaries:

Kinder Morgan, Inc. is a leading pipeline transportation and energy storage company in North America. Kinder Morgan owns or operates approximately 84,000 miles of pipelines transporting primarily natural gas, crude oil, and petroleum products.

In Canada, Kinder Morgan operates the Trans Mountain oil pipeline which links Alberta with Vancouver, BC, as well as the Cochin pipeline between Western Canada and the US Midwest.

In 2013, Kinder Morgan filed its application to the Canadian National Energy Board (NEB) for building a second pipeline roughly parallel to the existing Trans Mountain, for transporting diluted bitumen between Edmonton, Alberta and Burnaby, east of Vancouver, BC. The new pipeline would nearly triple the transportation capacity from 300,000 to 850,000 barrels per day, for an estimated investment of $6.8 billion. This expansion would enable the export of larger volumes of Alberta's bituminous sands oil to the US and to Asian countries.

Kinder Morgan had the support of several large petroleum industry customers for this expansion, (BP Canada Energy Trading Co., Canadian Natural Resources, Canadian Oil Sands Ltd., Cenovus Energy Inc., Devon Canada Corp., Husky Energy Marketing Inc., Imperial Oil Ltd., Nexen Marketing Inc., Statoil Canada Ltd., Suncor Energy Marketing Inc., Suncor Energy Products Partnership, Tesoro Refining & Marketing Co. and Total E&P Canada Ltd).

This project is controversial, as are similar pipeline projects like Northern Gateway from Alberta to Kitimat, BC, Keystone XL to the US south and Line 9 (Enbridge's project, from Sarnia to Montreal), all of which expand the transportation capacity of heavy crude to refineries or loading ports for export to the US or overseas.

The expansion project faced strong opposition from civic governments, First Nations, environmentally concerned citizens, and others. Protests in November 2014 focused on Kinder Morgan's surveying work.

Members of the Squamish and Tsleil-Waututh First Nations of British Columbia, Canada paddled canoes on the waters of Burrard Inlet to the Kinder Morgan Burnaby Terminal for a ceremony to protest the expansion of the Trans Mountain pipeline, in North Vancouver, B.C., on September 1, 2012. Tsleil-Waututh leaders hoped to shut down the project altogether.

The existing and proposed pipelines ship diluted bitumen through the Strait of Juan de Fuca, an extremely sensitive environmental region. The tankers have to pass through a very narrow channel of shallow water to reach the open sea, making the project controversial and strongly opposed by some Canadians [1] and Americans, for reasons similar to the opposition to Keystone XL, Line 9, and Northern Gateway and offshore deep ocean oil drilling.

In 2016, B.C. said that it did not support Trans Mountain, partly because Kinder Morgan has not provided enough information about its proposed spill prevention program.

This high-pressure 30-inch gas transmission pipeline, proposed in 2014, was slated to pass from Wright, New York to Dracut, Massachusetts, to “help alleviate New England’s uniquely high natural gas and electricity costs caused by severely limited natural gas transportation capacity currently serving the region.”

However, the project faced stiff opposition from a coalition of anti-fracking activists, pipeline safety advocates who raised questions about the proximity of a high-pressure pipeline to their homes, sustainable-energy advocates, property owners who objected to having land seized by eminent domain, and environmentalists hoping to preserve wetlands and old-growth forests. Legislators and elected officials responded to voters' concerns.

On April 21, 2016, Kinder Morgan suspended its effort to build the 412-mile NED pipeline, citing economic difficulties and lack of "distribution commitments" or customers for the gas.

Likewise, Kinder Morgan's proposed Palmetto Pipeline, designed to go from the Gulf Coast to the Southeast markets, was nixed. Its path would have taken it through 201 miles of eastern and coastal Georgia, and drew opposition from local residents and environmental groups. The company suspended work on the project after the Georgia state legislature passed a temporary moratorium on the use of eminent domain for pipeline construction, and commissioned a study to review the project. The company filed an appeal.

Kinder Morgan proposed a 13-mile long 36-inch diameter high-pressure natural gas storage loop which would include a 4-mile pipeline spur through Sandisfield, Massachusetts, crossing the Otis State Forest and using water from Spectacle Pond. The company invoked the U.S. Natural Gas Act to have the needed land condemned so they could seize it by eminent domain. However, the Commonwealth of Massachusetts challenged Kinder Morgan in court, arguing that the state constitution's Article 97, which protects designated conservation land, forbids construction of a pipeline through protected lands.

