World Fuel Services (NYSE:INT) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Tuesday.
According to Zacks, “World Fuel Services Corporation is a global energy management company involved in providing supply fulfillment, energy procurement advisory services, and transaction and payment management solutions to commercial and industrial customers, principally in the aviation, marine and land transportation industries. “
Separately, Bank of America cut shares of World Fuel Services from a “neutral” rating to an “underperform” rating and lowered their target price for the stock from $41.00 to $36.00 in a research note on Tuesday, September 26th.
World Fuel Services (NYSE:INT) last released its quarterly earnings results on Thursday, October 26th. The oil and gas company reported $0.60 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.60. World Fuel Services had a net margin of 0.08% and a return on equity of 5.54%. The business had revenue of $8.54 billion for the quarter, compared to analysts’ expectations of $8.19 billion. During the same period last year, the business earned $0.82 EPS. The company’s revenue was up 15.4% compared to the same quarter last year. sell-side analysts predict that World Fuel Services will post 2.24 earnings per share for the current fiscal year.
World Fuel Services announced that its board has approved a share repurchase program on Wednesday, October 4th that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the oil and gas company to repurchase shares of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.
Institutional investors and hedge funds have recently bought and sold shares of the business. Public Employees Retirement System of Ohio raised its position in World Fuel Services by 153.1% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 76,552 shares of the oil and gas company’s stock worth $2,596,000 after buying an additional 46,306 shares during the last quarter. Salem Investment Counselors Inc. purchased a new position in World Fuel Services during the 3rd quarter worth approximately $170,000. California Public Employees Retirement System raised its position in World Fuel Services by 8.3% during the 3rd quarter. California Public Employees Retirement System now owns 152,815 shares of the oil and gas company’s stock worth $5,182,000 after buying an additional 11,715 shares during the last quarter. Cubist Systematic Strategies LLC raised its position in World Fuel Services by 212.7% during the 3rd quarter. Cubist Systematic Strategies LLC now owns 15,840 shares of the oil and gas company’s stock worth $537,000 after buying an additional 10,774 shares during the last quarter. Finally, Cornerstone Capital Management Holdings LLC. raised its position in World Fuel Services by 25.8% during the 3rd quarter. Cornerstone Capital Management Holdings LLC. now owns 320,814 shares of the oil and gas company’s stock worth $10,878,000 after buying an additional 65,800 shares during the last quarter. 88.96% of the stock is owned by institutional investors.
World Fuel Services Company Profile
World Fuel Services Corporation is engaged in providing aviation, marine and land energy, logistics and technology solutions to customers and suppliers around the world. The Company operates through three segments: Aviation, Marine and Land. In its Aviation segment, the Company offers fuel and related products and services.
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