Boyd Gaming (NYSE:BYD) Issues Quarterly Earnings Results, Hits Estimates

Boyd Gaming (NYSE:BYD) released its quarterly earnings results on Thursday. The company reported $1.67 earnings per share for the quarter, hitting the consensus estimate of $1.67, FiscalAI reports. The business had revenue of $990.46 million for the quarter, compared to analysts’ expectations of $1 billion. Boyd Gaming had a net margin of 44.34% and a return on equity of 22.52%.

Boyd Gaming Stock Up 2.2%

Shares of BYD traded up $1.54 on Thursday, hitting $72.15. 1,681,832 shares of the stock traded hands, compared to its average volume of 980,685. The business has a 50 day simple moving average of $74.67 and a 200 day simple moving average of $81.75. Boyd Gaming has a one year low of $65.00 and a one year high of $91.41. The company has a market capitalization of $5.24 billion, a PE ratio of 3.18, a P/E/G ratio of 1.27 and a beta of 1.12. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.74 and a current ratio of 0.77.

Boyd Gaming Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, October 15th. Stockholders of record on Tuesday, September 15th were paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date of this dividend was Tuesday, September 15th. Boyd Gaming’s dividend payout ratio is currently 3.52%.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on BYD. Citigroup reiterated a “market perform” rating on shares of Boyd Gaming in a research report on Tuesday, October 13th. Mizuho lowered their price target on shares of Boyd Gaming from $104.00 to $102.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 7th. Deutsche Bank Aktiengesellschaft upgraded Boyd Gaming from a “hold” rating to a “buy” rating and increased their target price for the stock from $98.00 to $99.00 in a research report on Tuesday, October 6th. Susquehanna upgraded Boyd Gaming from a “neutral” rating to a “positive” rating and dropped their target price for the stock from $87.00 to $83.00 in a research report on Monday. Finally, Morgan Stanley raised Boyd Gaming from an “equal weight” rating to an “overweight” rating and cut their price target for the stock from $89.00 to $83.00 in a report on Monday. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and eight have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $90.93.

Insiders Place Their Bets

In other news, CFO Josh Hirsberg sold 12,777 shares of Boyd Gaming stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $89.76, for a total transaction of $1,146,863.52. Following the transaction, the chief financial officer owned 422,969 shares in the company, valued at $37,965,697.44. This trade represents a 2.93% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Corporate insiders own 22.82% of the company’s stock.

About Boyd Gaming

Boyd Gaming Corporation is a gaming and hospitality company headquartered in Las Vegas, Nevada. The company owns and operates casinos, hotels, restaurants, entertainment venues and related amenities under brands including Sam’s Town, The Orleans, Gold Coast, Suncoast and Fremont.

Boyd Gaming serves customers across several U.S. states, with a significant presence in Nevada as well as properties in the Midwest and South. Its portfolio includes destination resorts, regional casinos and racetracks offering slot machines, table games, poker, sports betting and other gaming experiences.

The company also operates online gaming and sports-wagering businesses in selected markets, including through partnerships and digital platforms.