Boyd Gaming (NYSE:BYD) Announces Quarterly Earnings Results, Hits Estimates

Key Points

• Boyd Gaming met earnings expectations, reporting quarterly EPS of $1.67, while revenue of $990.46 million fell short of the roughly $1 billion consensus estimate.
• Shares rose to $72.15 during Thursday trading. The company maintains a quarterly dividend of $0.20 per share, or $0.80 annualized, yielding approximately 1.1%.
• Analysts hold a generally positive view, with a consensus “Moderate Buy” rating and an average price target of $90.93, despite several recent target reductions.

Boyd Gaming (NYSE:BYD - Get Free Report) announced its quarterly earnings results on Thursday. The company reported $1.67 earnings per share for the quarter, hitting analysts' consensus estimates of $1.67, FiscalAI reports. The company had revenue of $990.46 million for the quarter, compared to analysts' expectations of $1 billion. Boyd Gaming had a net margin of 44.34% and a return on equity of 22.52%.

Boyd Gaming Price Performance

Shares of NYSE BYD traded up $1.54 during trading hours on Thursday, hitting $72.15. 1,681,832 shares of the stock were exchanged, compared to its average volume of 980,685. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.74 and a current ratio of 0.77. The company has a market cap of $5.24 billion, a PE ratio of 3.18, a price-to-earnings-growth ratio of 1.27 and a beta of 1.12. The company's fifty day simple moving average is $74.67 and its two-hundred day simple moving average is $81.75. Boyd Gaming has a 1-year low of $65.00 and a 1-year high of $91.41.

Boyd Gaming Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, October 15th. Investors of record on Tuesday, September 15th were paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date of this dividend was Tuesday, September 15th. Boyd Gaming's payout ratio is 3.52%.

Analysts Set New Price Targets

BYD has been the topic of a number of recent research reports. Stifel Nicolaus lifted their target price on Boyd Gaming from $91.00 to $92.00 and gave the company a "hold" rating in a research report on Friday, July 24th. Wells Fargo & Company reduced their price target on Boyd Gaming from $87.00 to $86.00 and set an "equal weight" rating for the company in a research report on Monday. Mizuho decreased their price target on shares of Boyd Gaming from $104.00 to $102.00 and set an "outperform" rating for the company in a research note on Wednesday, October 7th. Truist Financial lowered their price objective on shares of Boyd Gaming from $110.00 to $100.00 and set a "buy" rating on the stock in a report on Tuesday. Finally, The Goldman Sachs Group set a $80.00 price objective on shares of Boyd Gaming in a report on Tuesday, October 13th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and eight have assigned a Hold rating to the stock. According to MarketBeat, Boyd Gaming presently has an average rating of "Moderate Buy" and a consensus price target of $90.93.

Insider Transactions at Boyd Gaming

In related news, CFO Josh Hirsberg sold 12,777 shares of the stock in a transaction that occurred on 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 transaction, the chief financial officer owned 422,969 shares of the company's stock, valued at $37,965,697.44. This represents a 2.93% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 22.82% of the stock is currently owned by corporate insiders.

About Boyd Gaming

Boyd Gaming Corporation is a gaming and hospitality company headquartered in Las Vegas, Nevada. The company owns and operates casinos, hotels, restaurants, entertainment venues and related amenities under brands including Sam's Town, The Orleans, Gold Coast, Suncoast and Fremont.

Boyd Gaming serves customers across several U.S. states, with a significant presence in Nevada as well as properties in the Midwest and South. Its portfolio includes destination resorts, regional casinos and racetracks offering slot machines, table games, poker, sports betting and other gaming experiences.

The company also operates online gaming and sports-wagering businesses in selected markets, including through partnerships and digital platforms.

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