Additionally, MLPs were strengthening as Kinder Morgan stock jumped as much as 20%. KMI was up 14.3% to $13.7 per share late-Thursday.
While the pipeline operator posted a surprising loss in earnings for the fourth quarter, KMI shares rallied after the fund stated it will fund 100% of its growth from internally generated cash, reports Rachel Graf for TheStreet. The company won’t be tapping into debt markets this year and could generate $300 million in free cash flow, which could leave the operator to increasing dividend or buy back shares.
The Global X MLP & Energy Infrastructure ETF (NYSEArca: MLPX), which includes a 7.0% tilt toward KMI, also gained 5.4% on the outlook.
Max Chen contributed to this article.