In 2009, the Pipeline and Hazardous Materials Safety Administration (PHMSA) cited Kinder Morgan for violating safety standards regarding the distance between a natural gas pipeline and a "high consequence area" such as a school or hospital; the pipeline was too close for safe operation in case of a leak.

In 2011, PHMSA cited Kinder Morgan for these safety violations:

Also in 2011, the U.S. Department of Transportation cited Kinder Morgan for violations including the company's failure to have and follow written startup and shutdown procedures, and failing to have or use other measures to detect abnormal operating conditions, and proposed a fine of $425,000.

In 2013, the headline "Wall Street Worries About Kinder Morgan’s Safety Record: BC pipeline operator slashes and defers maintenance spending" was a concern to anyone who lived or worked near a Kinder Morgan pipeline.

The Wall Street Journal asked, "Is Kinder Morgan Scrimping on its Pipelines?" after an investment analyst charged the company with starving its pipelines of routine maintenance spending in order to return more cash to investors. Deferred maintenance may account for the high number of Kinder Morgan pipeline accidents in the last decade.

PHMSA's incident reports for Kinder Morgan's onshore gas transmission pipelines show that faulty infrastructure causes 45% of the significant leaks. Failure of the pipe, cracked welds, and faulty pipeline equipment together account for 28.3% of pipeline leaks, and corrosion of the pipe causes 16.8%.

In Texas alone from 2003 to 2016, Kinder Morgan experienced at least 48 "significant incidents" resulting in fatalities or hospitalization, fires, explosions, or spills.

Throughout the U.S. since 2003, Kinder Morgan and its subsidiaries' pipelines (of all kinds) have been responsible for more than 400 spills, evacuations, explosions, fires, and fatalities in 24 states, incurring more than 110 federal enforcement actions. Kinder Morgan's natural gas transmission pipeline accidents caused more than $224 million in property damage.

This list below is not complete; see the Pipeline and Hazardous Materials Safety Administration operator data at http://primis.phmsa.dot.gov for more incidents.

Some notable examples (including spills in Canada):

In August 2003, in Caddo County, Oklahoma, a Kinder Morgan Natural Gas Pipeline of America failed in a rural farming area about just east of the town of Stecker. A 26" diameter pipe exploded, throwing a 54-foot long section of pipe 30 feet from the ditch. The cause was environmental cracking along the length of the failed section parallel to the longitudinal weld seam.

On April 27, 2004, an underground Kinder Morgan 14" pipeline ruptured at Suisun Marsh in Solano County, California, spilling over 120,000 gallons of diesel fuel directly into the marsh. The cause was pipe corrosion. The company failed to notify authorities about the spill for 18 hours, another safety violation for which it was later cited. Kinder Morgan was fined $5.3 million for the spill, and agreed to enhance spill prevention, response and reporting practices. The company had 44 spills in 31 months, indicating "widespread failure to adequately detect and address the effects of outside force damage and corrosion," according to an order issued in August 2005 by the U.S. Department of Transportation's Pipeline and Hazardous Materials Safety Administration (PHMSA).

On November 9, 2004, a Kinder Morgan pipeline in Walnut Creek, California was struck by a backhoe, causing a gasoline spill that ignited in an explosive fireball, incinerating five workers and severely injuring four others. CalOSHA (California Occupational Safety and Health Administration) cited Kinder Morgan for failure to accurately mark and map the pipeline location. In 2005, the California Fire Marshal fined Kinder Morgan $500,000 for its role in the "completely preventable" tragedy. Kinder Morgan agreed to upgrade pipeline inspection methods and improve corrosion control. In 2007, the Kinder Morgan subsidiary was found guilty of 6 felonies in the case and was fined $15 million. The company was assessed another $69 million in civil penalties.

A Kinder Morgan Energy Partners petroleum products pipeline was found to be leaking gasoline into Summit Creek, near Truckee, California, on April 1.About 300 gallons were spilled.

