World Kinect (NYSE:WKC) Issues Earnings Results

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

World Kinect Stock Down 15.8 %

NYSE:WKC traded down $4.94 during midday trading on Friday, reaching $26.40. The company had a trading volume of 3,056,260 shares, compared to its average volume of 648,880. World Kinect has a 12-month low of $17.69 and a 12-month high of $31.70. The firm has a market capitalization of $1.58 billion, a price-to-earnings ratio of 29.09, a PEG ratio of 1.06 and a beta of 1.25. The company has a current ratio of 1.15, a quick ratio of 0.98 and a debt-to-equity ratio of 0.39. The stock’s fifty day simple moving average is $29.66 and its 200-day simple moving average is $27.03.

World Kinect Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, October 16th. Shareholders of record on Monday, September 30th were paid a $0.17 dividend. The ex-dividend date was Monday, September 30th. This represents a $0.68 annualized dividend and a dividend yield of 2.58%. World Kinect’s dividend payout ratio (DPR) is 73.12%.

World Kinect announced that its Board of Directors has initiated a stock repurchase plan on Monday, September 9th that authorizes the company to repurchase $200.00 million in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 11% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

WKC has been the subject of several research analyst reports. Morgan Stanley lowered shares of World Kinect from an “equal weight” rating to an “underweight” rating and set a $28.00 target price for the company. in a research note on Monday, September 16th. Stifel Nicolaus downgraded shares of World Kinect from a “buy” rating to a “hold” rating and dropped their target price for the company from $33.00 to $32.00 in a report on Friday. Bank of America boosted their target price on World Kinect from $24.00 to $27.00 and gave the company an “underperform” rating in a research report on Friday, September 13th. Finally, JPMorgan Chase & Co. lifted their price objective on World Kinect from $29.00 to $32.00 and gave the company a “neutral” rating in a research note on Thursday, September 19th. Two 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, World Kinect currently has a consensus rating of “Hold” and a consensus target price of $30.20.

Insiders Place Their Bets

In other news, Director John L. Manley sold 16,000 shares of World Kinect 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 completion of the transaction, the director now owns 49,614 shares in the company, valued at approximately $1,403,083.92. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other World Kinect news, CEO Michael J. Kasbar sold 58,948 shares of the firm’s stock in a transaction on 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 sale, the chief executive officer now directly owns 1,019,063 shares in the company, valued at $28,452,238.96. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director John L. Manley sold 16,000 shares of the company’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 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 ownership of the stock. The disclosure for this sale can be found here. 2.90% of the stock is owned by company insiders.

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.