World Kinect (NYSE:WKC) Shares Gap Down on Disappointing Earnings

Shares of World Kinect Co. (NYSE:WKC) gapped down prior to trading on Friday following a dissappointing earnings announcement. The stock had previously closed at $26.95, but opened at $25.29. World Kinect shares last traded at $25.92, with a volume of 34,588 shares.

The company reported $0.48 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.56 by ($0.08). World Kinect had a net margin of 0.12% and a return on equity of 6.39%. The business had revenue of $10.97 billion for the quarter, compared to the consensus estimate of $11.98 billion. During the same period last year, the business posted $0.48 EPS. The firm’s revenue for the quarter was down .1% compared to the same quarter last year.

World Kinect Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 16th. Stockholders of record on Monday, June 17th were issued a $0.17 dividend. This represents a $0.68 annualized dividend and a dividend yield of 2.63%. The ex-dividend date was Monday, June 17th. World Kinect’s dividend payout ratio (DPR) is presently 73.12%.

Wall Street Analysts Forecast Growth

Separately, Raymond James lifted their price target on shares of World Kinect from $30.00 to $32.00 and gave the company an “outperform” rating in a report on Wednesday, April 3rd. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $26.75.

Insiders Place Their Bets

In related news, Director Ken Bakshi sold 10,936 shares of the company’s stock in a transaction on Monday, May 6th. The shares were sold at an average price of $24.07, for a total transaction of $263,229.52. Following the sale, the director now owns 41,545 shares of the company’s stock, valued at $999,988.15. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Corporate insiders own 2.90% of the company’s stock.

Institutional Investors Weigh In On World Kinect

Several large investors have recently added to or reduced their stakes in WKC. Louisiana State Employees Retirement System lifted its stake in shares of World Kinect by 1.3% in the 2nd quarter. Louisiana State Employees Retirement System now owns 30,200 shares of the company’s stock valued at $779,000 after purchasing an additional 400 shares during the last quarter. Texas Permanent School Fund Corp lifted its position in World Kinect by 1.3% in the first quarter. Texas Permanent School Fund Corp now owns 52,688 shares of the company’s stock worth $1,394,000 after buying an additional 682 shares during the last quarter. ProShare Advisors LLC boosted its stake in World Kinect by 7.4% during the first quarter. ProShare Advisors LLC now owns 12,062 shares of the company’s stock worth $319,000 after buying an additional 829 shares during the period. Headlands Technologies LLC bought a new position in World Kinect during the fourth quarter valued at $29,000. Finally, Allspring Global Investments Holdings LLC purchased a new stake in shares of World Kinect in the fourth quarter valued at $32,000. 97.06% of the stock is owned by institutional investors.

World Kinect Stock Down 4.1 %

The stock has a market cap of $1.55 billion, a P/E ratio of 28.98, a price-to-earnings-growth ratio of 0.86 and a beta of 1.24. The company’s fifty day moving average price is $25.81 and its 200-day moving average price is $24.79. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.97 and a current ratio of 1.14.

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.