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

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

World Kinect Price Performance

NYSE:WKC traded down $4.94 during midday trading on Friday, hitting $26.40. 3,056,260 shares of the stock were exchanged, compared to its average volume of 648,880. World Kinect has a one year low of $17.69 and a one year high of $31.70. The company has a market capitalization of $1.58 billion, a price-to-earnings ratio of 29.09, a P/E/G ratio of 1.06 and a beta of 1.25. The business has a 50-day moving average price of $29.66 and a two-hundred day moving average price of $27.03. The company has a current ratio of 1.15, a quick ratio of 0.98 and a debt-to-equity ratio of 0.39.

World Kinect Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, October 16th. Investors of record on Monday, September 30th were issued a dividend of $0.17 per share. The ex-dividend date of this dividend was Monday, September 30th. This represents a $0.68 annualized dividend and a yield of 2.58%. World Kinect’s payout ratio is 73.12%.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on WKC. JPMorgan Chase & Co. lifted their price target on World Kinect from $29.00 to $32.00 and gave the stock a “neutral” rating in a research note on Thursday, September 19th. Morgan Stanley cut shares of World Kinect from an “equal weight” rating to an “underweight” rating and set a $28.00 target price on the stock. in a report on Monday, September 16th. Bank of America raised their target price on shares of World Kinect from $24.00 to $27.00 and gave the stock an “underperform” rating in a report on Friday, September 13th. Finally, Stifel Nicolaus cut World Kinect from a “buy” rating to a “hold” rating and cut their price target for the company from $33.00 to $32.00 in a report on Friday. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, World Kinect currently has a consensus rating of “Hold” and an average target price of $30.20.

Insider Buying and Selling

In other World Kinect news, Director John L. Manley sold 16,000 shares of World Kinect stock in a transaction that occurred on Wednesday, July 31st. The shares were sold at an average price of $28.28, for a total value of $452,480.00. Following the transaction, the director now owns 49,614 shares in the company, valued at approximately $1,403,083.92. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other World Kinect news, Director John L. Manley sold 16,000 shares of World Kinect stock in a transaction that occurred on Wednesday, July 31st. The shares were sold at an average price of $28.28, for a total value of $452,480.00. Following the transaction, the director now owns 49,614 shares in the company, valued at approximately $1,403,083.92. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Michael J. Kasbar sold 58,948 shares of World Kinect stock in a transaction that occurred on 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 owns 1,019,063 shares in the company, valued at approximately $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 owned by corporate insiders.

World Kinect announced that its Board of Directors has approved a stock buyback program on Monday, September 9th that permits the company to buyback $200.00 million in outstanding shares. This buyback authorization permits the company to buy up to 11% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its shares are undervalued.

World Kinect Company Profile

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.