World Kinect (NYSE:WKC) Cut to “Hold” at Zacks Research

Zacks Research lowered shares of World Kinect (NYSE:WKC) from a strong-buy rating to a hold rating in a research report sent to investors on Tuesday morning,Zacks.com reports.

Other research analysts have also recently issued research reports about the stock. Morgan Stanley dropped their price target on shares of World Kinect from $32.00 to $26.00 and set an “underweight” rating on the stock in a research note on Wednesday, August 6th. Weiss Ratings reiterated a “sell (d+)” rating on shares of World Kinect in a research report on Wednesday, October 8th. Finally, Raymond James Financial reissued an “outperform” rating and set a $33.00 price target (down previously from $35.00) on shares of World Kinect in a report on Friday, August 1st. One analyst has rated the stock with a Buy rating, two have assigned a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Reduce” and a consensus price target of $28.75.

World Kinect Price Performance

NYSE WKC opened at $25.90 on Tuesday. The company has a 50-day moving average price of $26.04 and a 200-day moving average price of $26.66. World Kinect has a 52 week low of $22.70 and a 52 week high of $31.54. The company has a quick ratio of 0.99, a current ratio of 1.15 and a debt-to-equity ratio of 0.47. The firm has a market capitalization of $1.44 billion, a P/E ratio of -3.35, a PEG ratio of 1.31 and a beta of 1.31.

World Kinect (NYSE:WKC) last posted its quarterly earnings data on Thursday, October 23rd. The company reported $0.54 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.61 by ($0.07). The business had revenue of $9.39 billion during the quarter, compared to analysts’ expectations of $9.38 billion. World Kinect had a positive return on equity of 7.11% and a negative net margin of 1.16%.The business’s quarterly revenue was down 10.5% compared to the same quarter last year. During the same period in the previous year, the business posted $0.62 EPS. Equities research analysts anticipate that World Kinect will post 2.56 earnings per share for the current year.

World Kinect Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, October 16th. Shareholders of record on Tuesday, September 30th were paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date was Tuesday, September 30th. World Kinect’s dividend payout ratio is presently -10.34%.

Hedge Funds Weigh In On World Kinect

A number of hedge funds have recently made changes to their positions in WKC. First Horizon Advisors Inc. grew its position in shares of World Kinect by 188.4% during the second quarter. First Horizon Advisors Inc. now owns 998 shares of the company’s stock worth $28,000 after purchasing an additional 652 shares in the last quarter. Caitong International Asset Management Co. Ltd bought a new position in World Kinect in the 1st quarter worth approximately $32,000. Quarry LP purchased a new stake in World Kinect during the 1st quarter valued at approximately $38,000. GAMMA Investing LLC raised its position in shares of World Kinect by 27.6% during the second quarter. GAMMA Investing LLC now owns 1,589 shares of the company’s stock valued at $45,000 after buying an additional 344 shares during the last quarter. Finally, Versant Capital Management Inc raised its position in shares of World Kinect by 369.3% during the third quarter. Versant Capital Management Inc now owns 2,112 shares of the company’s stock valued at $55,000 after buying an additional 1,662 shares during the last quarter. Institutional investors own 97.06% of the company’s stock.

World Kinect Company Profile

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.