In May 2005, a Kinder Morgan Natural Gas Pipeline of America 30" diameter pipe exploded near Marshall, Texas, sending a giant fireball into the sky and hurling a 160-foot section of pipe onto the grounds of an electric power generating plant. Two people were hurt, 40 evacuated. The cause was stress corrosion cracking.

On July 22, 2006, near Campbellsville, Kentucky, a Kinder Morgan Tennessee Gas Pipeline exploded. A 25-foot chunk of pipe blew out of the ground and landed 200 feet away, the pipe twisted and mangled, its external coating burned off. The 24" pipeline ruptured due to external corrosion more than two feet long at the bottom of a valley in an area of wet shale, known to cause corrosion on buried pipelines in this part of Kentucky.

On November 11, 2006, a subcontractor on Kinder Morgan’s Rockies Express (REX) pipeline outside Cheyenne, Wyoming struck an existing pipeline, causing a rupture and explosion. Two months after this explosion, the Federal Energy Regulatory Commission threatened to shut the project down if REX didn’t improve its "poor compliance record" involving construction activity outside the approved work area.

On November 27, 2006, the Kinder Morgan Plantation Pipeline at Charlotte, North Carolina released about 4,000 gallons of gasoline from a Plantation Pipe Line Company block valve on a delivery line into a terminal owned by a third party company.

On July 24, 2007, the Trans Mountain Pipeline, operated by Kinder Morgan Canada, released over 250,000 litres (1572 barrels) of crude oil, 70,000 litres (440 barrels) of which flowed into Burrard Inlet, requiring a C$15-million cleanup) after a backhoe broke the line in Burnaby.

On September 23, 2008, a Kinder Morgan pipeline exploded and burned for more than ten hours at Pasadena, Texas. One person died; another was injured. The cause of this "significant event" was internal corrosion, which caused a spill of more than 5500 barrels of hazardous liquid, with $40,800,000 in property damage. The Pasadena pipeline experienced at least 18 "significant incidents" 2004 to 2013.

In May 2009, near Palm City, Florida, a Kinder Morgan Florida Gas Transmission Company 18" diameter natural gas pipeline ruptured in a sparsely populated rural area of Martin Co. and "displaced" about 106 feet of buried pipe onto the right-of-way between Interstate 95 and the Florida Turnpike (SR-91). About 106 feet of pipe weighing about 5,000 pounds was blown out of the ground. The rupture was near a high school that was within the 366-foot potential impact radius (PIR). Injuries included two people in a car that ran off the road and a Sheriff's deputy treated for inhaling gas.

On July 15, 2009, a pipeline accident at Sylvarena, Mississippi involved Boardwalk Pipeline Partners, Southern Natural Gas and Kinder Morgan in an explosion that killed one person and injured three. The explosion occurred at a natural gas metering station under construction while it was being pressure tested with nitrogen. There was no fire. The workers were "literally right on top" of the explosion; their injuries were the result of pressure, not heat. One was injured when part of the pipe fell on him. The explosion snapped and bent a pipeline connected to a massive separator unit which was slung several yards.

On October 28, Kinder Morgan's Natural Gas Pipeline Company of America above-ground storage tank north of St. Elmo, Illinois caught fire, injuring two workers. Welding caused the tank to ignite resulting in several explosions. Two workers were taken to the hospital.

On November 30, 2010, a 30" diameter Kinder Morgan / Tennessee Gas Pipeline failed in a semi-rural area between Highway 1 and State Road 3191, two miles NW of Natchitoches, Louisiana, 1/4 mile NE of a country club, and 200' south of a residential subdivision. Louisiana state police evacuated 100 homes. Pipe cracked: 52.5 inches long & about 0.5 inches in maximum width. The failure site is near where TGP had a previous failure in 1965, with multiple fatalities. That failure was attributed to stress corrosion cracking.

The Carteret, New Jersey, KMLT had a leak and fire during maintenance work on March 14, 2011. On April 4, 2013, the PHMSA Office of Pipeline Safety issued a Notice of Probable Violation, Proposed Civil Penalty and Proposed Compliance Order (NOPV) after an inspection. In 2013, KMLT paid a penalty of $63,100 and was required to complete pipeline integrity testing and other corrective measures by May 2015.

