Kirby Corporation (KEX) PT Raised to $140 at BTIG

BTIG analyst Greg Lewis raised the price target on Kirby Corporation (NYSE: KEX) to $140.00 (from $125.00) while maintaining a Buy rating.

The analyst comments "WHAT YOU SHOULD KNOW: While investor focus remains on Power Generation (more on that later) Inland tank barge activity remains strong, with Q4 overall inland volumes (at select locks we track) up ~6% Y-Y but down ~8% sequentially (we note the Q4 to Q3 sequential decline was in 2024 ~6%). Probably most positive to us for the inland market was flattish Q4 petchem volumes versus 4Q24 which was flagged as headwind (see: Messaging Was About a Pause) in the summer owing to the halt of Venezuelan crude exports to the US in July and August. Looking at Q1 (only two weeks), January US crude imports from Venezuela are averaging ~96kbd, down from ~246kbd over the same period last year. While we would not be surprised to see some choppiness, the medium term trend for US crude imports from Venezuela looks poised to increase which should result in incremental petchem barge moves over the next few quarters (think bullish). Refined Product Strong. Refined product volumes (at select locks we track) were up ~7% Y-Y, and down ~4% sequentially (we note the Q4 to Q3 sequential decline in 2024 was ~9%). One of the drivers of the pickup in product volumes was a spike in US crack spreads which reached their 2025 peak of ~$27/bbl in November before dropping back into the $16-$17 range in December (Q4 is traditionally a weak part of the year). Drilling deeper, Gulf Coast refined product volumes were up ~8% Y-Y with November unsurprisingly the strongest month. Overall, 4Q25 US refinery utilization was ~91% (up ~50 bps Y-Y, but down ~350 bps Q-Q). We note since cratering in October (averaged ~88%), refinery utilization has averaged ~93%. Bottom line: We are constructive on barge pricing heading into the seasonally stronger spring/summer which should benefit from limited new barge supply throughout the year."

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