World Kinect (NYSE:WKC) Announces Quarterly Earnings Results

by · The Cerbat Gem

World Kinect (NYSE:WKC – Get Free Report) released its earnings results on Thursday. The company reported $0.62 EPS 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 company had revenue of $10.49 billion during the quarter, compared to the consensus estimate of $11.77 billion. During the same quarter last year, the company earned $0.58 earnings per share. World Kinect’s quarterly revenue was down 14.3% compared to the same quarter last year.

World Kinect Stock Performance

NYSE WKC opened at $26.40 on Friday. The company has a quick ratio of 0.98, a current ratio of 1.15 and a debt-to-equity ratio of 0.39. World Kinect has a fifty-two week low of $17.69 and a fifty-two week high of $31.70. The business has a fifty day moving average of $29.63 and a 200-day moving average of $27.04. The stock has a market cap of $1.56 billion, a price-to-earnings ratio of 11.68, a price-to-earnings-growth ratio of 1.08 and a beta of 1.25.

World Kinect Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, October 16th. Shareholders of record on Monday, September 30th were issued a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 2.58%. The ex-dividend date of this dividend was Monday, September 30th. World Kinect’s dividend payout ratio (DPR) is presently 30.09%.

World Kinect declared that its board has authorized a share buyback program on Monday, September 9th that authorizes the company to repurchase $200.00 million in shares. This repurchase authorization authorizes the company to repurchase up to 11% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.

Insider Activity 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 shares were 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 approximately $28,452,238.96. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, CEO Michael J. Kasbar sold 58,948 shares of World Kinect stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $27.92, for a total transaction of $1,645,828.16. Following the completion of the sale, the chief executive officer now directly owns 1,019,063 shares in the company, valued at $28,452,238.96. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director John L. Manley sold 16,000 shares of the business’s stock in a transaction that occurred on Wednesday, July 31st. The shares were sold at an average price of $28.28, for a total transaction of $452,480.00. Following the completion of the transaction, the director now directly owns 49,614 shares of the company’s stock, valued at approximately $1,403,083.92. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 2.90% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the stock. Stifel Nicolaus downgraded shares of World Kinect from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $33.00 to $32.00 in a report on Friday. Bank of America upped their price target on World Kinect from $24.00 to $27.00 and gave the stock an “underperform” rating in a report on Friday, September 13th. 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, JPMorgan Chase & Co. upped their target price on World Kinect from $29.00 to $32.00 and gave the company a “neutral” rating in a report on Thursday, September 19th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $30.20.

Get Our Latest Stock Report on WKC

World Kinect Company Profile

(Get Free Report)

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.

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