World Kinect Corporation (NYSE:WKC) Short Interest Up 155.0% in July

Key Points

• World Kinect Corporation (NYSE:WKC) saw a **155.0% increase** in short interest in July, bringing the total to **5,660,000 shares** as of July 15th, contributing to a **days-to-cover ratio of 8.8 days**.
• Several analysts have marked down their price targets for WKC, with Bank of America lowering its target from **$27.00 to $26.00** and Raymond James setting a revised target of **$33.00**, while the consensus price target stands at **$29.80**.
• The company recently declared a quarterly dividend of **$0.20 per share**, which is an increase from the previous dividend of **$0.17**, resulting in an annualized dividend yield of **3.2%**.

World Kinect Corporation (NYSE:WKC - Get Free Report) was the recipient of a large increase in short interest in July. As of July 15th, there was short interest totaling 5,660,000 shares, anincreaseof155.0% from the June 30th total of 2,220,000 shares. Approximately10.4% of the shares of the stock are sold short. Based on an average daily volume of 645,000 shares, the days-to-cover ratio is presently 8.8 days. Based on an average daily volume of 645,000 shares, the days-to-cover ratio is presently 8.8 days. Approximately10.4% of the shares of the stock are sold short.

Analyst Ratings Changes

WKC has been the topic of several recent research reports. Bank of America cut their price objective on World Kinect from $27.00 to $26.00 and set an "underperform" rating on the stock in a report on Friday, April 25th. Raymond James Financial reissued an "outperform" rating and issued a $33.00 price objective (down from $35.00) on shares of World Kinect in a research report on Friday, August 1st. Finally, Morgan Stanley lowered their price objective on World Kinect from $32.00 to $26.00 and set an "underweight" rating for the company in a research report on Wednesday. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat, World Kinect presently has a consensus rating of "Hold" and an average price target of $29.40.

Institutional Investors Weigh In On World Kinect

A number of institutional investors and hedge funds have recently made changes to their positions in WKC. First Horizon Advisors Inc. increased its stake in World Kinect by 188.4% in the second quarter. First Horizon Advisors Inc. now owns 998 shares of the company's stock valued at $28,000 after acquiring an additional 652 shares during the last quarter. Caitong International Asset Management Co. Ltd bought a new position in World Kinect in the first quarter valued at $32,000. Quarry LP bought a new position in World Kinect in the first quarter valued at $38,000. GAMMA Investing LLC increased its stake in World Kinect by 27.6% in the second quarter. GAMMA Investing LLC now owns 1,589 shares of the company's stock valued at $45,000 after acquiring an additional 344 shares during the last quarter. Finally, Headlands Technologies LLC bought a new position in World Kinect in the fourth quarter valued at $48,000. Hedge funds and other institutional investors own 97.06% of the company's stock.

World Kinect Stock Down 0.0%

WKC traded down $0.01 during midday trading on Thursday, reaching $25.15. 205,026 shares of the company were exchanged, compared to its average volume of 711,183. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.98 and a current ratio of 1.13. The company's fifty day moving average price is $28.05 and its 200 day moving average price is $27.49. The company has a market cap of $1.40 billion, a price-to-earnings ratio of -3.30, a price-to-earnings-growth ratio of 1.17 and a beta of 1.39. World Kinect has a one year low of $22.70 and a one year high of $31.70.

World Kinect (NYSE:WKC - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The company reported $0.59 EPS for the quarter, beating the consensus estimate of $0.48 by $0.11. World Kinect had a positive return on equity of 7.07% and a negative net margin of 1.11%. The business had revenue of $9.04 billion for the quarter, compared to the consensus estimate of $9.32 billion. As a group, analysts expect that World Kinect will post 2.56 EPS for the current year.

World Kinect Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 16th. Investors of record on Tuesday, June 17th were given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.2%. This is a boost from World Kinect's previous quarterly dividend of $0.17. The ex-dividend date was Tuesday, June 17th. World Kinect's dividend payout ratio (DPR) is -10.48%.

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.