Kirby Corp. (KEX) Releases Q3 Earnings Guidance

Kirby Corp. (NYSE:KEX) issued an update on its third quarter earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of $0.50-0.65 for the period, compared to the Thomson Reuters consensus estimate of $0.74. Kirby Corp. also updated its FY16 guidance to $2.40-2.70 EPS.

Kirby Corp. (NYSE:KEX) traded down 0.44% on Wednesday, reaching $58.87. The company had a trading volume of 878,376 shares. The stock’s 50 day moving average price is $64.71 and its 200-day moving average price is $60.83. The stock has a market capitalization of $3.17 billion and a PE ratio of 15.78. Kirby Corp. has a 12-month low of $44.63 and a 12-month high of $76.58.

Kirby Corp. (NYSE:KEX) last posted its earnings results on Wednesday, July 27th. The company reported $0.72 EPS for the quarter, topping analysts’ consensus estimates of $0.70 by $0.02. During the same period last year, the firm posted $1.04 EPS. The company earned $441.60 million during the quarter, compared to the consensus estimate of $454.12 million. The company’s revenue for the quarter was down 18.7% on a year-over-year basis. Equities analysts expect that Kirby Corp. will post $2.97 earnings per share for the current fiscal year.

KEX has been the subject of a number of recent research reports. Wells Fargo & Co. downgraded shares of Kirby Corp. from a market perform rating to an underperform rating and set a $46.00 price objective for the company. in a research report on Monday. Credit Suisse Group AG downgraded shares of Kirby Corp. from an outperform rating to a neutral rating and set a $60.00 price objective for the company. in a research report on Tuesday, June 21st. Zacks Investment Research downgraded shares of Kirby Corp. from a hold rating to a strong sell rating in a research report on Tuesday, June 7th. Vetr downgraded shares of Kirby Corp. from a hold rating to a sell rating and set a $67.34 price objective for the company. in a research report on Tuesday, June 7th. Finally, Cowen and Company downgraded shares of Kirby Corp. from an outperform rating to a market perform rating and boosted their price objective for the company from $60.00 to $65.00 in a research report on Friday, April 29th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating, three have given a buy rating and one has assigned a strong buy rating to the stock. The stock currently has a consensus rating of Hold and an average price target of $61.75.

In other Kirby Corp. news, VP James F. Farley sold 1,500 shares of the business’s stock in a transaction on Tuesday, May 10th. The shares were sold at an average price of $63.73, for a total value of $95,595.00. Following the sale, the vice president now owns 25,830 shares in the company, valued at approximately $1,646,145.90. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Amy D. Husted sold 500 shares of the business’s stock in a transaction on Wednesday, May 18th. The stock was sold at an average price of $69.25, for a total transaction of $34,625.00. Following the completion of the sale, the vice president now owns 19,482 shares in the company, valued at approximately $1,349,128.50. The disclosure for this sale can be found here.

Kirby Corporation is a domestic tank barge operator, transporting bulk liquid products. The Company, through its subsidiaries, operates in two segments: Marine Transportation and Diesel Engine Services. The Company, through its Marine Transportation segment, is a provider of marine transportation services, operating tank barges and towing vessels transporting bulk liquid products throughout the Mississippi River System, on the Gulf Intracoastal Waterway, coastwise along all the three United States coasts and in Alaska and Hawaii.