Kirby Tossed By The Crude Market
Stephen Simpson, CFA
Stephen Simpson, CFA
Skidding Prices Have Brought Rare Sanity To Kirby's Valuation
Stephen Simpson, CFA
Stephen Simpson, CFA
Yesterday, 5:35 PM
- ABCO, ABX, ACGL, AEM, AF, AGNC, AHL, ALEX, ALSN, AMCC, AMGN, ANIK, ARRS, ASGN, AXTI, BKCC, CA, CAKE, CBI, CBT, CDE, CMO, CMPR, CMRE, CNMD, COHR, CRUS, CSGP, CVTI, CW, CYS, DLB, DRE, ECHO, EFX, ELY, EQY, ESRT, ESV, EXR, FB, FBHS, FOE, FORR, GG, GPRO, GRPN, HOLX, HT, IAC, IBKC, INFN, INT, ISBC, KEX, KGC, KIM, KNL, KNX, KONA, KRA, KS, LLNW, LM, LOGI, LPSN, LRCX, MAA, MANT, MAR, MCK, MEOH, MKSI, MMLP, MMSI, MN, MOH, MUR, NATI, NE, NEU, NGD, NOW, NTGR, NTRI, NVDQ, NXPI, O, OCN, OI, ORLY, OTEX, PEIX, PPC, PSA, PXD, QDEL, QEP, QTM, RCII, ROIC, RRTS, SCI, SFLY, SIGI, SPRT, SPSC, SSNC, SU, TER, TILE, TIS, TMK, TMST, TTEK, TTMI, TYL, UNM, VAR, VNDA, VNR, VRTX, WFM, WFT, WIRE, WLL, WRE, WSR, XL, XLNX
Sun, Jun. 26, 6:35 AM
- Panama officially opens an addition to its legendary sea canal today, capping a nine-year, $5.4B expansion project that will double shipping capacity and affect global trade routes.
- A third lane has been added to the waterway that can accommodate a new generation of super cargo ships large enough to carry up to 14K containers, compared with around 5K currently.
- Check out a time-lapse video of the construction here
- Related tickers: MATX, KEX, CMRE, SSW, DAC, NMM, SINO, SB, DCIX, GOGL, ALEX, DAC, GSL, ESEA, EURN, NAT, OSGB, TGP
Tue, Jun. 21, 11:35 AM
- Kirby (KEX -4.7%) is downgraded to Neutral from Outperform with a $60 price target at Credit Suisse, which cites slowing volumes and potential weakness in its coastal business.
- While the firm likes KEX's competitive position and the long-term outlook for the maritime business, it says Q2 tonnage on the river looks to be down 3%-4% Y/Y; unsurprisingly. crude volumes were down more than 10% but refined products volumes also were ~10% lower.
- Credit Suisse says KEX's pricing lags in both down and up markets, which means "if 2016 is the bottom in inland pricing the earnings bottom is not until 2017, [and] without a pickup in Coastal or DES, 2017 earnings could look a lot like 2016."
- Although KEX's coastal fleet utilization is expected to remain ~90%, Credit Suisse says competition from larger Jones Act tankers could weigh on pricing due to the lifting of the ban on U.S. crude exports that has put downward pressure on the U.S. Jones Act tanker market.
Wed, Apr. 27, 5:04 PM
Tue, Apr. 26, 5:35 PM
- ACGL, AEL, AF, ALGT, AMKR, AMP, ANIK, AR, ASGN, AVB, AVG, BCR, BGC, BKCC, BLKB, CACI, CAKE, CAVM, CBL, CDE, CGI, CLI, CMO, CMPR, CNMD, CNO, CRY, CSGP, CVTI, DGI, DLB, DMRC, DRE, DTLK, DWRE, DXCM, ECHO, EFX, ELY, EQY, ESRT, ESV, EXTR, FB, FIX, FNF, FORM, FORR, FR, FSLR, GG, HOLX, HTCH, HY, IBKC, INFN, IPHS, KEX, KIM, KRA, KRC, KS, LLNW, LOCK, LOGI, LQ, MANT, MAR, MC, MEOH, MMLP, MN, MSTR, MTGE, NE, NEU, NGD, NTGR, NVDQ, OIS, ORLY, OTEX, PEB, PPC, PRXL, PYPL, QDEL, QEP, QGEN, RCII, RGLD, RNG, ROIC, SCI, SFLY, SGI, SIMO, SNDK, SPRT, SSS, STR, TAL, TER, TILE, TS, TTEK, TTMI, TXN, TYL, UHS, UNM, VAR, VRTX, WCN, WIRE, WLL, WRE, WSR, XL, XLNX
Wed, Mar. 9, 2:48 PM
- Kirby Corp. (KEX +1.6%) is higher after agreeing to acquire Seacor Holdings' (CKH +0.9%) inland tank barge fleet for ~$88M; the asset purchase will consist of 27 inland 30K-bbl tank barges and 13 inland towboats, plus a 30K-bbl tank barge and a towboat currently under construction.
- Jefferies maintains its Buy rating and hikes its price target to $70 from $65, saying the deal will further enhance KEX's scale in the U.S. inland tank barge market and should be accretive by $0.16-$0.24 in annual EPS; the firm says demand for barges moving crude oil is weakening, but demand remains strong for moving petrochemicals and refined products.
Thu, Jan. 28, 3:59 PM
- Kirby Corp. (KEX -4%) fell to five-year lows before rebounding slightly, after the petroleum shipper missed Q4 earnings and revenue expectations and forecasts Q1 and FY 2016 profits trailing Wall Street consensus.
- KEX sees Q4 EPS of $0.75-$0.85, well below the $0.97 analyst consensus estimate, and FY 2016 EPS of $3.00-$3.50 per share, sharply lower than the $4.13 consensus outlook, reflecting limited visibility given the environment of weakening global growth and volatile commodity prices.
