World Fuel Services Corporation (INT) to Repurchase $100.00 million in Shares
World Fuel Services Corporation (NYSE:INT) announced that its board has initiated a stock buyback plan, which allows the company to buyback $100.00 million in shares on Wednesday, October 4th, EventVestor reports. This buyback authorization allows the oil and gas company to buy shares of its stock through open market purchases. Shares buyback plans are usually a sign that the company’s board believes its shares are undervalued.
World Fuel Services Corporation (NYSE:INT) traded up 2.01% during midday trading on Thursday, reaching $36.53. The company’s stock had a trading volume of 81,981 shares. The firm has a 50 day moving average price of $34.72 and a 200 day moving average price of $36.08. World Fuel Services Corporation has a one year low of $32.28 and a one year high of $47.49. The firm has a market cap of $2.50 billion, a P/E ratio of 23.92 and a beta of 0.95.
World Fuel Services Corporation (NYSE:INT) last released its quarterly earnings data on Thursday, July 27th. The oil and gas company reported $0.50 EPS for the quarter, missing the consensus estimate of $0.56 by ($0.06). World Fuel Services Corporation had a net margin of 0.34% and a return on equity of 5.60%. The company had revenue of $8.09 billion for the quarter, compared to the consensus estimate of $8.41 billion. During the same period last year, the company earned $0.63 EPS. The firm’s revenue for the quarter was up 21.9% on a year-over-year basis. Equities research analysts forecast that World Fuel Services Corporation will post $2.26 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 6th. Shareholders of record on Monday, October 16th will be issued a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 0.67%. World Fuel Services Corporation’s dividend payout ratio (DPR) is presently 15.69%.
A number of equities research analysts have weighed in on the company. Bank of America Corporation downgraded World Fuel Services Corporation from a “neutral” rating to an “underperform” rating and lowered their price target for the company from $41.00 to $36.00 in a research report on Tuesday, September 26th. BidaskClub upgraded World Fuel Services Corporation from a “sell” rating to a “hold” rating in a research report on Thursday, July 6th. Finally, Zacks Investment Research downgraded World Fuel Services Corporation from a “hold” rating to a “sell” rating in a research report on Monday, July 31st. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating and one has assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $42.00.
In other news, SVP Carlos M. Velazquez sold 6,850 shares of the company’s stock in a transaction dated Friday, August 11th. The shares were sold at an average price of $33.74, for a total transaction of $231,119.00. Following the sale, the senior vice president now directly owns 16,946 shares in the company, valued at approximately $571,758.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Robert Alexander Lake sold 1,500 shares of the company’s stock in a transaction dated Tuesday, August 8th. The shares were sold at an average price of $35.00, for a total transaction of $52,500.00. Following the sale, the executive vice president now owns 42,302 shares in the company, valued at $1,480,570. The disclosure for this sale can be found here. 2.30% of the stock is owned by corporate insiders.
About World Fuel Services Corporation
World Fuel Services Corporation is engaged in providing aviation, marine and land energy, logistics and technology solutions to customers and suppliers around the world. The Company operates through three segments: Aviation, Marine and Land. In its Aviation segment, the Company offers fuel and related products and services.
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