Boyd Gaming (BYD) Shares Down 6.9% on Disappointing Earnings
Boyd Gaming Co. (NYSE:BYD) shares fell 6.9% on Wednesday following a weaker than expected earnings announcement. The stock traded as low as $34.50 and last traded at $35.01. 6,001,505 shares traded hands during mid-day trading, an increase of 210% from the average session volume of 1,934,732 shares. The stock had previously closed at $37.60.
The company reported $0.22 earnings per share for the quarter, missing the consensus estimate of $0.26 by ($0.04). Boyd Gaming had a net margin of 7.94% and a return on equity of 11.71%. The firm had revenue of $590.83 million during the quarter, compared to the consensus estimate of $595.28 million. During the same period in the prior year, the business posted $0.38 earnings per share. Boyd Gaming’s quarterly revenue was up 6.5% compared to the same quarter last year.
Several equities research analysts have issued reports on BYD shares. Zacks Investment Research raised Boyd Gaming from a “hold” rating to a “buy” rating and set a $40.00 price target for the company in a report on Tuesday, January 9th. Stifel Nicolaus raised their price target on Boyd Gaming from $28.00 to $30.00 and gave the company a “hold” rating in a report on Friday, October 27th. ValuEngine downgraded Boyd Gaming from a “buy” rating to a “hold” rating in a report on Friday, December 1st. Morgan Stanley reaffirmed an “equal weight” rating and set a $34.00 price target (down previously from $35.00) on shares of Boyd Gaming in a report on Wednesday. Finally, Argus started coverage on Boyd Gaming in a report on Wednesday, January 17th. They set a “buy” rating and a $44.00 price target for the company. Seven investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. The company currently has an average rating of “Buy” and a consensus target price of $35.50.
The company has a quick ratio of 0.68, a current ratio of 0.73 and a debt-to-equity ratio of 2.95. The company has a market capitalization of $3,840.00, a price-to-earnings ratio of 36.61 and a beta of 1.87.
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Boyd Gaming Company Profile
Boyd Gaming Corporation is a multi-jurisdictional gaming company. The Company operated 24 wholly owned gaming entertainment properties in Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana and Mississippi, as of December 31, 2016. It operates through three segments: Las Vegas Locals, Downtown Las Vegas, and Midwest and South.
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