Gray Television (NYSE:GTN) Issues Earnings Results, Misses Expectations By $0.08 EPS

Gray Television (NYSE:GTN) announced its earnings results on Friday. The company reported $0.86 EPS for the quarter, missing analysts’ consensus estimates of $0.94 by ($0.08), Briefing.com reports. The company had revenue of $950.00 million for the quarter, compared to analyst estimates of $967.49 million. Gray Television had a net margin of 1.84% and a return on equity of 3.02%. Gray Television’s quarterly revenue was up 18.3% compared to the same quarter last year. During the same quarter last year, the company posted ($0.57) EPS. Gray Television updated its Q4 2024 guidance to EPS and its FY 2024 guidance to EPS.

Gray Television Stock Down 26.1 %

Shares of Gray Television stock traded down $1.51 on Friday, hitting $4.28. The company had a trading volume of 7,068,845 shares, compared to its average volume of 836,385. The company has a debt-to-equity ratio of 2.98, a current ratio of 1.63 and a quick ratio of 1.63. The firm has a market capitalization of $426.59 million, a P/E ratio of 61.15, a P/E/G ratio of 0.14 and a beta of 1.47. Gray Television has a twelve month low of $3.95 and a twelve month high of $10.07. The stock has a 50-day moving average of $5.30 and a 200-day moving average of $5.46.

Gray Television Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, December 13th will be issued a $0.08 dividend. The ex-dividend date is Friday, December 13th. This represents a $0.32 dividend on an annualized basis and a yield of 7.48%. Gray Television’s dividend payout ratio is presently 457.21%.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the company. Benchmark decreased their target price on Gray Television from $13.00 to $11.00 and set a “buy” rating for the company in a report on Friday, August 9th. Wells Fargo & Company cut their price target on Gray Television from $6.00 to $4.00 and set an “underweight” rating on the stock in a report on Friday, August 9th. Finally, Guggenheim decreased their price objective on shares of Gray Television from $12.00 to $10.00 and set a “buy” rating for the company in a report on Wednesday, August 14th. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Gray Television presently has an average rating of “Hold” and an average target price of $8.33.

About Gray Television

Gray Television, Inc, a television broadcasting company, owns and/or operates television stations and digital assets in the United States. It also broadcasts secondary digital channels affiliated to ABC, CBS, NBC, and FOX, as well as various other networks and program services, including CW Plus Network, MY Network, the MeTV Network, Circle, Telemundo, THE365, and Outlaw; and local news/weather channels in various markets.