Kirby Corporation $KEX is Encompass Capital Advisors LLC's 3rd Largest Position

Key Points

• Encompass Capital Advisors LLC increased its stake in Kirby Corporation by 32.1% to reach 925,357 shares, making it the firm's third largest holding worth approximately $93.47 million.
• The company reported earnings per share of $1.67 for the last quarter, exceeding analysts' expectations of $1.59, with quarterly revenue also surpassing forecasts at $855.46 million.
• Bank of America downgraded its price target for Kirby from $110.00 to $107.00 while maintaining a "buy" rating, as the stock currently holds a consensus "buy" rating with a price target of $121.00.

Encompass Capital Advisors LLC lifted its position in Kirby Corporation (NYSE:KEX - Free Report) by 32.1% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 925,357 shares of the shipping company's stock after purchasing an additional 224,999 shares during the quarter. Kirby comprises about 3.6% of Encompass Capital Advisors LLC's holdings, making the stock its 3rd biggest holding. Encompass Capital Advisors LLC owned approximately 1.65% of Kirby worth $93,470,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Principal Financial Group Inc. boosted its stake in Kirby by 0.4% during the first quarter. Principal Financial Group Inc. now owns 132,089 shares of the shipping company's stock worth $13,342,000 after buying an additional 470 shares during the period. Blue Trust Inc. raised its holdings in Kirby by 28.7% in the first quarter. Blue Trust Inc. now owns 668 shares of the shipping company's stock valued at $67,000 after acquiring an additional 149 shares in the last quarter. Envestnet Asset Management Inc. raised its holdings in Kirby by 5.3% in the first quarter. Envestnet Asset Management Inc. now owns 77,641 shares of the shipping company's stock valued at $7,842,000 after acquiring an additional 3,924 shares in the last quarter. GAMMA Investing LLC raised its holdings in Kirby by 53.4% in the first quarter. GAMMA Investing LLC now owns 672 shares of the shipping company's stock valued at $68,000 after acquiring an additional 234 shares in the last quarter. Finally, Janney Montgomery Scott LLC raised its holdings in Kirby by 30.9% in the first quarter. Janney Montgomery Scott LLC now owns 11,075 shares of the shipping company's stock valued at $1,119,000 after acquiring an additional 2,616 shares in the last quarter. Hedge funds and other institutional investors own 96.15% of the company's stock.

Kirby Price Performance

Kirby stock traded down $1.34 during midday trading on Tuesday, reaching $87.96. The company's stock had a trading volume of 501,842 shares, compared to its average volume of 651,311. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.12 and a current ratio of 1.74. The firm has a market capitalization of $4.91 billion, a PE ratio of 16.61, a P/E/G ratio of 0.91 and a beta of 1.09. The stock's 50 day simple moving average is $105.64 and its 200 day simple moving average is $104.15. Kirby Corporation has a fifty-two week low of $83.94 and a fifty-two week high of $132.21.

Kirby (NYSE:KEX - Get Free Report) last announced its earnings results on Thursday, July 31st. The shipping company reported $1.67 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.59 by $0.08. Kirby had a net margin of 9.25% and a return on equity of 10.02%. The company had revenue of $855.46 million during the quarter, compared to analysts' expectations of $851.94 million. During the same quarter in the previous year, the business posted $1.43 earnings per share. The firm's quarterly revenue was up 3.8% compared to the same quarter last year. On average, equities research analysts forecast that Kirby Corporation will post 6.57 earnings per share for the current year.

Analysts Set New Price Targets

A number of research firms have weighed in on KEX. Bank of America cut their price objective on shares of Kirby from $110.00 to $107.00 and set a "buy" rating on the stock in a report on Wednesday, September 3rd. Zacks Research raised shares of Kirby from a "strong sell" rating to a "hold" rating in a report on Wednesday, September 3rd. Two research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, Kirby presently has a consensus rating of "Moderate Buy" and a consensus target price of $121.00.

Kirby Company Profile

Kirby Corporation operates domestic tank barges in the United States. Its Marine Transportation segment provides marine transportation service and towing vessel transporting bulk liquid product, as well as operates tank barge throughout the Mississippi River System, on the Gulf Intracoastal Waterway, coastwise along three United States coasts, and in Alaska and Hawaii.