On August 17, 2011, Kinder Morgan’s Natural Gas Pipeline Company of America had a flash fire and explosion south of Herscher, Illinois. Five employees went to the hospital. Kinder Morgan was cited for pipeline and workplace safety violations.

On November 16, 2011, near Glouster, Ohio, a weld failed on a Kinder Morgan Tennessee Gas Pipeline 36" diameter pipe; the leak exploded, leaving a blast crater 30 feet across and 15 feet deep. Three homes were destroyed by the fire. The leak was caused by "displacement produced by a landslide and an inadequate understanding by (TGP) of the influence of the geotechnical threats on the pipeline in this location." A girth weld failed due to earth movement, inadequate design, materials or workmanship, exceeding operational limits & gaps in integrity management.

In May 2012, at Arvin, California, a Kinder Morgan El Paso Natural Gas pipeline's relief valves and pipe supports failed, causing an explosion that damaged the Mojave facility and a surrounding cherry orchard, causing "the complete structural failure of the overpressure protection support system."

In June 2012, in Gray County, Texas, a Kinder Morgan Natural Gas Pipeline of America 26" diameter pipe failed at Compressor Station 154, Mile Post 52, 4 mi. east of Laketon. The gas ignited, blowing a crater 30 feet in diameter and burning 2 acres of agricultural land as well as two 500-gallon plastic tanks used to store liquid fertilizer plus two telephone poles and transformers. State Highway 152 was closed for several hours. The cause was a 50-foot-long longitudinal rupture in the pipe.

On December 26, 2012, in West Melbourne, Florida, a Kinder Morgan Florida Gas Transmission Company pipeline exploded in a pasture. The blast ejected a 20-foot section of 20" diameter pipe which landed about 15 feet from the rupture.

On May 8, 2013, a Kinder Morgan Tejas pipeline compressor station near Crockett, Texas, had a fire that caused $7,502,188 in property damage.

On June 18, 2013, in Louisiana, a Kinder Morgan Florida Gas Transmission Company 30" diameter pipeline ruptured and exploded before dawn, jolting residents out of their beds in a rural, wooded area of Washington Parish. No one was seriously hurt but 55 homes were evacuated. The blast knocked down trees in an area about 200 yards across and the fire burned those within another 300 yards. "The ground around the crater is completely bare. The dirt around it is just like it had been cooked in a kiln," and an 80-foot section of pipe was destroyed.

On May 17, at Port St. John, Florida, Kinder Morgan's 36" Florida Gas Transmission pipeline ruptured, forcing evacuation of 7 homes and halting train traffic through Brevard Co. for 3 hours near the Florida Power & Light plant. Florida Gas Transmission workers searched for a leak when pressure dropped in the line. Homes, vehicle & train traffic were reopened after the remaining gas escaped from the pipe. This pipeline failure caused $177,321 in property damage.

On June 26, 2014 near East Bernard, Texas, a gas pipeline next to the Kinder Morgan compressor plant blew out, destroying the road and setting a truck on fire at FM 1164 just south of Highway 59. Flames shot as high as 150 feet.

On July 23, at Milledgeville, Georgia, Midway Elementary School faculty and staff were evacuated due to a fire caused by a gas leak at the nearby Southern Natural Gas Company tap station. Fire rescue personnel closed Highway 441 South for an hour. Precautionary measures were taken so pipe wouldn't rupture under the road while Southern Natural Gas tried to determine the cause of the leak, which was thought to be failure in a valve or regulator. No injuries were reported.

On January 16, a transmission pipeline operated by KM subsidiary Southern Natural Gas had an equipment malfunction in Walthall County, Mississippi.

On February 10, in Hopkinton, Massachusetts, the temperature caused "natural force damage" to a Kinder Morgan / Tennessee Gas Pipeline.

On March 2, a Tennessee Gas Pipeline leaked due to equipment failure, causing $281,890 of property damage in Marshall, Mississippi.

On March 20, a pipe owned by KM subsidiary Southern Natural Gas failed in Rolling Fork, Mississippi, and on March 23, another of that subsidiary's pipes failed due to equipment malfunction in Augusta, Georgia.

