Boyd Gaming (NYSE:BYD) Announces Quarterly Earnings Results, Beats Expectations By $0.09 EPS

Boyd Gaming (NYSE:BYD) released its quarterly earnings data on Thursday. The company reported $1.58 EPS for the quarter, topping the consensus estimate of $1.49 by $0.09, Briefing.com reports. Boyd Gaming had a return on equity of 34.08% and a net margin of 13.32%. The company had revenue of $967.50 million during the quarter, compared to the consensus estimate of $909.49 million. During the same period last year, the company earned $1.58 EPS. Boyd Gaming’s revenue for the quarter was up 5.5% on a year-over-year basis.

Boyd Gaming Trading Up 4.3 %

Shares of NYSE BYD traded up $2.52 during trading hours on Friday, hitting $61.05. 2,229,355 shares of the company traded hands, compared to its average volume of 869,694. The stock has a market capitalization of $5.79 billion, a price-to-earnings ratio of 10.96 and a beta of 1.58. The company has a current ratio of 0.80, a quick ratio of 0.77 and a debt-to-equity ratio of 1.61. The company’s 50 day moving average price is $54.78 and its 200 day moving average price is $59.76. Boyd Gaming has a 12 month low of $49.34 and a 12 month high of $72.01.

Boyd Gaming Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, July 15th. Stockholders of record on Saturday, June 15th were issued a dividend of $0.17 per share. The ex-dividend date was Friday, June 14th. This represents a $0.68 annualized dividend and a dividend yield of 1.11%. Boyd Gaming’s dividend payout ratio (DPR) is 12.21%.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the company. Argus downgraded Boyd Gaming from a “buy” rating to a “hold” rating in a report on Wednesday, May 1st. Barclays cut their price target on Boyd Gaming from $70.00 to $68.00 and set an “equal weight” rating for the company in a research note on Friday, April 26th. Raymond James initiated coverage on Boyd Gaming in a research note on Tuesday, May 21st. They set an “outperform” rating and a $67.00 price target for the company. Stifel Nicolaus boosted their price target on Boyd Gaming from $65.00 to $67.00 and gave the company a “hold” rating in a research note on Friday. Finally, Morgan Stanley cut their price objective on Boyd Gaming from $68.00 to $66.00 and set an “equal weight” rating for the company in a research note on Friday, July 12th. Eight analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $89.31.

Insider Activity

In other news, Director Christine J. Spadafor sold 1,874 shares of the business’s stock in a transaction that occurred on Wednesday, May 22nd. The stock was sold at an average price of $53.38, for a total transaction of $100,034.12. Following the transaction, the director now owns 2,338 shares of the company’s stock, valued at approximately $124,802.44. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 27.94% of the company’s stock.

Boyd Gaming declared that its board has authorized a stock buyback plan on Monday, May 13th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 9.5% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s board believes its stock is undervalued.

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.