Boyd Gaming (NYSE:BYD) Announces Quarterly Earnings Results

Boyd Gaming (NYSE:BYD) released its quarterly earnings results on Thursday. The company reported $1.58 earnings per share for the quarter, topping the consensus estimate of $1.49 by $0.09, Briefing.com reports. The company had revenue of $967.50 million during the quarter, compared to the consensus estimate of $909.49 million. Boyd Gaming had a return on equity of 34.08% and a net margin of 13.32%. Boyd Gaming’s revenue was up 5.5% compared to the same quarter last year. During the same quarter last year, the business posted $1.58 earnings per share.

Boyd Gaming Stock Up 4.3 %

Boyd Gaming stock traded up $2.52 during midday trading on Friday, hitting $61.05. The stock had a trading volume of 2,229,355 shares, compared to its average volume of 869,694. The company has a current ratio of 0.80, a quick ratio of 0.77 and a debt-to-equity ratio of 1.61. The stock has a market cap of $5.79 billion, a P/E ratio of 10.96 and a beta of 1.58. Boyd Gaming has a 12 month low of $49.34 and a 12 month high of $72.01. The business has a fifty day moving average price of $54.78 and a 200 day moving average price of $59.76.

Boyd Gaming Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, July 15th. Stockholders of record on Saturday, June 15th were given a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.11%. The ex-dividend date was Friday, June 14th. Boyd Gaming’s payout ratio is 12.21%.

Boyd Gaming announced that its Board of Directors has authorized a stock buyback plan on Monday, May 13th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the company to repurchase up to 9.5% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the company. JPMorgan Chase & Co. downgraded Boyd Gaming from an “overweight” rating to a “neutral” rating and lowered their price objective for the company from $80.00 to $67.00 in a research report on Friday, April 26th. Raymond James assumed coverage on Boyd Gaming in a report on Tuesday, May 21st. They issued an “outperform” rating and a $67.00 target price on the stock. Morgan Stanley reduced their target price on Boyd Gaming from $68.00 to $66.00 and set an “equal weight” rating on the stock in a report on Friday, July 12th. StockNews.com upgraded Boyd Gaming from a “hold” rating to a “buy” rating in a report on Monday, July 22nd. Finally, Deutsche Bank Aktiengesellschaft cut Boyd Gaming from a “buy” rating to a “hold” rating and reduced their target price for the company from $78.00 to $71.00 in a report on Friday, April 26th. Eight analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $89.31.

Insider Activity at Boyd Gaming

In related news, Director Christine J. Spadafor sold 1,874 shares of the business’s stock in a transaction dated Wednesday, May 22nd. The stock was sold at an average price of $53.38, for a total value of $100,034.12. Following the completion of the sale, the director now directly owns 2,338 shares of the company’s stock, valued at $124,802.44. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 27.94% of the stock is owned by corporate insiders.

About Boyd Gaming

Boyd Gaming Corporation, together with its subsidiaries, operates as a multi-jurisdictional gaming company in Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Ohio, and Pennsylvania. The company operates through Las Vegas Locals, Downtown Las Vegas, Midwest & South, and Online segments.