Kirby CorporationNYSE
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  • 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.
    | Wed, Mar. 9, 2:48 PM | 1 Comment
  • Nov. 28, 2012, 8:36 AM

    Kirby Corp. (KEX) agrees to buy tank barges and tugboats operator Penn Maritime in a deal valued at ~$295M consisting of cash, KEX common stock and the retirement of Penn's debt, as it looks to expand its footprint in the asphalt transportation market. KEX expects Penn to add $0.12-$0.18 to EPS in 2013.

    | Nov. 28, 2012, 8:36 AM
  • Sep. 4, 2012, 4:57 PM

    Kirby (KEX) buys the assets of Allied Transportation and two affiliated companies for $116M, including $10M that will be paid contingent on developments with the sugar provisions in the U.S. Farm Bill. Allied's fleet consists of 10 coastal tank barges with a total liquid capacity of 680K barrels, three offshore dry-bulk barges with a total capacity of 48K tons, and seven tugboats.

    | Sep. 4, 2012, 4:57 PM