LONDON, UK / ACCESSWIRE / May 07, 2018 / If you want access to our free research report on Kirby Corp. (NYSE: KEX), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=KEX as the Company's latest news hit the wire. On May 03, 2018, the Company disclosed that it has signed an agreement on May 01, 2018, to acquire the inland marine barge business from Targa Resources Corp. (NYSE: TRGP) ("Targa"). The all-cash deal is valued at approximately $69.3 million. Register today and get access to over 1000 Free Research Reports by joining our site below:

www.active-investors.com/registration-sg

Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Kirby and Targa Resources most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:

www.active-investors.com/registration-sg/?symbol=KEX

www.active-investors.com/registration-sg/?symbol=TRGP

Details of the Deal

Targa's inland marine tank barge business has a fleet of 16 pressure barges with a total capacity of approximately 258,000 barrels. Many of these barges have been chartered on long-term multi-year contracts. The deal is expected to close at the end of Q2 2018, subject to getting regulatory approval and fulfilment of closing conditions. Kirby plans to finance the acquisition via fresh debt.

The Company expects to incur a few costs in the near term due to the acquisition. However, the deal is expected to be accretive to its earnings per share (EPS) by approximately $0.02 per share in FY18.

Targa had been exploring strategic options for its inland marine barge business since March 2018. The Company plans to use the funds from the divestment to fund the expansion of processing operations in the Delaware Basin and extension of the Grand Prix NGL Pipeline to Oklahoma.

Commenting on the acquisition, David Grzebinski, President and Chief Executive Officer (CEO) of Kirby, said:

"Targa's inland pressure barges are an excellent addition to Kirby's fleet. With the ongoing petro-chemical build-out progressing along the US Gulf Coast, these incremental barges will give Kirby additional capacity to meet our customers' growing needs for the movement of pressurized cargos such as liquefied petroleum gas and certain ethylene plant coproducts."

Kirby has been expanding its inland marine barges business via strategic acquisitions. The Company completed the acquisition of Higman Marine, Inc. ("Higman") in February 2018, in a deal valued at approximately $419 million. Higman is an operator of inland tank barges and towboats, and had a fleet of 159 inland tank barges with 4.8 million barrels of capacity, and 75 inland towboats used for transporting petrochemicals, refined petroleum products, crude oil, natural gas condensate, and black oil on the Mississippi River System and Gulf Intracoastal Waterway. In June 2017, Kirby had acquired nine specialty pressure tank barges, four 30,000-barrel tank barges, and three 1320 horsepower inland towboats from an undisclosed seller for $68 million.

About Targa Resources Corp.

Houston, Texas-based Targa is a leading provider of midstream services and is one of the largest independent midstream energy Companies in North America. The Company owns, operates, acquires, and develops a diversified portfolio of complementary midstream energy assets. The Company's gathering and processing assets are located across the Permian Basin, Barnett Shale, Bakken Shale, Eagle Ford Shale, Anadarko Basin, Arkoma Basin, onshore Louisiana, and the Gulf of Mexico. The Company also has a leading position at Mont Belvieu, the NGL hub of North America.

About Kirby Corp.

Houston, Texas-based Kirby's business is divided into two major segments - Marine Transportation and Distribution and Services. The Company's Marine Transportation segment operates one of the premier fleets of tank barge in the US and transports bulk liquid products throughout the Mississippi River System, on the Gulf Intracoastal Waterway, along all three US Coasts, and in Alaska and Hawaii. Some of the products transported include petrochemicals, black oil, refined petroleum products, and agricultural chemical products.

Kirby's Distribution and Services segment provides after-market service and parts for engines, transmissions, reduction gears, and related equipment used in oilfield services, marine, power generation, on-highway, and other industrial applications. The segment also rents equipment like generators, fork lifts, pumps, and compressors for land-based oilfield service customers. The Company has over 5,800 employees.

Stock Performance Snapshot

May 04, 2018 - At Friday's closing bell, Kirby's stock was slightly up 0.11%, ending the trading session at $88.50.

Volume traded for the day: 467.72 thousand shares.

Stock performance in the last month ? up 5.73%; previous three-month period ? up 16.91%; past twelve-month period ? up 26.97%; and year-to-date - up 32.49%

After last Friday's close, Kirby's market cap was at $5.13 billion.

Price to Earnings (P/E) ratio was at 8.90.

The stock is part of the Services sector, categorized under the Shipping industry. This sector was up 1.5% at the end of the session.

Active-Investors:

Active-Investors (A-I) produces regular sponsored and non-sponsored reports, articles, stock market blogs, and popular investment newsletters covering equities listed on NYSE and NASDAQ and Canadian stocks. A-I has two distinct and independent departments. One department produces non-sponsored analyst certified content generally in the form of press releases, articles and reports covering equities listed on NYSE and NASDAQ and the other produces sponsored content (in most cases not reviewed by a registered analyst), which typically consists of compensated investment newsletters, articles and reports covering listed stocks and micro-caps. Such sponsored content is outside the scope of procedures detailed below.

A-I has not been compensated; directly or indirectly; for producing or publishing this document.

PRESS RELEASE PROCEDURES:

The non-sponsored content contained herein has been prepared by a writer (the "Author") and is fact checked and reviewed by a third-party research service company (the "Reviewer") represented by a credentialed financial analyst. For further information on analyst credentials, please email info@active-investors.com. Rohit Tuli, a CFA® charterholder (the "Sponsor"), provides necessary guidance in preparing the document templates. The Reviewer has reviewed and revised the content, as necessary, based on publicly available information which is believed to be reliable. Content is researched, written and reviewed on a reasonable-effort basis. The Reviewer has not performed any independent investigations or forensic audits to validate the information herein. The Reviewer has only independently reviewed the information provided by the Author according to the procedures outlined by A-I. A-I is not entitled to veto or interfere in the application of such procedures by the third-party research service company to the articles, documents or reports, as the case may be. Unless otherwise noted, any content outside of this document has no association with the Author or the Reviewer in any way.

NO WARRANTY

A-I, the Author, and the Reviewer are not responsible for any error which may be occasioned at the time of printing of this document or any error, mistake or shortcoming. No liability is accepted whatsoever for any direct, indirect or consequential loss arising from the use of this document. A-I, the Author, and the Reviewer expressly disclaim any fiduciary responsibility or liability for any consequences, financial or otherwise arising from any reliance placed on the information in this document. Additionally, A-I, the Author, and the Reviewer do not (1) guarantee the accuracy, timeliness, completeness or correct sequencing of the information, or (2) warrant any results from use of the information. The included information is subject to change without notice.

NOT AN OFFERING

This document is not intended as an offering, recommendation, or a solicitation of an offer to buy or sell the securities mentioned or discussed, and is to be used for informational purposes only. Please read all associated disclosures and disclaimers in full before investing. Neither A-I nor any party affiliated with us is a registered investment adviser or broker-dealer with any agency or in any jurisdiction whatsoever. To download our report(s), read our disclosures, or for more information, visit http://active-investors.com/legal-disclaimer/.

CONTACT

For any questions, inquiries, or comments reach out to us directly. If you're a company we are covering and wish to no longer feature on our coverage list contact us via email and/or phone between 09:30 EDT to 16:00 EDT from Monday to Friday at:

Email: info@active-investors.com

Phone number: 73 29 92 6381

Office Address: 6, Jalan Kia Peng, Kuala Lumpur, 50450 Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur, Malaysia

CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.

SOURCE: Active-Investors