On April 13, in Hutchinson County, Texas, KM subsidiary Natural Gas Pipeline of America failed due to environmental cracking, causing a fire and $455,000 in property damage. The 30-inch diameter pipe exploded; a 60-foot section and a 30-foot section of pipe were blown about 60 feet and 100 feet, respectively, from the failure site. NGPL’s pipeline systems in the area have a history of stress corrosion cracking and had also leaked in 2003 and 2012.

In June, Marshall, Texas experienced its third leak from the Natural Gas Pipeline of America.

On August 3, two individuals were injured in Falfurrias, TX when a natural gas pipeline operated by Kinder Morgan ruptured along a seam and exploded. The blowout resulted in a 70-foot by 30-foot crater 350 feet from a house; the longitudinal split in the pipe was about 55 feet long. The metallurgical report concluded that the cause was high ph stress corrosion cracking. The pipe was manufactured in 1947.

On August 8, an El Paso Natural Gas relief valve released gas at the Monument compressor station near Hobbs, New Mexico. Investigation showed that the relief valve actuated and vented gas for several hours. The cause of the equipment failure could not be determined, but contributing to the incident was the controller’s misunderstanding of what constitutes abnormal operation.

In December 2015, Kinder Morgan's Tennessee Gas Pipeline transmission line leaked when equipment failed, causing $12,482 in property damage, in West Winfield, New York.

On January 6, the Pennsylvania Department of Environmental Protection fined Kinder Morgan $745,000 for violations at two Philadelphia liquid storage facilities, including a spill of 8,000 gallons of fuel grade ethanol from an aboveground storage tank at the Kinder Morgan Liquids Terminal on the Delaware River, as well as allowing storm water to accumulate in containment dikes surrounding storage tanks.

On February 14, in Charlton, Massachusetts, Kinder Morgan's Tennessee Gas Pipeline transmission line failed due to the malfunction of control or relief equipment, releasing $16,598 worth of gas.

In 2016, Kinder Morgan Liquid Terminals, LLC experienced nine spills in New Jersey and Texas due to pump failure, incorrect valve operation, external and internal corrosion, overfilling the tank, and assorted failures of equipment and connections which did more than $1.5 million in property damage.

On February 15, a 36-inch Kinder Morgan gas pipeline exploded and burned in Refugio County, Texas. There were no injuries.

On March 25, 1982, the Calnev Pipeline ruptured due to disturbance from clean up of the San Bernardino train derailment in California that occurred thirteen days earlier

Q reports

Period Date Adjusted Actuals EPS GAAP EPS
Q1 2023 2023-04-19 Future report Set alerts
Q4 2022 2023-01-18 0.31 0.31
Q3 2022 2022-10-19 0.25 0.25
Q2 2022 2022-07-20 0.27 0.27
Q1 2022 2022-04-20 0.32 0.32
Q4 2021 2022-01-19 0.27 0.27
Q3 2021 2021-10-20 0.22 0.22
Q2 2021 2021-07-21 0.23 0.23
Q1 2021 2021-04-21 0.60 0.60
Q4 2020 2021-01-20 0.27 0.27

