Park Hotels & Resorts (NYSE:PK) Announces Quarterly Earnings Results, Misses Estimates By $1.50 EPS

Park Hotels & Resorts (NYSE:PK) posted its quarterly earnings results on Thursday. The financial services provider reported ($1.04) EPS for the quarter, missing analysts’ consensus estimates of $0.46 by ($1.50), FiscalAI reports. Park Hotels & Resorts had a negative return on equity of 1.25% and a negative net margin of 0.47%.The company had revenue of $629.00 million during the quarter, compared to analyst estimates of $621.79 million.

Park Hotels & Resorts Stock Up 0.1%

NYSE PK traded up $0.01 on Thursday, reaching $11.44. The company had a trading volume of 5,007,663 shares, compared to its average volume of 4,149,185. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 1.37. The company’s fifty day moving average is $11.10 and its 200 day moving average is $11.05. Park Hotels & Resorts has a 52-week low of $8.27 and a 52-week high of $13.20. The stock has a market capitalization of $2.29 billion, a P/E ratio of -163.43 and a beta of 1.45.

Insider Activity

In other news, Director Christie B. Kelly purchased 2,949 shares of the company’s stock in a transaction that occurred on Wednesday, January 14th. The shares were bought at an average cost of $11.19 per share, with a total value of $32,999.31. Following the completion of the transaction, the director directly owned 150,501 shares of the company’s stock, valued at approximately $1,684,106.19. This trade represents a 2.00% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.90% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Park Hotels & Resorts

Several institutional investors and hedge funds have recently added to or reduced their stakes in PK. Sivia Capital Partners LLC bought a new stake in Park Hotels & Resorts in the second quarter worth about $230,000. CIBC Private Wealth Group LLC grew its position in shares of Park Hotels & Resorts by 67.3% during the 3rd quarter. CIBC Private Wealth Group LLC now owns 14,553 shares of the financial services provider’s stock valued at $161,000 after acquiring an additional 5,856 shares during the period. CIBC Bancorp USA Inc. purchased a new stake in shares of Park Hotels & Resorts during the 3rd quarter worth approximately $161,000. Coldstream Capital Management Inc. bought a new stake in shares of Park Hotels & Resorts in the 3rd quarter worth approximately $141,000. Finally, State of Wyoming lifted its stake in Park Hotels & Resorts by 71.6% in the second quarter. State of Wyoming now owns 14,767 shares of the financial services provider’s stock valued at $151,000 after purchasing an additional 6,164 shares during the last quarter. Hedge funds and other institutional investors own 92.69% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the stock. Zacks Research cut shares of Park Hotels & Resorts from a “hold” rating to a “strong sell” rating in a research report on Wednesday, January 14th. Barclays assumed coverage on Park Hotels & Resorts in a research note on Tuesday, January 6th. They issued an “overweight” rating and a $13.00 price objective for the company. Wells Fargo & Company decreased their price objective on Park Hotels & Resorts from $12.00 to $11.00 and set an “equal weight” rating for the company in a report on Monday, December 1st. Weiss Ratings upgraded Park Hotels & Resorts from a “sell (d+)” rating to a “hold (c-)” rating in a report on Monday, January 26th. Finally, JPMorgan Chase & Co. boosted their price target on shares of Park Hotels & Resorts from $10.00 to $11.00 and gave the company an “underweight” rating in a research note on Tuesday, February 3rd. Two investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Reduce” and an average target price of $11.27.

Park Hotels & Resorts Company Profile

Park Hotels & Resorts Inc is a publicly traded real estate investment trust (REIT) specializing in luxury and upper-upscale hospitality properties. The company’s primary business activity involves owning and leasing premier hotels and resorts across major urban and resort destinations. Through long-term management and franchise agreements with leading hotel operators, Park generates revenue from room nights, food and beverage offerings, meetings and events, and ancillary services.

Since its spin-off from Hilton Worldwide in January 2017, Park Hotels & Resorts has assembled a diversified portfolio of more than 60 properties.