Corpay (NYSE:CPAY) Updates FY24 Earnings Guidance

Corpay (NYSE:CPAY) issued an update on its FY24 earnings guidance on Thursday morning. The company provided earnings per share guidance of $18.90-19.10 for the period, compared to the consensus earnings per share estimate of $18.96. The company issued revenue guidance of $3.98-4.01 billion, compared to the consensus revenue estimate of $3.99 billion. Corpay also updated its FY 2024 guidance to 18.900-19.100 EPS.

Corpay Stock Down 0.7 %

Shares of CPAY stock traded down $2.47 during mid-day trading on Thursday, hitting $346.50. The stock had a trading volume of 587,498 shares, compared to its average volume of 469,033. The firm has a market capitalization of $24.06 billion, a P/E ratio of 25.26, a price-to-earnings-growth ratio of 1.30 and a beta of 1.21. The company has a debt-to-equity ratio of 1.74, a current ratio of 1.02 and a quick ratio of 1.02. Corpay has a 12-month low of $221.37 and a 12-month high of $355.47. The firm’s 50-day moving average is $324.21 and its two-hundred day moving average is $295.70.

Corpay (NYSE:CPAY) last released its quarterly earnings data on Wednesday, August 7th. The company reported $4.55 earnings per share for the quarter, topping analysts’ consensus estimates of $4.51 by $0.04. The company had revenue of $975.70 million during the quarter, compared to analyst estimates of $973.84 million. Corpay had a net margin of 26.41% and a return on equity of 38.93%. The firm’s revenue for the quarter was up 2.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $3.85 earnings per share. On average, analysts predict that Corpay will post 17.96 earnings per share for the current fiscal year.

Analysts Set New Price Targets

CPAY has been the subject of a number of analyst reports. Wolfe Research raised Corpay from an “underperform” rating to a “peer perform” rating in a research report on Tuesday, September 3rd. Bank of America raised their price objective on Corpay from $344.00 to $375.00 and gave the company a “buy” rating in a research report on Tuesday, October 15th. Raymond James reduced their target price on shares of Corpay from $330.00 to $311.00 and set an “outperform” rating for the company in a report on Thursday, August 8th. Jefferies Financial Group raised their price target on shares of Corpay from $375.00 to $425.00 and gave the company a “buy” rating in a report on Wednesday, October 16th. Finally, BMO Capital Markets lifted their price objective on shares of Corpay from $350.00 to $390.00 and gave the stock an “outperform” rating in a research report on Thursday, October 3rd. Four analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $353.46.

About Corpay

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.