Kirby Corporation (KEX) is Downgraded by Wells Fargo to Underperform

Kirby Corporation (KEX) was Downgraded by Wells Fargo to ” Underperform”. Earlier the firm had a rating of “Market Perform ” on the company shares. Wells Fargo advised their investors in a research report released on Jul 25, 2016.

Many Wall Street Analysts have commented on Kirby Corporation. Kirby Corporation was Downgraded by Credit Suisse to ” Neutral” on Jun 21, 2016. BB&T Capital Mkts Upgraded Kirby Corporation on May 2, 2016 to ” Buy”, Price Target of the shares are set at $80.Company shares were Downgraded by Cowen on Apr 29, 2016 to ” Market Perform”, Firm has raised the Price Target to $ 65 from a previous price target of $60 .

On the company’s financial health, Kirby Corporation reported $0.77 EPS for the quarter, missing the analyst consensus estimate by $ -0.01 based on the information available during the earnings call on Apr 27, 2016. Analyst had a consensus of $0.78. The company had revenue of $458.70 million for the quarter, compared to analysts expectations of $462.16 million. The company’s revenue was down -21.9 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $1.09 EPS.

Kirby Corporation closed down -1 points or -1.57% at $62.63 with 7,87,934 shares getting traded on Wednesday. Post opening the session at $63.61, the shares hit an intraday low of $62.17 and an intraday high of $63.94 and the price fluctuated in this range throughout the day.Shares ended Wednesday session in Red.

In a different news, on Jun 1, 2016, Monte J Miller (director) sold 3,000 shares at $69.31 per share price. According to the SEC, on May 18, 2016, Amy D. Husted (Vice President – Legal) sold 500 shares at $69.25 per share price. On May 11, 2016, James F. Farley (VP – Industry Relations) sold 1,500 shares at $63.73 per share price, according to the Form-4 filing with the securities and exchange commission.

Kirby Corporation is the domestic tank barge operator transporting bulk liquid products. The Company through its subsidiaries operates in two segments: Marine Transportation and Diesel Engine Services. The Marine Transportation segment is a provider of marine transportation services operating tank barges and towing vessels transporting bulk liquid products. The Diesel Engine Services segment sells replacement parts provides service mechanics to overhaul and repair medium-speed and high-speed diesel engines transmissions reduction gears pumps and compression products maintains facilities to rebuild component parts or entire medium-speed and high-speed diesel engines transmissions and entire reduction gears and manufactures and remanufactures oilfield service equipment including pressure pumping units. Its customers include oil service companies offshore fishing companies nuclear power industry compression companies and construction companies among others.

Kirby Corporation

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