Boyd Gaming (NYSE:BYD) Announces Earnings Results

Key Points

• Boyd Gaming reported earnings of $1.87 per share, exceeding analysts' estimates of $1.67, along with a revenue of $1.03 billion for the quarter, up 6.9% year-over-year.
• The company declared a quarterly dividend of $0.18 per share, resulting in an annualized yield of 0.84%.
• Analysts have issued mixed ratings on Boyd Gaming, with a consensus rating of "Hold" and an average price target of $85.54, reflecting varying confidence in the company's stock performance.

Boyd Gaming (NYSE:BYD - Get Free Report) released its earnings results on Thursday. The company reported $1.87 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.67 by $0.20, Zacks reports. Boyd Gaming had a return on equity of 39.81% and a net margin of 14.02%. The business had revenue of $1.03 billion during the quarter, compared to the consensus estimate of $976.81 million. During the same period last year, the business posted $1.58 earnings per share. The business's revenue for the quarter was up 6.9% on a year-over-year basis.

Boyd Gaming Price Performance

BYD stock traded up $3.53 during mid-day trading on Friday, hitting $85.85. 2,762,000 shares of the stock were exchanged, compared to its average volume of 1,414,709. The company has a debt-to-equity ratio of 2.57, a current ratio of 0.80 and a quick ratio of 0.76. The business has a fifty day moving average price of $77.90 and a 200 day moving average price of $73.58. Boyd Gaming has a 12 month low of $52.76 and a 12 month high of $87.76. The stock has a market capitalization of $6.99 billion, a price-to-earnings ratio of 13.21 and a beta of 1.26.

Boyd Gaming Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Monday, June 16th were paid a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 0.84%. The ex-dividend date of this dividend was Monday, June 16th. Boyd Gaming's dividend payout ratio (DPR) is currently 11.75%.

Analysts Set New Price Targets

A number of research firms have issued reports on BYD. Raymond James Financial raised their target price on Boyd Gaming from $81.00 to $85.00 and gave the stock an "outperform" rating in a research report on Monday, June 30th. Susquehanna cut Boyd Gaming from a "positive" rating to a "neutral" rating and lifted their price target for the company from $76.00 to $86.00 in a research report on Friday, July 11th. Mizuho lifted their price target on Boyd Gaming from $86.00 to $89.00 and gave the company an "outperform" rating in a research report on Friday. Macquarie reiterated a "neutral" rating and issued a $74.00 price target on shares of Boyd Gaming in a research report on Friday, April 25th. Finally, Barclays lifted their price target on Boyd Gaming from $73.00 to $87.00 and gave the company an "equal weight" rating in a research report on Friday, July 18th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $85.54.

Institutional Investors Weigh In On Boyd Gaming

Hedge funds have recently added to or reduced their stakes in the company. AQR Capital Management LLC lifted its stake in Boyd Gaming by 13.9% during the first quarter. AQR Capital Management LLC now owns 9,623 shares of the company's stock worth $628,000 after purchasing an additional 1,172 shares during the last quarter. Caxton Associates LLP bought a new stake in Boyd Gaming during the first quarter worth about $207,000. Finally, Advisors Asset Management Inc. lifted its stake in Boyd Gaming by 56.8% during the first quarter. Advisors Asset Management Inc. now owns 541 shares of the company's stock worth $36,000 after purchasing an additional 196 shares during the last quarter. Institutional investors own 76.81% of the company's stock.

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.

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