Boyd Gaming (NYSE:BYD) Stock Rating Raised to Positive at Susquehanna

Key Points

• Susquehanna upgraded Boyd Gaming to “positive” from “neutral” and set an $83 price target, implying 18.71% upside from the prior close.
• Analyst sentiment is generally favorable, with the stock carrying a “Moderate Buy” consensus rating and an average price target of $92.21 from MarketBeat-tracked analysts.
• Boyd Gaming recently reported quarterly EPS of $1.93, exceeding the $1.89 consensus estimate, while revenue of $1.03 billion was slightly below expectations.

Boyd Gaming (NYSE:BYD - Get Free Report) was upgraded by analysts at Susquehanna from a "neutral" rating to a "positive" rating in a research report issued to clients and investors on Monday, MarketBeat.com reports. The brokerage presently has a $83.00 price target on the stock. Susquehanna's target price would indicate a potential upside of 18.71% from the stock's previous close.

Several other brokerages have also weighed in on BYD. JPMorgan Chase & Co. increased their price objective on shares of Boyd Gaming from $90.00 to $93.00 and gave the company a "neutral" rating in a research report on Wednesday, July 15th. Morgan Stanley upgraded shares of Boyd Gaming from an "equal weight" rating to an "overweight" rating and cut their target price for the stock from $89.00 to $83.00 in a research note on Monday. Stifel Nicolaus lifted their target price on shares of Boyd Gaming from $91.00 to $92.00 and gave the stock a "hold" rating in a report on Friday, July 24th. Barclays decreased their price target on shares of Boyd Gaming from $87.00 to $85.00 and set an "equal weight" rating on the stock in a research note on Friday, October 9th. Finally, Wells Fargo & Company increased their price target on shares of Boyd Gaming from $81.00 to $88.00 and gave the company an "equal weight" rating in a report on Tuesday, July 14th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and eight have given a Hold rating to the stock. According to data from MarketBeat.com, Boyd Gaming currently has an average rating of "Moderate Buy" and an average price target of $92.21.

Boyd Gaming Stock Down 0.2%

BYD stock opened at $69.92 on Monday. Boyd Gaming has a 1-year low of $65.00 and a 1-year high of $91.41. The business's 50 day simple moving average is $75.34 and its 200 day simple moving average is $82.01. The company has a current ratio of 0.77, a quick ratio of 0.74 and a debt-to-equity ratio of 1.05. The firm has a market capitalization of $5.08 billion, a PE ratio of 3.08, a PEG ratio of 1.24 and a beta of 1.12.

Boyd Gaming (NYSE:BYD - Get Free Report) last announced its quarterly earnings results on Thursday, July 23rd. The company reported $1.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.89 by $0.04. Boyd Gaming had a return on equity of 22.52% and a net margin of 44.34%. The business had revenue of $1.03 billion during the quarter, compared to the consensus estimate of $1.04 billion. During the same quarter last year, the firm posted $1.87 EPS. The company's quarterly revenue was up .0% on a year-over-year basis. As a group, research analysts anticipate that Boyd Gaming will post 7.16 EPS for the current year.

Insider Buying and Selling at Boyd Gaming

In other news, CFO Josh Hirsberg sold 12,777 shares of the business's stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $89.76, for a total value of $1,146,863.52. Following the completion of the sale, the chief financial officer owned 422,969 shares of the company's stock, valued at approximately $37,965,697.44. The trade was a 2.93% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 22.82% of the company's stock.

Hedge Funds Weigh In On Boyd Gaming

A number of hedge funds have recently bought and sold shares of the business. Altshuler Shaham Ltd increased its stake in Boyd Gaming by 54.3% in the first quarter. Altshuler Shaham Ltd now owns 452 shares of the company's stock valued at $37,000 after acquiring an additional 159 shares during the last quarter. Bessemer Group Inc. raised its position in Boyd Gaming by 62.8% during the first quarter. Bessemer Group Inc. now owns 526 shares of the company's stock valued at $43,000 after purchasing an additional 203 shares in the last quarter. Blue Trust Inc. raised its position in Boyd Gaming by 23.0% during the first quarter. Blue Trust Inc. now owns 653 shares of the company's stock valued at $54,000 after purchasing an additional 122 shares in the last quarter. Global Retirement Partners LLC bought a new stake in Boyd Gaming during the second quarter worth $59,000. Finally, Persistent Asset Partners Ltd bought a new stake in Boyd Gaming during the second quarter worth $74,000. 76.81% of the stock is owned by institutional investors.

About Boyd Gaming

Boyd Gaming Corporation is a diversified gaming and entertainment company headquartered in Las Vegas, Nevada. The company owns and operates casinos, hotels, restaurants and entertainment venues, primarily serving regional and destination markets in the United States. Its properties offer casino gaming, including slot machines, table games and poker, along with hotel accommodations, dining, entertainment and other hospitality services.

Boyd Gaming operates properties under brands that include Sam's Town, The Orleans, Gold Coast, Suncoast, Fremont and California Hotel and Casino in Nevada, as well as additional casinos in states such as Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Ohio and Pennsylvania.

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