Red Rock Resorts (NASDAQ:RRR) Issues Earnings Results, Beats Expectations By $0.17 EPS

Key Points

• Red Rock Resorts reported $0.73 EPS for the quarter, beating analysts' consensus of $0.56 by $0.17 while revenue was essentially in line at $507.32 million versus estimates of $507.77 million.
• Shares traded up about 1.0% to $56.06 on the news with volume of ~1.26M (vs. average ~815k); the company has a market cap of $5.89 billion and a P/E of 17.91.
• The company paid a quarterly dividend of $0.26 per share (annualized $1.04, yield 1.9%), and analysts maintain a consensus "Moderate Buy" rating with an average target of $70.64 (11 Buys, 4 Holds).

Red Rock Resorts (NASDAQ:RRR - Get Free Report) announced its quarterly earnings data on Wednesday. The company reported $0.73 EPS for the quarter, topping analysts' consensus estimates of $0.56 by $0.17, FiscalAI reports. The firm had revenue of $507.32 million during the quarter, compared to analyst estimates of $507.77 million. Red Rock Resorts had a return on equity of 58.13% and a net margin of 9.35%.

Red Rock Resorts Trading Up 1.0%

Shares of Red Rock Resorts stock traded up $0.53 during trading on Wednesday, hitting $56.06. 1,255,536 shares of the company were exchanged, compared to its average volume of 815,454. The firm has a market capitalization of $5.89 billion, a P/E ratio of 17.91, a price-to-earnings-growth ratio of 2.42 and a beta of 1.48. Red Rock Resorts has a 1-year low of $41.83 and a 1-year high of $68.99. The firm's fifty day moving average price is $57.86 and its 200 day moving average price is $59.28. The company has a debt-to-equity ratio of 10.26, a current ratio of 0.79 and a quick ratio of 0.74.

Red Rock Resorts Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, March 31st. Stockholders of record on Monday, March 16th were given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 1.9%. The ex-dividend date was Monday, March 16th. Red Rock Resorts's payout ratio is presently 33.23%.

Wall Street Analyst Weigh In

A number of brokerages recently commented on RRR. Jefferies Financial Group lowered their price objective on Red Rock Resorts from $79.00 to $74.00 and set a "buy" rating for the company in a research report on Monday, April 6th. Mizuho set a $77.00 price objective on Red Rock Resorts in a research report on Wednesday, February 11th. Citigroup reiterated a "market outperform" rating on shares of Red Rock Resorts in a research report on Tuesday, March 10th. Citizens Jmp lifted their price objective on Red Rock Resorts from $65.00 to $68.00 and gave the stock a "market outperform" rating in a research report on Wednesday, January 14th. Finally, JPMorgan Chase & Co. lowered their price objective on Red Rock Resorts from $76.00 to $73.00 and set an "overweight" rating for the company in a research report on Thursday, April 16th. Eleven investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $70.64.

Hedge Funds Weigh In On Red Rock Resorts

Institutional investors have recently modified their holdings of the stock. BNP Paribas Financial Markets grew its position in shares of Red Rock Resorts by 120.8% during the 2nd quarter. BNP Paribas Financial Markets now owns 8,084 shares of the company's stock worth $421,000 after buying an additional 4,422 shares during the period. Russell Investments Group Ltd. grew its position in shares of Red Rock Resorts by 222.3% during the 3rd quarter. Russell Investments Group Ltd. now owns 6,034 shares of the company's stock worth $368,000 after buying an additional 4,162 shares during the period. Quantinno Capital Management LP acquired a new position in shares of Red Rock Resorts during the 2nd quarter worth about $338,000. Bridgewater Associates LP acquired a new position in shares of Red Rock Resorts during the 4th quarter worth about $318,000. Finally, AQR Capital Management LLC bought a new position in shares of Red Rock Resorts during the 1st quarter valued at about $308,000. 47.84% of the stock is currently owned by institutional investors and hedge funds.

Red Rock Resorts Company Profile

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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