Red Rock Resorts, Inc. to Issue Quarterly Dividend of $0.26 (NASDAQ:RRR)

Key Points

• Red Rock Resorts declared a quarterly dividend of $0.26 per share, payable September 30 to shareholders of record on September 15. The dividend is annualized at $1.04 per share, yielding approximately 1.6%.
• The dividend appears supported by earnings, with a current payout ratio of 58.8% and an expected future payout ratio of 55.6%. Analysts forecast next year’s earnings at $1.87 per share.
• Red Rock reported quarterly earnings of $0.67 per share, beating estimates by $0.16, while revenue of $510.26 million exceeded expectations but declined 3% year over year. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $71.29.

Red Rock Resorts, Inc. (NASDAQ:RRR - Get Free Report) announced a quarterly dividend on Tuesday, August 4th. Shareholders of record on Tuesday, September 15th will be given a dividend of 0.26 per share on Wednesday, September 30th. This represents a c) annualized dividend and a dividend yield of 1.6%. The ex-dividend date of this dividend is Tuesday, September 15th.

Red Rock Resorts has increased its dividend payment by an average of 0.8%annually over the last three years. Red Rock Resorts has a payout ratio of 58.8% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Red Rock Resorts to earn $1.87 per share next year, which means the company should continue to be able to cover its $1.04 annual dividend with an expected future payout ratio of 55.6%.

Red Rock Resorts Price Performance

Red Rock Resorts stock opened at $64.27 on Wednesday. Red Rock Resorts has a one year low of $50.52 and a one year high of $68.99. The business has a fifty day moving average price of $62.69 and a 200-day moving average price of $59.84. The company has a debt-to-equity ratio of 14.42, a current ratio of 0.81 and a quick ratio of 0.76. The firm has a market capitalization of $6.75 billion, a P/E ratio of 20.67, a PEG ratio of 4.82 and a beta of 1.36.

Red Rock Resorts (NASDAQ:RRR - Get Free Report) last announced its quarterly earnings results on Tuesday, August 4th. The company reported $0.67 earnings per share for the quarter, beating the consensus estimate of $0.51 by $0.16. Red Rock Resorts had a return on equity of 61.67% and a net margin of 9.21%.The company had revenue of $510.26 million during the quarter, compared to analysts' expectations of $500.08 million. During the same period in the previous year, the business earned $0.95 earnings per share. The firm's quarterly revenue was down 3.0% compared to the same quarter last year. As a group, equities research analysts forecast that Red Rock Resorts will post 1.52 EPS for the current year.

Wall Street Analyst Weigh In

Several brokerages have commented on RRR. Jefferies Financial Group restated a "buy" rating on shares of Red Rock Resorts in a research note on Thursday, July 2nd. Bank of America upped their price target on Red Rock Resorts from $60.00 to $70.00 and gave the company a "neutral" rating in a research report on Monday, July 20th. Weiss Ratings raised shares of Red Rock Resorts from a "hold (c)" rating to a "hold (c+)" rating in a report on Friday, July 10th. JPMorgan Chase & Co. raised their price objective on shares of Red Rock Resorts from $66.00 to $72.00 and gave the company an "overweight" rating in a research report on Wednesday, July 15th. Finally, Wells Fargo & Company raised shares of Red Rock Resorts from an "equal weight" rating to an "overweight" rating and boosted their price objective for the company from $55.00 to $75.00 in a research note on Tuesday, July 14th. Fourteen equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $71.29.

About Red Rock Resorts

Red Rock Resorts, Inc NASDAQ: RRR is a publicly traded gaming and hospitality company headquartered in Summerlin, Nevada. The company owns and operates a diversified portfolio of full-service casino resorts and neighborhood gaming properties in the Las Vegas valley. Its core business activities include resort hotel accommodations, casino gaming, food and beverage operations, entertainment and convention services designed to meet the needs of both leisure and business travelers.

The company's flagship resort, Red Rock Casino Resort & Spa, features a full range of table games, slot machines, a luxury spa, convention space, multiple signature restaurants and live entertainment venues.

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