World Kinect (NYSE:WKC) Posts Earnings Results, Hits Estimates

World Kinect (NYSE:WKC) posted its quarterly earnings results on Thursday. The company reported $0.62 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.62, Briefing.com reports. World Kinect had a return on equity of 6.26% and a net margin of 0.29%. The business had revenue of $10.49 billion for the quarter, compared to analysts’ expectations of $11.77 billion. During the same quarter in the prior year, the business earned $0.58 EPS. The firm’s revenue for the quarter was down 14.3% on a year-over-year basis.

World Kinect Price Performance

World Kinect stock opened at $26.39 on Friday. The stock’s fifty day moving average price is $29.63 and its two-hundred day moving average price is $27.03. The firm has a market cap of $1.56 billion, a PE ratio of 11.68, a price-to-earnings-growth ratio of 1.08 and a beta of 1.25. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.15 and a quick ratio of 0.98. World Kinect has a one year low of $17.69 and a one year high of $31.70.

World Kinect Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, October 16th. Stockholders of record on Monday, September 30th were given a $0.17 dividend. The ex-dividend date of this dividend was Monday, September 30th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.58%. World Kinect’s payout ratio is 30.09%.

World Kinect declared that its board has approved a share buyback program on Monday, September 9th that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 11% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.

Insider Transactions at World Kinect

In related news, CEO Michael J. Kasbar sold 58,948 shares of the business’s stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $27.92, for a total value of $1,645,828.16. Following the completion of the transaction, the chief executive officer now owns 1,019,063 shares of the company’s stock, valued at $28,452,238.96. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, Director John L. Manley sold 16,000 shares of the firm’s stock in a transaction dated Wednesday, July 31st. The stock was sold at an average price of $28.28, for a total value of $452,480.00. Following the sale, the director now directly owns 49,614 shares of the company’s stock, valued at $1,403,083.92. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Michael J. Kasbar sold 58,948 shares of the stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $27.92, for a total transaction of $1,645,828.16. Following the completion of the transaction, the chief executive officer now directly owns 1,019,063 shares of the company’s stock, valued at $28,452,238.96. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 2.90% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the stock. JPMorgan Chase & Co. increased their price objective on shares of World Kinect from $29.00 to $32.00 and gave the company a “neutral” rating in a research report on Thursday, September 19th. Stifel Nicolaus cut shares of World Kinect from a “buy” rating to a “hold” rating and lowered their price target for the company from $33.00 to $32.00 in a report on Friday. Morgan Stanley cut World Kinect from an “equal weight” rating to an “underweight” rating and set a $28.00 price objective for the company. in a report on Monday, September 16th. Finally, Bank of America increased their target price on World Kinect from $24.00 to $27.00 and gave the stock an “underperform” rating in a research note on Friday, September 13th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $30.20.

About World Kinect

World Kinect Corporation operates as an energy management company in the United States, the Americas, Europe, the Middle East, Africa, and the Asia Pacific. This segment also offers fuel management, price risk management, ground handling, dispatch services, and trip planning services, such as flight planning and scheduling, weather reports and overflight permits; payment and processing services; and operates a web-based marketplace platform.