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

Kirby Corporation (NYSE:KEX)’s share price 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 changing hands.

The shipping company reported $2.09 earnings per share for the quarter, beating analysts’ consensus estimates of $2.00 by $0.09. During the same quarter last year, the business posted $1.65 earnings per share. Kirby’s revenue was up 12.2% compared to the same quarter last year.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the company. JPMorgan Chase & Co. assumed coverage on Kirby in a report on Wednesday, October 14th. They issued an “overweight” rating and a $200.00 price objective on the stock. Wall Street Zen cut Kirby from a “buy” rating to a “hold” rating in a report on Saturday, August 8th. Weiss Ratings raised shares of Kirby from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, September 14th. Bank of America increased their target price on shares of Kirby from $169.00 to $182.00 and gave the stock a “buy” rating in a research report on Wednesday, July 8th. Finally, BTIG Research restated a “buy” rating and issued a $170.00 price target on shares of Kirby in a report on Wednesday, July 29th. Seven research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Kirby currently has an average rating of “Moderate Buy” and a consensus price target of $169.17.

Institutional Investors Weigh In On Kirby

Several institutional investors and hedge funds have recently modified their holdings of the stock. BlackRock Inc. purchased a new stake in shares of Kirby in the second quarter worth about $733,274,000. Barrow Hanley Mewhinney & Strauss LLC purchased a new stake in shares of Kirby during the 2nd quarter valued at about $69,359,000. Bank of America Corp DE purchased a new stake in shares of Kirby during the 2nd quarter valued at about $62,549,000. Jupiter Topco LLC purchased a new stake in shares of Kirby during the 2nd quarter valued at about $53,703,000. Finally, Deutsche Bank AG acquired a new position in Kirby during the 2nd quarter worth approximately $44,984,000. Hedge funds and other institutional investors own 96.15% of the company’s stock.

Kirby Trading Up 2.9%

The stock has a market capitalization of $7.45 billion, a price-to-earnings ratio of 21.75 and a beta of 0.84. The firm has a 50-day moving average of $137.02 and a 200 day moving average of $136.31.

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.