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

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

Boyd Gaming Stock Up 4.3 %

BYD opened at $61.05 on Friday. The company has a current ratio of 0.80, a quick ratio of 0.77 and a debt-to-equity ratio of 1.61. Boyd Gaming has a 1-year low of $49.34 and a 1-year high of $72.01. The company has a market capitalization of $5.79 billion, a PE ratio of 10.96 and a beta of 1.58. The firm’s 50 day simple moving average is $54.78 and its two-hundred day simple moving average is $59.76.

Boyd Gaming Dividend Announcement

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

Insiders Place Their Bets

In other Boyd Gaming news, Director Christine J. Spadafor sold 1,874 shares of the stock in a transaction that occurred on Wednesday, May 22nd. The shares were sold at an average price of $53.38, for a total value of $100,034.12. Following the transaction, the director now directly owns 2,338 shares in the company, valued at $124,802.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 27.94% of the company’s stock.

Analyst Ratings Changes

BYD has been the topic of a number of recent research reports. Truist Financial cut their price objective on shares of Boyd Gaming from $80.00 to $75.00 and set a “buy” rating on the stock in a report on Friday, April 26th. Mizuho cut their price target on shares of Boyd Gaming from $80.00 to $78.00 and set a “buy” rating on the stock in a report on Friday, April 26th. Morgan Stanley cut their price target on shares of Boyd Gaming from $68.00 to $66.00 and set an “equal weight” rating on the stock in a report on Friday, July 12th. JPMorgan Chase & Co. cut shares of Boyd Gaming from an “overweight” rating to a “neutral” rating and cut their price target for the company from $80.00 to $67.00 in a report on Friday, April 26th. Finally, Raymond James started coverage on shares of Boyd Gaming in a report on Tuesday, May 21st. They set an “outperform” rating and a $67.00 price target on the stock. Eight research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $89.31.

Boyd Gaming declared that its Board of Directors has authorized a share 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 buy up to 9.5% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its shares are 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.