Skip to main content

Market Overview

BofA Upgrades World Fuel Services On Oil Demand, Price Recovery

BofA Upgrades World Fuel Services On Oil Demand, Price Recovery

World Fuel Services Corp (NYSE: INT) is poised to benefit as volumes accelerate in the second half of 2021 and oil prices begin rising, according to BofA Securities.

The World Fuel Services Analyst: Ken Hoexter upgraded World Fuel Services from Underperform to Buy, while raising the price target from $20 to $40.

The World Fuel Services Thesis: Volumes are set to increase with a return in aviation, marine, and land-based demand, as vaccine distribution accelerates, Hoexter said.

“As a fuel reseller/forwarder, World Fuel Services is dependent on rising demand, and we see trough levels continuing to rebound into 2021,” he wrote in the note. "Additionally, the company has reduced its debt leverage to its lowest level in more than 7 years, and its lowest absolute debt level in more than a decade."

Hoexter expects World Fuel Services to aggressively repurchase shares in 2021, given that it ended the third quarter of 2020 with more than $572 million in cash.

“We expect a $400mn buyback in 2021, which could represent 10% to 15% of shares,” he added.

INT Price Action: Shares of World Fuel Services are at $34.03, up 6.71% on the day. 

(Photo: World Fuel Services)

Latest Ratings for INT

Feb 2021StifelDowngradesBuyHold
Jan 2021B of A SecuritiesUpgradesUnderperformBuy
Aug 2019Stifel NicolausMaintainsBuy

View More Analyst Ratings for INT
View the Latest Analyst Ratings


Related Articles (INT)

View Comments and Join the Discussion!

Posted-In: BofA Securities Ken HoexterAnalyst Color Upgrades Price Target Analyst Ratings Best of Benzinga

Latest Ratings

NIUDaiwa CapitalInitiates Coverage On41.5
QMCONorthland Capital MarketsInitiates Coverage On12.0
IBKRJefferiesInitiates Coverage On89.0
MRETFTD SecuritiesDowngrades18.5
SWKSGoldman SachsDowngrades135.0
View the Latest Analytics Ratings
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
Everything you need to know about the latest SPAC news.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at