Kirby Corp. (KEX) Given Sell Rating at Wells Fargo & Co.
Kirby Corp. (NYSE:KEX)‘s stock had its “sell” rating reissued by stock analysts at Wells Fargo & Co. in a note issued to investors on Tuesday.
The analysts wrote, “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.””
Other equities analysts have also issued research reports about the company. Jefferies Group reiterated a “buy” rating on shares of Kirby Corp. in a research note on Monday, August 29th. Credit Suisse Group AG lowered Kirby Corp. from an “outperform” rating to a “neutral” rating and set a $60.00 target price on the stock. in a research note on Tuesday, June 21st. Vetr lowered Kirby Corp. from a “hold” rating to a “sell” rating and set a $53.00 target price on the stock. in a research note on Monday, August 8th. Finally, Zacks Investment Research lowered Kirby Corp. from a “hold” rating to a “strong sell” rating in a research note on Tuesday, June 7th. Three analysts have rated the stock with a sell rating, six have assigned a hold rating and five have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $63.69.
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Shares of Kirby Corp. (NYSE:KEX) traded up 2.49% during mid-day trading on Tuesday, reaching $58.42. The company had a trading volume of 451,181 shares. The firm’s 50 day moving average is $54.45 and its 200-day moving average is $61.40. Kirby Corp. has a 12-month low of $44.63 and a 12-month high of $73.25. The stock has a market capitalization of $3.15 billion, a P/E ratio of 17.14 and a beta of 1.11.
Kirby Corp. (NYSE:KEX) last released its quarterly earnings data on Wednesday, July 27th. The company reported $0.72 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.70 by $0.02. The firm had revenue of $441.60 million for 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 business’s revenue for the quarter was down 18.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.04 earnings per share. On average, analysts expect that Kirby Corp. will post $2.61 earnings per share for the current fiscal year.
Several large investors have recently modified their holdings of the stock. LPL Financial LLC increased its stake in shares of Kirby Corp. by 0.4% in the first quarter. LPL Financial LLC now owns 6,948 shares of the company’s stock worth $418,000 after buying an additional 28 shares in the last quarter. Citigroup Inc. boosted its position in shares of Kirby Corp. by 0.4% in the second quarter. Citigroup Inc. now owns 8,114 shares of the company’s stock worth $507,000 after buying an additional 32 shares during the last quarter. Veritable L.P. boosted its position in shares of Kirby Corp. by 1.1% in the second quarter. Veritable L.P. now owns 3,422 shares of the company’s stock worth $214,000 after buying an additional 37 shares during the last quarter. Glenmede Trust Co. NA boosted its position in shares of Kirby Corp. by 0.7% in the second quarter. Glenmede Trust Co. NA now owns 12,891 shares of the company’s stock worth $803,000 after buying an additional 86 shares during the last quarter. Finally, Nisa Investment Advisors LLC boosted its position in shares of Kirby Corp. by 0.4% in the second quarter. Nisa Investment Advisors LLC now owns 27,920 shares of the company’s stock worth $1,742,000 after buying an additional 100 shares during the last quarter. 99.43% of the stock is currently owned by hedge funds and other institutional investors.
About Kirby Corp.
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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