AT&T (NYSE:T) Releases Quarterly Earnings Results, Hits Expectations

AT&T (NYSE:T) released its earnings results on Wednesday. The technology company reported $0.57 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.57, Briefing.com reports. The company had revenue of $29.80 billion for the quarter, compared to analyst estimates of $30.05 billion. AT&T had a return on equity of 14.16% and a net margin of 10.41%. AT&T’s quarterly revenue was down .3% on a year-over-year basis. During the same period in the prior year, the firm posted $0.63 EPS. AT&T updated its FY 2024 guidance to 2.150-2.250 EPS and its FY24 guidance to $2.15-2.25 EPS.

AT&T Stock Down 0.8 %

Shares of AT&T stock traded down $0.15 on Friday, hitting $19.04. The company had a trading volume of 6,592,508 shares, compared to its average volume of 36,649,363. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.63 and a current ratio of 0.70. The stock has a market capitalization of $136.52 billion, a price-to-earnings ratio of 10.32, a P/E/G ratio of 3.67 and a beta of 0.58. The stock has a 50 day moving average of $18.29 and a 200-day moving average of $17.45. AT&T has a 1 year low of $13.89 and a 1 year high of $19.74.

AT&T Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 1st. Stockholders of record on Wednesday, July 10th will be paid a $0.2775 dividend. This represents a $1.11 annualized dividend and a dividend yield of 5.83%. The ex-dividend date is Wednesday, July 10th. AT&T’s dividend payout ratio (DPR) is presently 59.68%.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the company. Oppenheimer raised their price objective on AT&T from $21.00 to $23.00 and gave the company an “outperform” rating in a research note on Thursday. Royal Bank of Canada raised their price objective on AT&T from $18.00 to $19.00 and gave the company a “sector perform” rating in a research note on Thursday. Scotiabank raised their price objective on AT&T from $23.00 to $24.00 and gave the company a “sector outperform” rating in a research note on Thursday. JPMorgan Chase & Co. raised their price objective on AT&T from $21.00 to $24.00 and gave the company an “overweight” rating in a research note on Thursday. Finally, UBS Group reissued a “buy” rating and set a $24.00 price target on shares of AT&T in a research note on Tuesday, June 18th. Six research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, AT&T currently has a consensus rating of “Moderate Buy” and a consensus price target of $22.33.

About AT&T

AT&T Inc provides telecommunications and technology services worldwide. The company operates through two segments, Communications and Latin America. The Communications segment offers wireless voice and data communications services; and sells handsets, wireless data cards, wireless computing devices, carrying cases/protective covers, and wireless chargers through its own company-owned stores, agents, and third-party retail stores.