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KMP Payout Ratio

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September 14, 2013 – Comments (4)

Kinder Morgan, KMP, pays a nice 6.6% dividend and has a five star CAPS rating.  However, it shows a payout ratio of 720%.  How can that be?  What am I missing?

4 Comments – Post Your Own

#1) On September 14, 2013 at 8:36 PM, HarryCarysGhost (99.76) wrote:

Holy Cow, Yahoo has it at-

Payout Ratio4:

782.00%

Special dividend...maybe.?

I really have no clue but I'll add to caps just to see what happens.

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#2) On September 14, 2013 at 9:26 PM, rd80 (98.66) wrote:

Something's gotta be off with the numbers.  Also from Yahoo, ttm earnings of 3.08 per share, trailing annual dividend 5.17 should be a ratio of about 165%.

Even though that's a high ratio, it's not as bad as it looks. Master Limited Partnerships tend to have a lot of non-cash expenses like depreciation that reduce earnings but not cash flow and they usually make distributions based on cash flow. 

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#3) On September 16, 2013 at 6:12 PM, blesto (31.64) wrote:

That's Morningstar data, right?

That does seem a little high. On Scottrade they show a Payout Ratio (TTM) of 99.6

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#4) On September 17, 2013 at 9:57 AM, ElCid16 (98.07) wrote:

FY 2012:

Div Payment: $2.53B

Net Income: $1.36B

Payout Ratio: 185%

H1 2013:

Div Payment: $1.47B

Net Income:  $1.8B

Payout Ratio:  82%

Notes:

2012 included a big non-cash expense (adjusted earnings were closer to $2B)

2013 has included a non-cash earnings gain (adjusted earnings are closer to $1.1B. 

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