Kirby Corp president and COO sells over $1.7 million in stock
Kirby Corp (NYSE:) President and Chief Operating Officer, Christian G. O’Neil, has sold a total of $1,710,801 worth of company stock, according to a recent SEC filing. The transactions, which took place on August 5th and 6th, involved sales of shares at prices ranging from $110.00 to $110.79.
The sales come alongside O’Neil’s acquisition of shares through the exercise of options, totaling $1,005,795 at a price of $64.89 each. The executive’s transactions resulted in a net decrease in his holdings, yet they demonstrate a significant cashing out at prices considerably higher than the option exercise price.
The filing detailed that on August 5th, O’Neil sold 2,770 shares of Kirby Corp’s common stock at an average price of $110.21 per share. The next day, he sold an additional 12,730 shares with prices ranging from $110.00 to $110.79 per share, averaging $110.41. These sales were conducted at weighted average prices, and the reporting person has offered to provide full information regarding the number of shares sold at each separate price upon request by the commission staff.
Concurrently with the sales, O’Neil exercised options to acquire 2,770 shares on August 5th and 12,730 shares on August 6th, both at a price of $64.89 per share. These transactions reflect the use of employee stock options with an exercise price equal to the option’s grant price, which is a common practice among executives.
Investors often monitor insider transactions like these for insights into executives’ perspectives on their company’s stock value. While the reasons behind O’Neil’s decision to sell are not disclosed in the filing, the transactions are part of the public record and may be considered by investors as they assess their own interest in Kirby Corp’s stock.
Kirby Corp, headquartered in Houston, Texas, operates in the water transportation industry and is known for its marine transportation services. The company’s stock is publicly traded on the New York Stock Exchange under the ticker symbol KEX.
In other recent news, Kirby Corporation reported a remarkable increase in its earnings per share (EPS) for the second quarter of 2024, reaching $1.43, up from $0.95 in the same quarter of the previous year. Despite weather-related and navigational challenges, the company saw substantial growth in its inland and coastal revenues. Analysts from various firms noted Kirby’s solid execution and robust demand across its segments, positioning it to achieve the high-end of its earnings growth guidance for the year.
The company’s inland and coastal revenues increased by 11% and 24% year-over-year, respectively. Kirby’s Distribution and Services segment reported stable demand with growth in revenue and operating income. However, oil and gas revenues saw a year-over-year decline of 33% but increased 22% sequentially.
The company projects its year-over-year earnings growth to be at the high-end of the 30% to 40% range. Kirby anticipates generating between $300 million to $350 million of free cash flow in 2024. Despite facing challenges such as Hurricane Beryl, the company expects improving marine market conditions with strong demand and pricing gains.
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