Time for me to practice what I preach: See ya, Kinder Morgan (KMI) - I wish I could say it’s been great knowing you.

Last week, in advance of KMI’s quarterly earnings presentation, I strongly urged prospective investors to ignore hype about a projected 25% dividend raise. My point was that folks should buy shares only if they believe the company’s long-term prognosis is excellent - in other words, for the same reason any investor should acquire a stake in any business.

In the comment stream, many readers confidently predicted that KMI would follow through with its 25% dividend hike. Alas, they were wrong, as the company declared only a 5% increase. So, for the second time in 4½ years, Kinder over-promised and under-delivered. At least this time - unlike in 2015 - there wasn’t a 75% dividend cut.

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