Carnival (NYSE:CCL) Trading 9.5% Higher on Earnings Beat

Shares of Carnival Corporation (NYSE:CCL - Get Free Report) were up 9.5% during trading on Tuesday after the company announced better than expected quarterly earnings. The company traded as high as $26.51 and last traded at $26.32. Approximately 24,400,074 shares changed hands during trading, a decline of 4% from the average daily volume of 25,483,343 shares. The stock had previously closed at $24.04.

The company reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.24 by $0.11. Carnival had a net margin of 8.07% and a return on equity of 26.53%. The business had revenue of $6.33 billion during the quarter, compared to analysts' expectations of $6.20 billion. During the same period in the previous year, the company earned $0.11 earnings per share. The business's revenue for the quarter was up 9.5% compared to the same quarter last year.

Wall Street Analyst Weigh In

A number of analysts have commented on CCL shares. William Blair reissued an "outperform" rating on shares of Carnival in a report on Monday, March 10th. Citigroup reaffirmed a "hold" rating on shares of Carnival in a research report on Monday. Bank of America boosted their target price on Carnival from $30.00 to $31.00 and gave the stock a "buy" rating in a research report on Wednesday. Wall Street Zen raised shares of Carnival from a "hold" rating to a "buy" rating in a report on Wednesday, May 14th. Finally, Susquehanna boosted their price objective on shares of Carnival from $27.00 to $30.00 and gave the company a "positive" rating in a report on Wednesday. Nine investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $27.68.

Hedge Funds Weigh In On Carnival

Several hedge funds have recently bought and sold shares of CCL. N.E.W. Advisory Services LLC bought a new position in Carnival in the first quarter worth approximately $25,000. Graybill Wealth Management LTD. purchased a new position in Carnival during the 1st quarter valued at about $26,000. Measured Risk Portfolios Inc. bought a new stake in shares of Carnival in the 4th quarter valued at about $29,000. Orion Capital Management LLC purchased a new stake in shares of Carnival in the 4th quarter worth approximately $30,000. Finally, Banque Transatlantique SA bought a new position in shares of Carnival during the first quarter valued at approximately $33,000. Institutional investors own 67.19% of the company's stock.

Carnival Trading Down 0.7%

The company has a market capitalization of $29.76 billion, a PE ratio of 17.01, a price-to-earnings-growth ratio of 0.56 and a beta of 2.58. The company has a debt-to-equity ratio of 2.78, a current ratio of 0.26 and a quick ratio of 0.21. The company's fifty day moving average is $21.73 and its 200-day moving average is $22.81.

About Carnival

Carnival Corp. engages in the operation of cruise ships. It operates through the following business segments: North America and Australia (NAA) Cruise, Europe and Asia (EA) Cruise Operations, Cruise Support, and Tour and Others. The North America and Australia (NAA) Cruise segment includes the Carnival Cruise Line, Holland America Line, Princess Cruises, and Seabourn.