Below please find an update on the total number of shares and units sold short across the four Kinder Morgan entities (as an indicator of how much traction Hedgeye’s short thesis is achieving in the market place). 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 and the data for April 15 was released on April 25.

(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 5.7% – New High in Number of Shares Sold Short
• KMP: Down 8.9%
• KMR: Up 4.0%
• EPB: Down 24.0%

Hedgeye’s short thesis continues to gain traction with market participants.