Corpay (NYSE:CPAY) Issues Q3 Earnings Guidance

Corpay (NYSE:CPAY) updated its third quarter earnings guidance on Wednesday. The company provided earnings per share guidance of $4.90-5.00 for the period, compared to the consensus earnings per share estimate of $5.17. The company issued revenue guidance of $1.015-1.035 billion, compared to the consensus revenue estimate of $1.05 billion. Corpay also updated its FY24 guidance to $18.85-19.15 EPS.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on CPAY shares. Barclays dropped their price objective on shares of Corpay from $355.00 to $350.00 and set an overweight rating for the company in a research report on Monday, May 13th. Wolfe Research lowered Corpay from a peer perform rating to an underperform rating and set a $295.00 price target on the stock. in a research note on Friday, May 17th. JPMorgan Chase & Co. lowered their price objective on Corpay from $330.00 to $326.00 and set an overweight rating for the company in a research report on Friday, July 12th. Citigroup upped their target price on shares of Corpay from $325.00 to $355.00 and gave the company a buy rating in a research report on Wednesday, April 17th. Finally, Wells Fargo & Company assumed coverage on shares of Corpay in a research report on Wednesday, June 5th. They set an equal weight rating and a $285.00 price target for the company. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of Moderate Buy and an average price target of $333.91.

Corpay Stock Down 0.3 %

Shares of NYSE:CPAY traded down $0.69 during midday trading on Wednesday, hitting $270.28. The stock had a trading volume of 493,395 shares, compared to its average volume of 467,417. The firm has a market capitalization of $18.99 billion, a P/E ratio of 20.16, a P/E/G ratio of 1.09 and a beta of 1.20. Corpay has a 12 month low of $220.39 and a 12 month high of $319.94. The business has a 50-day moving average of $272.16. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 1.48.

Corpay (NYSE:CPAY) last issued its earnings results on Wednesday, May 8th. The company reported $3.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.80 by $0.04. The business had revenue of $935.25 million during the quarter, compared to the consensus estimate of $936.25 million. Corpay had a net margin of 26.29% and a return on equity of 36.97%. As a group, equities analysts predict that Corpay will post 17.82 earnings per share for the current year.

Corpay Company Profile

Corpay, Inc operates as a payments company that helps businesses and consumers manage vehicle-related expenses, lodging expenses, and corporate payments in the United States, Brazil, the United Kingdom, and internationally. The company offers vehicle payment solutions, which include fuel, tolls, parking, fleet maintenance, and long-haul transportation services, as well as prepaid food and transportation vouchers and cards.