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

AT&T (NYSE:T) released its earnings results on Wednesday. The technology company reported $0.57 EPS for the quarter, hitting analysts’ consensus estimates of $0.57, Briefing.com reports. AT&T had a return on equity of 14.63% and a net margin of 11.13%. The firm had revenue of $29.80 billion for the quarter, compared to analysts’ expectations of $30.05 billion. During the same period in the prior year, the firm posted $0.63 earnings per share. The company’s quarterly revenue was down .3% on a year-over-year basis. 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 Price Performance

T traded up $0.06 on Thursday, hitting $19.22. 31,627,115 shares of the company’s stock traded hands, compared to its average volume of 36,715,000. The company’s 50 day simple moving average is $18.25 and its 200-day simple moving average is $17.44. The firm has a market cap of $137.81 billion, a price-to-earnings ratio of 10.37, a P/E/G ratio of 3.44 and a beta of 0.58. AT&T has a one year low of $13.89 and a one year high of $19.74. The company has a current ratio of 0.68, a quick ratio of 0.63 and a debt-to-equity ratio of 1.06.

AT&T Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 1st. Investors of record on Wednesday, July 10th will be paid a dividend of $0.2775 per share. This represents a $1.11 annualized dividend and a yield of 5.78%. The ex-dividend date is Wednesday, July 10th. AT&T’s dividend payout ratio (DPR) is presently 59.68%.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on T shares. UBS Group reissued a “buy” rating and issued a $24.00 target price on shares of AT&T in a research note on Tuesday, June 18th. Oppenheimer increased their price objective on AT&T from $21.00 to $23.00 and gave the company an “outperform” rating in a research report on Thursday. Royal Bank of Canada increased their price objective on AT&T from $18.00 to $19.00 and gave the company a “sector perform” rating in a research report on Thursday. Evercore ISI increased their price objective on AT&T from $18.00 to $19.00 and gave the company an “in-line” rating in a research report on Thursday. Finally, The Goldman Sachs Group began coverage on AT&T in a research report on Monday, July 1st. They set a “buy” rating and a $22.00 price objective on the stock. Five analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, AT&T currently has an average rating of “Moderate Buy” and a consensus price target of $22.29.

AT&T Company Profile

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.