10 Top Performing Dividend Stocks in 2024

7. Kinder Morgan, Inc. (NYSE:KMI)

Year-to-Date Return as of December 25: 53.2%

Kinder Morgan, Inc. (NYSE:KMI) is an American infrastructure company that owns and operates oil and gas pipelines and terminals. The company, through its Tennessee Gas Pipeline subsidiary, has announced plans to proceed with the Mississippi Crossing Project (MSX Project), targeting commercial operations by November 2028, pending necessary permits. The company intends to invest $1.4 billion in the project’s initial phase and is exploring the possibility of increasing capacity by an additional 0.4 billion cubic feet per day. This expansion would require further investment to enhance the pipeline’s horsepower for the added gas flow. The MSX Project aims to increase natural gas supplies to Southeast markets, addressing growing demand while reducing energy costs in the region.

Kinder Morgan, Inc. (NYSE:KMI) has delivered impressive returns in 2024, climbing over 53% year-to-date. This growth is largely driven by rising demand, which has maximized capacity utilization on existing pipelines and boosted contract renewal rates. The company is also reaping the rewards of high-yield expansion projects and its $1.8 billion acquisition of STX Midstream completed last year. KMI is one of the best performing dividend stocks in 2024.

Kinder Morgan, Inc. (NYSE:KMI) showcased solid financial performance in the third quarter of 2024, concluding the period with $108 million in cash and cash equivalents, an increase from $83 million at the close of December 2023. The company generated $1.2 billion in operating cash flow, while its free cash flow totaled $0.6 billion. On October 16, Kinder Morgan announced a quarterly dividend of $0.2875 per share, maintaining the same payout as the previous quarter. It holds a seven-year track record of consistent dividend growth. The stock’s dividend yield on December 25 came in at 4.21%.

Insider Monkey’s database of Q3 2024 indicated that 42 hedge funds held stakes in Kinder Morgan, Inc. (NYSE:KMI), up from 41 in the previous quarter. The total value of these stakes is nearly $1.3 billion. With over 18.2 million shares, Orbis Investment Management was the company’s leading stakeholder in Q3.