Short Interest Trends for the Kinder Morgan Group 082714

Below please find an update on the total number of shares and units sold short across the four Kinder Morgan entities. The following chart shows the total number of units or shares sold short for each name since September of 2012. The data is somewhat delayed, typically 10-12 days.

KM Short Interest Trend 082714

(Click to view)

KM Short Interest Trend 082714 No KMI

(Click to view)

The vertical black dashed lines under the “X’s” mark the Ex-Dividend or Ex-Distribution dates for the entities. You may notice that some of the short positions tend to get covered prior to the Ex dates so they do not have to pay the dividends/distributions. Technically the data is as of the close on the date shown and not continuous data for every day, so the entire short position could be covered prior to the Ex date and then put back on the following day.

Two week change in the amount of units/shares sold short:

  • KMI: Up 250.9%
  • KMP: Down 6.0%
  • KMR: Up 92.5%
  • EPB: Up 36.0%

If you are a retail investor and shorting these names, please pay attention to the Ex-Dividend / Ex-Distribution dates so you don’t also have to pay the dividend/distributions. In addition, you should also take into account your additional cost to borrow each security from your broker. Many MLPs are typically “Hard to Borrow” so assuming your broker finds you units to borrow to short they may charge a high rate.

NOTE: The large increase in KMI was somewhat expected, as I mentioned in the last Kinder Morgan short trend post; however, I am slightly surprised by the large increase and new high in the KMR short position.  It seems like the “easiest” way to play the M&A Arb game with this transaction is to short KMI and go long KMR because KMR does not generate a K-1 and the exchange ratio for that part of the deal is all KMI stock and no cash in exchange for KMR shares.

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Short Interest Trends for the Atlas Energy Group 082714

Below please find an update on the total number of units sold short across the three Atlas Energy entities. The following chart shows the total number of units sold short for each name since April of 2013. The data is somewhat delayed, typically 10-12 days.

Atlas Energy Short Interest Trends 082714

(Click to view)

Two week change in the amount of units sold short:

  • ATLS: Up 4.9%
  • APL: Down 0.4%
  • ARP: Up 6.6%

If you are a retail investor and shorting these names, please pay attention to the Ex-Distribution dates so you don’t also have to pay the distributions. In addition, you should also take into account your additional cost to borrow each security from your broker. Many MLPs are typically “Hard to Borrow” so assuming your broker finds you units to borrow to short, they may charge a high rate.

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MLP Protocol 082214

MLP Protocol Weekly Snapshot report: (click to open, contains full contact information) MLPP 082214 Snapshot vFree

The MLP Protocol Sprint Portfolio Position Report for August 2014 is now available (based on August 1, 2014 closing prices), the September 2014 report will be available after September 2.

Due to a large influx of new follower capital during 2014, the Sprint Portfolio is currently CLOSED to new investors at Covestor.

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Kinder Morgan Merger Tax Implications 081914

 

KMI Merger Tax Implications 082014

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Update 1 Source (8/20/14): Kinder Morgan Citi MLP Conference Aug 20-21

Initial Source: Kinder Morgan Merger Presentation

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MLP Protocol 081514

MLP Protocol Weekly Snapshot report: (click to open, contains full contact information) MLPP 081514 Snapshot vFree

The MLP Protocol Sprint Portfolio Position Report for August 2014 is now available (based on August 1, 2014 closing prices), the September 2014 report will be available after September 1.

Due to a large influx of new follower capital during 2014, the Sprint Portfolio is currently CLOSED to new investors at Covestor.

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Short Interest Trends for the Atlas Group 081214

Below please find an update on the total number of units sold short across the three Atlas Energy entities. The following chart shows the total number of units sold short for each name since April of 2013. The data is somewhat delayed, typically 10-12 days.

Atlas Energy Short Interest Trends 081214

(Click to view)

Two week change in the amount of units sold short:

  • ATLS: Up 5.7%
  • APL: Up 5.6%
  • ARP: Up 4.6%

If you are a retail investor and shorting these names, please pay attention to the Ex-Distribution dates so you don’t also have to pay the distributions. In addition, you should also take into account your additional cost to borrow each security from your broker. Many MLPs are typically “Hard to Borrow” so assuming your broker finds you units to borrow to short, they may charge a high rate.

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Short Interest Trends for the Kinder Morgan Group 081214

Below please find an update on the total number of shares and units sold short across the four Kinder Morgan entities. The following chart shows the total number of units or shares sold short for each name since September of 2012. The data is somewhat delayed, typically 10-12 days.

KM Short Interest Trend 081214

(Click to view)

The vertical black dashed lines under the “X’s” mark the Ex-Dividend or Ex-Distribution dates for the entities. You may notice that some of the short positions tend to get covered prior to the Ex dates so they do not have to pay the dividends/distributions. Technically the data is as of the close on the date shown and not continuous data for every day, so the entire short position could be covered prior to the Ex date and then put back on the following day.

Two week change in the amount of units/shares sold short:

  • KMI: Down 16.1%
  • KMP: Up 2.4%
  • KMR: Down 11.5%
  • EPB: Down 7.0%

If you are a retail investor and shorting these names, please pay attention to the Ex-Dividend / Ex-Distribution dates so you don’t also have to pay the dividend/distributions. In addition, you should also take into account your additional cost to borrow each security from your broker. Many MLPs are typically “Hard to Borrow” so assuming your broker finds you units to borrow to short they may charge a high rate.

NOTE: The data is only updated through July 31, 2014, so the announced consolidation into KMI will show up in the numbers with the next update. I would not be surprised to see an increase in the KMI short position going forwards, possibly from M&A Arbs that could have gone short KMI and long KMP, KMR, EPB after the news was announced.

 

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