You are complaining about 'dilution'. You will be very disappointed because you DO NOT understand how these entities work. Because they distribute most of their cash, they have to issue new shares to raise money for income producing acquisitions. While you are complaining about the price drop, savvy investors are snatching up these shares in about 5 minutes because they know they are entering at a discount. KMP is a conservative investment fit for people who in the past invested in T, MO ED etc. You are getting a higher payout that is tax deferred in the current year. This decreases your basis and you will get another surprise when you sell. So if you are looking for a short term holding, look elsewhere. KMP is great if you plan on leaving it to your children.
One effective method of permanently avoiding paying tax on all returns is to die.
Your estate gets a full step-up on both the deferred income and capital gain. Some people believe this strategy has certain adverse personal consequences. Other believe the consequences are desirable.
I agree with the above. Moreover, KMP does not do such things lightly. They almost always acquire something which is accretive immediately or in the near future. As we don't know the purpose of this dilution, it's premature to expect a negative scenario. In fact, based on the history of the company, unit holders can expect a better than average return on this new investment.