Ratings

2016-07-12 Reiterated Rating Credit Suisse Group AG Hold
2016-06-29 Reiterated Rating Deutsche Bank Buy
2016-06-29 Reiterated Rating Deutsche Bank AG Buy
2016-05-22 Reiterated Rating Credit Suisse Hold
2016-05-22 Reiterated Rating Deutsche Bank Buy
2016-05-22 Reiterated Rating Credit Suisse Group AG Hold
2016-05-11 Initiated Coverage Sanford C. Bernstein Market Perform $20.00
2016-04-27 Reiterated Rating Argus Hold
2016-04-21 Reiterated Rating Bank of America Neutral $19.00 to $18.74
2016-04-21 Reiterated Rating Deutsche Bank Buy
2016-04-21 Reiterated Rating Bank of America Corp. Neutral $19.00 to $18.74
2016-04-19 Initiated Coverage BMO Capital Markets Market Perform $19.00
2016-04-15 Reiterated Rating Simmons Neutral $18.00
2016-04-11 Reiterated Rating Barclays Buy
2016-04-11 Reiterated Rating Barclays PLC Buy
2016-04-08 Lower Price Target Barclays Overweight $21.00 to $20.00
2016-04-01 Initiated Coverage Piper Jaffray Neutral
2016-04-01 Initiated Coverage Simmons Neutral $18.00
2016-04-01 Initiated Coverage Piper Jaffray Cos. Neutral
2016-03-24 Reiterated Rating Credit Suisse Hold $22.00
2016-03-17 Downgrade Credit Suisse Outperform to Neutral $20.00 to $22.00
2016-02-24 Downgrade US Capital Advisors Overweight to Hold
2016-02-23 Reiterated Rating Stifel Nicolaus Buy $17.00 to $19.00
2016-01-29 Boost Price Target RBC Capital Sector Perform $15.00 to $17.00
2016-01-29 Boost Price Target Royal Bank Of Canada Sector Perform $15.00 to $17.00
2016-01-28 Upgrade Stifel Nicolaus Hold to Buy $17.00
2016-01-28 Upgrade Credit Suisse Neutral to Outperform $18.00 to $20.00
2016-01-21 Reiterated Rating Deutsche Bank Buy $19.00
2016-01-21 Reiterated Rating Credit Suisse Hold $18.00
2016-01-21 Lower Price Target SunTrust Buy $28.00 to $20.00
2016-01-21 Lower Price Target Goldman Sachs Buy $23.00 to $20.00
2016-01-21 Lower Price Target SunTrust Banks Inc. Buy $28.00 to $20.00
2016-01-21 Lower Price Target Goldman Sachs Group Inc. Buy $23.00 to $20.00
2016-01-14 Lower Price Target Jefferies Group Hold $14.00
2015-12-10 Reiterated Rating Goldman Sachs Buy $44.00
2015-12-10 Lower Price Target JPMorgan Chase & Co. Overweight $27.00 to $24.00
2015-12-09 Upgrade Tudor Pickering Accumulate to Buy
2015-12-09 Reiterated Rating Deutsche Bank Buy $28.00 to $19.00
2015-12-09 Downgrade RBC Capital Outperform to Sector Perform $29.00 to $19.00
2015-12-09 Lower Price Target Credit Suisse $18.00
2015-12-07 Reiterated Rating Jefferies Group Hold to Hold $33.00 to $15.00
2015-12-07 Reiterated Rating Credit Suisse Neutral $39.00 to $25.00
2015-12-07 Reiterated Rating Barclays Overweight $36.00 to $21.00
2015-12-04 Downgrade RBC Capital Outperform to Sector Perform $29.00 to $19.00
2015-12-03 Downgrade Argus Buy to Hold $29.00 to $21.30
2015-12-03 Lower Price Target RBC Capital Outperform $36.00 to $29.00
2015-11-18 Downgrade Goldman Sachs Buy to Buy $39.00 to $29.00
2015-11-16 Reiterated Rating Deutsche Bank Buy $37.00 to $28.00
2015-11-10 Lower Price Target Argus Buy $50.00 to $35.00
2015-10-22 Reiterated Rating Barclays Buy $46.00 to $36.00
2015-10-22 Downgrade Stifel Nicolaus Buy to Hold $39.00
2015-10-22 Lower Price Target RBC Capital Outperform $39.00 to $36.00
2015-10-22 Downgrade Credit Suisse Outperform to Neutral $52.00 to $39.00
2015-10-20 Lower Price Target Deutsche Bank Buy $42.00 to $37.00
2015-09-28 Lower Price Target Bank of America Buy $49.00 to $44.00
2015-09-21 Lower Price Target RBC Capital Outperform $47.00 to $39.00
2015-09-11 Lower Price Target Jefferies Group $33.00
2015-09-11 Lower Price Target Goldman Sachs Conviction Buy List $48.00 to $44.00
2015-08-20 Reiterated Rating Jefferies Group Hold $39.00