- Shares are downgraded to Sector Perform from Outperform with a $32 price target, slashed from $65, at RBC Capital, which does not believe the stock can work again until oil and energy prices rebound.
Wed, Jan. 27, 5:02 PM
- Kirby (NYSE:KEX): Q4 EPS of $0.94 misses by $0.03.
- Revenue of $484.14M (-27.6% Y/Y) misses by $33.11M.
Tue, Jan. 26, 5:35 PM| Tue, Jan. 26, 5:35 PM | 26 Comments
Dec. 22, 2015, 9:19 AM
- Crumbling oil prices haven't helped the Dow Jones Transportation Average (NYSEARCA:IYT) - down 19% year-to-date vs. the DJIA's (NYSEARCA:DIA) 3% loss.
- Oppenheimer technician Ari Wald isn't seeing a bottom though. He expects the Transports to break below 7,400 support (last night's close was 7,415), and with it the DJIA to slip to the 16K area (last night's close 17,252).
- Transport buys: JBLU, MATX, ALK, LUV, DAL, UAL
- Transport sells: CHRW, LSTR, JBHT, KSU, NSC, CAR, KEX, CSX
Dec. 7, 2015, 2:24 AM
- Shippers are protesting a new marine shipping safety rule they say will raise transport costs and cause delays at ports worldwide.
- The regulation, which kicks in next July in 171 countries, requires exporters to certify the weight of containers before they're loaded for transport.
- Carriers say accurate weights are needed because heavy containers frequently damage cargo and even cause vessels to capsize, but shippers in many countries say they are ill-equipped to weigh so many containers.
- Related tickers: SHIP, FREE, EGLE, GNK, SINO, DRYS, NM, SBLK, DCIX, BALT, PRGN, SFL, KEX, SB, SALT, DSX, GOGL, MATX, EURN, NNA
Oct. 28, 2015, 5:01 PM
- Kirby (NYSE:KEX): Q3 EPS of $1.04 beats by $0.01.
- Revenue of $532.65M (-21.8% Y/Y) misses by $7.23M.
Oct. 27, 2015, 5:35 PM
- ABX, ACGL, AEM, AF, AFFX, AFOP, AMGN, ANIK, AR, ARII, ARRS, ASGN, ATML, BANC, BLKB, BWLD, CACI, CAVM, CBL, CGI, CHDN, CLI, CMO, CMPR, CNL, CNO, CNW, CRUS, CSGP, CW, CWT, DRE, DYAX, ECHO, ELLI, EPR, EQIX, EQY, ESIO, ESRT, ESV, EXR, FFIV, FMC, FORM, FORR, FR, GPRO, HBI, HLS, HOS, HT, HUBG, HY, INT, INVN, ISIL, KEX, KRA, KS, LNC, LOCK, LOPE, MAA, MANT, MAR, MC, MEOH, MMLP, MTGE, MTW, MUR, NE, NEM, NGD, NSIT, NTRI, NVDQ, NXPI, O, OCN, OGS, OII, ORLY, OTEX, PLXS, PPC, PRXL, PSA, PTC, QDEL, QEP, QGEN, QUIK, REG, ROG, ROVI, RRC, SCI, SGI, SGMO, SIMO, SPN, SPRT, SPWR, SSS, STAA, SU, TAL, THG, THRX, TILE, TLLP, TSO, TTMI, UNM, VAR, VECO, VRTX, WDC, WES, WGP, WLL, WMB, WSTL, WTS, YELP
Sep. 18, 2015, 1:11 PM
- The Baltic Dry Index rose 77 points, or +8.7%, overnight to 960, its biggest two-day gain in almost seven years amid speculation that Chinese iron ore purchasing is eroding the supply of vessels to collect the raw material from Brazil.
- The index rose 18% on Thursday and Friday, the most for two days since February 2009, and charter costs for capesize ships that take iron ore to China from Brazil rose by 16% to $14.59/ton.
- Overall capesize rates rose overnight by $2,782, or +23.4%, or to $14,658/day (+9.4% M/M); in the past two days, capsize rates are up $5,409, or +58.5%.
- "There’s a misunderstanding among investors that China isn’t buying iron ore... It is," says the managing director of Commodore Research. “China is still buying every single ton that global miners want to sell.”
- Related drybulk stocks include DRYS, GNK, PRGN, DSX, FREE, EGLE, NM, NMM, SBLK, KEX, SB, SINO, BALT, SHIP, DCIX.
Jul. 29, 2015, 5:04 PM
- Kirby (NYSE:KEX): Q2 EPS of $1.04 beats by $0.01.
- Revenue of $543.16M (-13.5% Y/Y) misses by $21.1M.
Jul. 16, 2015, 12:55 PM
- The Baltic Dry Index rose 6% overnight to 1,009, capping a 10th consecutive day of gains that has seen a 27% increase; the BDI is now at its highest level since early December, and up 98% since hitting an all-time low on Feb. 18.
- The gains were across the board in capesize, panamax and supramax rates: capesize +14% overnight to $12,693/day (+106% M/M), panamax +2.4% to $9,158/day (+49% M/M), supramax +2.7% to $8,603/day (+18.4% M/M).
- Related drybulk stocks include: DRYS, PRGN, DSX, FREE, EGLE, NM, NMM, SBLK, SALT, GOGL, KEX, SB, SINO, BALT, SHIP, DCIX
Kirby Corp. is a domestic tank barge operator. It also provides diesel engines, reduction gears and ancillary products for marine and power generation applications. The company operates through the following segments: Marine Transportation and Diesel Engine Services. The Marine Transportation... More
Country: United States
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