|Kinder Morgan, Energy Transfer rally after insider buys|
Mar. 2, 2020 10:58 AM ET|About: Kinder Morgan, Inc. (KMI)|By: Carl Surran, SA News Editor
Kinder Morgan ( KMI +2.3%) and Energy Transfer ( ET +3.8%) enjoy heady gains as prominent insiders made big purchases recently as shares were weakening, Barron's reports.
Kinder Morgan Executive Chairman Richard Kinder paid $6.2M on Feb. 26 for 300K KMI shares at an average price of $20.72/share, raising his holdings to 243.4M shares in a personal account and another 11.8M shares through a limited partnership.
Kinder paid 2.1% less than the $21.17 year-end 2019 price of Kinder Morgan stock; KMI dropped 9.4% YTD through Friday's close.
Energy Transfer Chairman and CEO Kelcy Warren paid $45.2M on Feb. 19 for 3.6M publicly traded units at an average price of $12.53, lifting his overall ownership to 255.6M units.
Warren paid 2.3% below Energy Transfer's $12.83 year-end closing price; ET units have since shed 13.6% YTD.
Kinder owns a stake of more than 11% in Kinder Morgan, while Warren owns 9.5% of Energy Transfer, according to S&P Capital IQ.