July 18, 2019 / 2:35 PM / 3 months ago

BUZZ-Kinder Morgan Canada rises as brokerages upgrade after stock repurchase

(Adds share movement, CIBC rating)

** Brokerages CIBC, Credit Suisse upgrade pipeline operator Kinder Morgan Canada, shares up 5.8% at C$11.7

** CS, CIBC raise to “neutral” from underperform

** Co board authorizes a stock buyback program that will allow it to repurchase up to 2 mln KML restricted voting shares

** Brokerage says, KML’s repurchase program is a near-term positive

** Co posts qtrly revenue of C$104.9 mln, up from C$95.7 mln a year earlier

** KML reported earnings per restricted voting share from continuing operations of C$0.12 on Wednesday

** CS raises its 2020 EPS est. to C$0.58 from C$0.55

** Co’s qtrly pipeline segment earnings were up 11%, benefiting from increased volumes on its Cochin pipeline system

** CIBC says share price gains are likely on an enhanced growth visibility, however, may be difficult in the current environment that includes Alberta’s mandated oil production curtailments

** 2 of 10 brokerages rate the stock “buy”, 5 “hold” and 3 “sell”; median PT is C$14

** Up to Wednesday’s close, stock down 17.6% YTD (Reporting By Arundhati Sarkar in Bengaluru)

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