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Stock Market & Financial Investment News

News Breaks
November 28, 2012
05:04 EDTKEXKirby to acquire Penn Maritime for approximately $295M
Kirby announced that it has entered into an agreement to acquire Penn Maritime and Maritime Investments, an operator of tank barges and tugboats participating in the coastal transportation of primarily black oil products in the U.S. The total value of the transaction is approximately $295M and will consist of cash, Kirby common stock and the retirement of Penn's debt. The transaction will be financed through a combination of borrowing under Kirby's revolving credit facility, issuance of new unsecured fixed rate senior notes, and the issuance of Kirby common stock. The closing of the transaction is expected to occur in mid-to-late December, subject to certain conditions. Under the terms of the agreement, the total value of the transaction is approximately $295M, consisting of $180M for all of the voting and nonvoting equity interests in Penn Maritime Inc. and Maritime Investments and approximately $115M for the retirement of Penn's debt. The $180M consideration paid to Penn equity holders will include a combination of cash of approximately $152M and 500,000 shares of Kirby common stock.
News For KEX From The Last 14 Days
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December 19, 2014
08:02 EDTKEXKirby price target lowered to $110 from $135 at RBC Capital
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December 18, 2014
08:26 EDTKEXKirby sell-off a buying opportunity, says FBR Capital
FBR Capital lowered its price target for Kirby shares to $100 from $145 following the company's guidance cut, but views the corresponding sell-off as a buying opportunity. FBR thinks slower near-term growth is already reflected in the stock and notes management could look to make an acquisition with the reduced sector valuations. FBR removed Kirby from its Top Picks list and keeps an Outperform rating on the name.
December 17, 2014
16:06 EDTKEXKirby cites pressure pumping cancellations for reduced outlook
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16:04 EDTKEXKirby cuts Q4 EPS outlook to $1.10-$1.20 from $1.30-$1.40
Kirby lowered its Q4 EPS outlook to $1.10 to $1.20, below its previously announced guidance range of $1.30-$1.40 and the consensus of $1.35. For the full year, Kirby lowered its 2014 guidance to $4.84-$4.94, below previously announced guidance of $5.04-$5.14 and the consensus of $5.11. The company said, "Our fourth quarter performance to date has been disappointing relative to our earlier expectations. The majority of the change in our earnings guidance is a result of changes in our land-based diesel engine services market. Our production ramp up in that market has not gone as well as expected and demand across our product and service portfolio is being impacted by the sharp decline in crude oil prices which have led to customer cancellations and requests to delay delivery of projects. Customers have recently begun to reduce their capital spending plans in light of the decline in oil prices and we expect this to continue into 2015."
16:02 EDTKEXKirby lowers 2014 EPS outlook to $4.84-$4.94 from $5.04-$5.14
16:02 EDTKEXKirby lowers Q4 EPS outlook to $1.10-$1.20 from $1.30-$1.40
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December 8, 2014
10:00 EDTKEXOn The Fly: Analyst Downgrade Summary
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07:37 EDTKEXKirby downgraded to Equal Weight from Overweight at Stephens
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