Kinder Morgan (NYSE: KMI) has been a rather abysmal investment since it reemerged on to the public seen in 2011 from a leveraged buyout in 2007. Overall, the stock is down more than 20% even after factoring in dividends. Driving the decline has been the impact of the legacy leverage from that privatization, as well as the additional debt it took on when it gobbled up its MLPs in 2014.