Jason
According to the most recent 13F, that the Duquesne Family office of Stanley Druckenmiller recently took a position in KMI in the most recent quarter. But it is not a huge position in the grand scheme of things, the weighting in the portfolio is only around 1.6%. KMI operates as an energy infrastructure company that owns pipelines, and storage systems in North America. The share price has seen solid momentum recently. KMI operates a similar business model to ENB in Canada. KMI is trading at 16.5x Forward P/E. The leverage level is high, currently around 4.8x net debt/EBITDA, but on par with industry peers. We think this is largely a bet on interest rates and the upside recovery potential of highly leveraged companies due to peak rates, Stanley Druckenmiller’s style has never been buy and hold for many years. But KMI has high, consistent cash flow and offers a nice secure dividend. We would have no concerns owning it (other than regular market/rate/inflation concerns).