2015-08-16 Reiterated Rating Goldman Sachs Buy
2015-08-14 Downgrade Tudor Pickering Buy to Accumulate $50.00 to $45.00
2015-08-14 Upgrade Goldman Sachs Buy to Conviction-Buy $33.14 to $48.00
2015-07-29 Lower Price Target Stifel Nicolaus Buy $47.00 to $44.00
2015-07-20 Lower Price Target Raymond James Outperform $45.00 to $41.00
2015-07-20 Lower Price Target Raymond James Financial Inc. Outperform $45.00 to $41.00
2015-07-14 Reiterated Rating Barclays Buy $50.00 to $46.00
2015-06-18 Lower Price Target Jefferies Group Hold $43.00
2015-06-16 Initiated Coverage SunTrust Buy $48.00
2015-05-18 Initiated Coverage Deutsche Bank Buy $49.00
2015-04-17 Reiterated Rating Argus Buy $50.00
2015-04-08 Downgrade Goldman Sachs Conviction-Buy to Buy
2015-04-06 Boost Price Target JPMorgan Chase & Co. Overweight $47.00 to $48.00
2015-04-01 Initiated Coverage Stifel Nicolaus Buy $47.00
2015-03-23 Initiated Coverage Argus Buy $50.00
2015-02-20 Initiated Coverage Barclays Overweight $50.00
2015-01-22 Set Price Target Goldman Sachs Buy $48.00
2015-01-22 Reiterated Rating Credit Suisse Outperform $49.00 to $50.00
2015-01-13 Initiated Coverage Citigroup Inc. Buy to Neutral $42.00 to $45.00
2015-01-09 Reiterated Rating Jefferies Group Hold $36.00 to $44.00
2014-10-09 Reiterated Rating Credit Suisse Outperform $48.00
2014-10-02 Reiterated Rating JPMorgan Chase & Co. Overweight $36.00 to $45.00
2014-10-02 Upgrade Wells Fargo & Co. Market Perform to Outperform $48.00 to $46.00
2014-10-02 Upgrade Wells Fargo Market Perform to Outperform $48.00 to $46.00
2014-09-23 Initiated Coverage Bank of America Focus List to Buy $47.00
2014-09-09 Initiated Coverage BMO Capital Markets Market Perform
2014-08-19 Reiterated RBC Capital Mkts Outperform $40 to $45
2014-08-19 Boost Price Target RBC Capital Outperform $40.00 to $45.00
2014-08-14 Boost Price Target Morgan Stanley $37.00 to $43.00
2014-08-12 Boost Price Target Credit Suisse Neutral to Outperform $41.00 to $49.00
2014-08-11 Boost Price Target Goldman Sachs $50.00
2014-08-11 Upgrade Bank of America Neutral to Buy $47.00
2014-08-07 Reiterated Rating Jefferies Group Hold $34.00 to $36.00
2014-07-22 Boost Price Target RBC Capital Outperform $39.00 to $40.00
2014-07-18 Reiterated Rating Raymond James Outperform $37.00 to $38.00
2014-07-17 Boost Price Target Credit Suisse Outperform $40.00 to $41.00
2014-07-17 Reiterated Rating S&P Equity Research Hold
2014-07-17 Reiterated Rating Barclays Overweight $38.00 to $39.00
2014-06-26 Boost Price Target RBC Capital Outperform $37.00 to $39.00
2014-05-15 Upgrade Goldman Sachs Buy to Conviction-Buy $44.00
2014-04-17 Boost Price Target Credit Suisse $40.00
2014-04-17 Reiterated Rating Barclays Overweight $38.00
2014-04-17 Reiterated Rating Goldman Sachs Buy
2014-04-14 Lower Price Target RBC Capital Sector Perform $42.00 to $37.00
2014-03-27 Reiterated Rating JPMorgan Chase & Co. Overweight $39.00 to $36.00
2014-01-16 Reiterated Rating Credit Suisse Outperform $41.00
2014-01-13 Upgrade Ned Davis Research Sell to Neutral
2013-12-05 Lower Price Target Barclays Overweight $44.00 to $39.00
2011-06-08 Initiated Deutsche Bank Hold $30
2011-04-20 Initiated Morgan Keegan Outperform $33
2011-03-23 Initiated Barclays Capital Overweight $34
2016-07-12 Reiterated Rating Credit Suisse Group AG Hold
2016-06-29 Reiterated Rating Deutsche Bank Buy
2016-06-29 Reiterated Rating Deutsche Bank AG Buy
2016-05-22 Reiterated Rating Credit Suisse Hold
2016-05-22 Reiterated Rating Deutsche Bank Buy

There is presents forecasts of rating agencies and recommendations for investors about this ticker

Major Shareholders

Name Relationship Total Shares Holding stocks