Convergence Investment Partners LLC trimmed its position in World Fuel Services Corp (NYSE:INT) by 24.4% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 41,511 shares of the oil and gas company’s stock after selling 13,425 shares during the period. Convergence Investment Partners LLC owned approximately 0.06% of World Fuel Services worth $1,408,000 at the end of the most recent quarter.
Other institutional investors have also recently modified their holdings of the company. Artisan Partners Limited Partnership raised its holdings in World Fuel Services by 13.2% during the second quarter. Artisan Partners Limited Partnership now owns 3,052,815 shares of the oil and gas company’s stock worth $117,381,000 after acquiring an additional 355,049 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in World Fuel Services by 14.0% during the third quarter. Dimensional Fund Advisors LP now owns 2,952,606 shares of the oil and gas company’s stock worth $100,122,000 after acquiring an additional 363,519 shares in the last quarter. State Street Corp raised its holdings in World Fuel Services by 9.4% during the second quarter. State Street Corp now owns 2,748,764 shares of the oil and gas company’s stock worth $105,695,000 after acquiring an additional 236,408 shares in the last quarter. Janus Henderson Group PLC bought a new stake in World Fuel Services during the second quarter worth about $101,136,000. Finally, Boston Partners raised its holdings in World Fuel Services by 3.8% during the third quarter. Boston Partners now owns 2,605,257 shares of the oil and gas company’s stock worth $88,345,000 after acquiring an additional 95,877 shares in the last quarter. Institutional investors own 89.71% of the company’s stock.
Several analysts recently issued reports on INT shares. BidaskClub upgraded World Fuel Services from a “sell” rating to a “hold” rating in a report on Saturday, August 26th. Bank of America lowered World Fuel Services from a “neutral” rating to an “underperform” rating and dropped their target price for the stock from $41.00 to $36.00 in a report on Tuesday, September 26th.
World Fuel Services (NYSE:INT) last released its earnings results on Thursday, October 26th. The oil and gas company reported $0.60 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.60. World Fuel Services had a return on equity of 5.54% and a net margin of 0.08%. The business had revenue of $8.54 billion for the quarter, compared to analyst estimates of $8.19 billion. During the same quarter in the prior year, the company posted $0.82 earnings per share. World Fuel Services’s revenue was up 15.4% on a year-over-year basis. equities research analysts anticipate that World Fuel Services Corp will post 2.24 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, January 5th. Investors of record on Friday, December 15th will be issued a dividend of $0.06 per share. The ex-dividend date is Thursday, December 14th. This represents a $0.24 annualized dividend and a yield of 0.88%. World Fuel Services’s payout ratio is presently 68.57%.
World Fuel Services declared that its Board of Directors has authorized a share repurchase program on Wednesday, October 4th that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the oil and gas company to reacquire shares of its stock through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.
World Fuel Services 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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