Gray Television (NYSE:GTN) Releases Earnings Results, Misses Expectations By $0.08 EPS

Gray Television (NYSE:GTN) issued its quarterly earnings data on Friday. The company reported $0.86 earnings per share for the quarter, missing the consensus estimate of $0.94 by ($0.08), Briefing.com reports. The business had revenue of $950.00 million during the quarter, compared to analyst estimates of $967.49 million. Gray Television had a return on equity of 3.02% and a net margin of 1.84%. Gray Television’s revenue for the quarter was up 18.3% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.57) EPS. Gray Television updated its Q4 2024 guidance to EPS and its FY 2024 guidance to EPS.

Gray Television Price Performance

Shares of GTN traded down $1.51 during midday trading on Friday, reaching $4.28. The stock had a trading volume of 7,068,845 shares, compared to its average volume of 836,385. The company’s 50-day moving average is $5.30 and its 200 day moving average is $5.46. The company has a market capitalization of $426.59 million, a price-to-earnings ratio of 61.15, a price-to-earnings-growth ratio of 0.14 and a beta of 1.47. Gray Television has a 12-month low of $3.95 and a 12-month high of $10.07. The company has a current ratio of 1.63, a quick ratio of 1.63 and a debt-to-equity ratio of 2.98.

Gray Television Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, December 13th will be given a $0.08 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 7.48%. Gray Television’s dividend payout ratio (DPR) is presently 457.21%.

Analyst Ratings Changes

GTN has been the topic of a number of research analyst reports. Benchmark reduced their target price on Gray Television from $13.00 to $11.00 and set a “buy” rating on the stock in a report on Friday, August 9th. Guggenheim cut their target price on Gray Television from $12.00 to $10.00 and set a “buy” rating on the stock in a report on Wednesday, August 14th. Finally, Wells Fargo & Company cut their price objective on Gray Television from $6.00 to $4.00 and set an “underweight” rating on the stock in a research note on Friday, August 9th. Two analysts have rated the stock with a sell rating, one has assigned a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $8.33.

About Gray Television

Gray Television, Inc, a television broadcasting company, owns and/or operates television stations and digital assets in the United States. It also broadcasts secondary digital channels affiliated to ABC, CBS, NBC, and FOX, as well as various other networks and program services, including CW Plus Network, MY Network, the MeTV Network, Circle, Telemundo, THE365, and Outlaw; and local news/weather channels in various markets.