Kirby (NYSE:KEX) Shares Gap Up After Earnings Beat

Key Points

• Kirby’s shares jumped after a quarterly earnings beat, opening at $147.98 versus a prior close of $137.06. The company reported EPS of $2.09, ahead of the $2.00 consensus, while revenue increased 12.2% year over year.
• Analyst sentiment remains broadly positive, with seven Buy ratings and one Hold rating, producing a consensus “Moderate Buy” rating and an average price target of $169.17. JPMorgan issued the highest cited target at $200.
• Institutional ownership is substantial, with hedge funds and other institutions holding 96.15% of Kirby’s outstanding shares; several smaller investment firms recently increased their positions.

Kirby Corporation (NYSE:KEX - Get Free Report) shares gapped up prior to trading on Wednesday following a better than expected earnings announcement. The stock had previously closed at $137.06, but opened at $147.98. Kirby shares last traded at $142.6830, with a volume of 92,471 shares.

The shipping company reported $2.09 EPS for the quarter, topping analysts' consensus estimates of $2.00 by $0.09. During the same period last year, the company earned $1.65 EPS. The firm's revenue was up 12.2% on a year-over-year basis.

Analyst Ratings Changes

KEX has been the topic of a number of recent research reports. BTIG Research reaffirmed a "buy" rating and issued a $170.00 target price on shares of Kirby in a report on Wednesday, July 29th. Wall Street Zen cut shares of Kirby from a "buy" rating to a "hold" rating in a research note on Saturday, August 8th. Citigroup lowered their price objective on shares of Kirby from $170.00 to $169.00 and set a "buy" rating on the stock in a research report on Thursday, October 8th. Bank of America lifted their price objective on shares of Kirby from $169.00 to $182.00 and gave the company a "buy" rating in a research note on Wednesday, July 8th. Finally, JPMorgan Chase & Co. assumed coverage on shares of Kirby in a research note on Wednesday, October 14th. They issued an "overweight" rating and a $200.00 price objective on the stock. Seven analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $169.17.

Hedge Funds Weigh In On Kirby

A number of large investors have recently made changes to their positions in KEX. Pension & Wealth Management Advisors Inc. purchased a new stake in shares of Kirby in the 3rd quarter worth about $45,000. Root Financial Partners LLC increased its holdings in Kirby by 182.9% during the 1st quarter. Root Financial Partners LLC now owns 430 shares of the shipping company's stock valued at $57,000 after acquiring an additional 278 shares in the last quarter. Parkside Financial Bank & Trust raised its position in Kirby by 488.9% during the second quarter. Parkside Financial Bank & Trust now owns 477 shares of the shipping company's stock worth $65,000 after acquiring an additional 396 shares during the last quarter. Annis Gardner Whiting Capital Advisors LLC lifted its holdings in shares of Kirby by 18.2% in the first quarter. Annis Gardner Whiting Capital Advisors LLC now owns 520 shares of the shipping company's stock valued at $69,000 after purchasing an additional 80 shares in the last quarter. Finally, Rockefeller Capital Management L.P. lifted its holdings in shares of Kirby by 18.4% in the fourth quarter. Rockefeller Capital Management L.P. now owns 1,079 shares of the shipping company's stock valued at $119,000 after purchasing an additional 168 shares in the last quarter. Hedge funds and other institutional investors own 96.15% of the company's stock.

Kirby Stock Up 2.9%

The firm's fifty day simple moving average is $137.02 and its 200-day simple moving average is $136.31. The company has a market cap of $7.45 billion, a PE ratio of 21.75 and a beta of 0.84.

Kirby Company Profile

Kirby Corporation is a Houston-based marine transportation and industrial services company. Through its marine transportation operations, the company is the largest tank barge operator in the United States, transporting bulk liquid products on the nation's inland and coastal waterways.

Kirby's marine transportation business carries petrochemicals, refined petroleum products, black oil, agricultural chemicals and other bulk liquids for industrial customers. Its operations primarily serve the U.S.

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