Kirby Corp. (KEX) Receives “Sell” Rating from Wells Fargo & Co.
“We looked at every competitor with at least 100 tank barges as potential M&A scenarios – ie. (names we think are large enough to move the needle for KEX), and narrowed it down to the 3-4 options we believe are the most viable. That list includes Ingram, Higman Marine, Blessey Marine Services, and American River Tankers – with Higman Marine making the most sense to us. Specifically, we screened for ownership structure, debt profile/balance sheet strength, market position/growth pipeline (is the firm currently expanding), and fleet size/diversification. Have Inland Pricing Dynamics Shifted Since Our July Downgrade? Not materially. We do not believe this summer’s flooding issues had a meaningful impact on pricing/available capacity, and all indications suggest that the inland barge market remains subdued near its July lows.”,” Wells Fargo & Co.’s analyst commented.
Several other equities analysts have also issued reports on KEX. Vetr upgraded Kirby Corp. from a sell rating to a hold rating and set a $67.34 target price for the company in a research report on Wednesday, June 1st. Zacks Investment Research upgraded Kirby Corp. from a sell rating to a hold rating in a research report on Wednesday, June 29th. Jefferies Group restated a buy rating on shares of Kirby Corp. in a research report on Monday, August 1st. RBC Capital Markets upgraded Kirby Corp. from a sector perform rating to an outperform rating and boosted their target price for the stock from $55.00 to $68.00 in a research report on Tuesday. Finally, Royal Bank Of Canada upgraded Kirby Corp. from a sector perform rating to an outperform rating and lifted their price objective for the company from $55.00 to $68.00 in a report on Tuesday. Three equities research analysts have rated the stock with a sell rating, six have given a hold rating and five have issued a buy rating to the company’s stock. The stock has an average rating of Hold and a consensus target price of $63.69.
Kirby Corp. (NYSE:KEX) opened at 58.49 on Tuesday. The firm has a market cap of $3.15 billion, a P/E ratio of 17.16 and a beta of 1.11. The company has a 50-day moving average price of $54.59 and a 200-day moving average price of $61.37. Kirby Corp. has a 12-month low of $44.63 and a 12-month high of $73.25.
Kirby Corp. (NYSE:KEX) last posted its earnings results on Wednesday, July 27th. The company reported $0.72 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.70 by $0.02. The company earned $441.60 million during the quarter, compared to analyst estimates of $454.12 million. Kirby Corp. had a return on equity of 8.02% and a net margin of 9.63%. The company’s revenue for the quarter was down 18.7% compared to the same quarter last year. During the same period in the previous year, the company earned $1.04 EPS. On average, analysts predict that Kirby Corp. will post $2.61 earnings per share for the current year.
Several large investors have recently made changes to their positions in KEX. Teacher Retirement System of Texas boosted its stake in shares of Kirby Corp. by 13.3% in the second quarter. Teacher Retirement System of Texas now owns 1,882 shares of the company’s stock worth $117,000 after buying an additional 221 shares in the last quarter. Kempen Capital Management N.V. bought a new stake in shares of Kirby Corp. during the first quarter worth about $145,000. Independent Portfolio Consultants Inc. boosted its stake in shares of Kirby Corp. by 8.9% in the second quarter. Independent Portfolio Consultants Inc. now owns 2,500 shares of the company’s stock worth $156,000 after buying an additional 205 shares in the last quarter. Advisors Asset Management Inc. boosted its stake in shares of Kirby Corp. by 9.7% in the second quarter. Advisors Asset Management Inc. now owns 2,704 shares of the company’s stock worth $169,000 after buying an additional 238 shares in the last quarter. Finally, LS Investment Advisors LLC boosted its stake in shares of Kirby Corp. by 71.7% in the second quarter. LS Investment Advisors LLC now owns 3,322 shares of the company’s stock worth $207,000 after buying an additional 1,387 shares in the last quarter. Institutional investors own 99.43% of the company’s stock.
Kirby Corp. Company Profile
Kirby Corporation is a domestic tank barge operator, transporting bulk liquid products. The Company, through its subsidiaries, operates in two segments: Marine Transportation and Diesel Engine Services. The Company, through its Marine Transportation segment, is a provider of marine transportation services, operating tank barges and towing vessels transporting bulk liquid products throughout the Mississippi River System, on the Gulf Intracoastal Waterway, coastwise along all the three United States coasts and in Alaska and Hawaii.
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