Surgery Partners (NASDAQ:SGRY) Reaches New 12-Month Low Following Weak Earnings

Shares of Surgery Partners, Inc. (NASDAQ:SGRY) reached a new 52-week low during trading on Tuesday following a dissappointing earnings announcement. The company traded as low as $12.25 and last traded at $12.4250, with a volume of 1596453 shares traded. The stock had previously closed at $15.88.

The company reported $0.12 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.31 by ($0.19). Surgery Partners had a positive return on equity of 2.41% and a negative net margin of 5.21%.The business had revenue of $885.00 million for the quarter, compared to analyst estimates of $866.54 million. During the same period last year, the business earned $0.44 EPS. Surgery Partners’s revenue was up 2.4% compared to the same quarter last year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on SGRY shares. Royal Bank Of Canada dropped their price target on shares of Surgery Partners from $35.00 to $31.00 and set an “outperform” rating for the company in a research report on Tuesday, November 11th. Benchmark dropped their price objective on Surgery Partners from $35.00 to $30.00 and set a “buy” rating for the company in a research note on Tuesday, November 11th. JPMorgan Chase & Co. cut their price objective on Surgery Partners from $27.00 to $20.00 and set a “neutral” rating on the stock in a report on Monday, November 24th. Barclays lowered their target price on Surgery Partners from $24.00 to $18.00 and set an “equal weight” rating for the company in a report on Friday, November 21st. Finally, Mizuho cut their price target on shares of Surgery Partners from $22.00 to $19.00 and set an “outperform” rating on the stock in a research note on Thursday, December 18th. Seven equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $27.11.

Hedge Funds Weigh In On Surgery Partners

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Pentwater Capital Management LP increased its stake in shares of Surgery Partners by 66.9% during the third quarter. Pentwater Capital Management LP now owns 11,681,000 shares of the company’s stock worth $252,777,000 after buying an additional 4,681,000 shares during the period. UBS Group AG grew its holdings in Surgery Partners by 111.4% during the 4th quarter. UBS Group AG now owns 7,803,974 shares of the company’s stock worth $120,571,000 after acquiring an additional 4,113,052 shares in the last quarter. Goldman Sachs Group Inc. increased its position in shares of Surgery Partners by 528.2% in the 4th quarter. Goldman Sachs Group Inc. now owns 1,959,686 shares of the company’s stock valued at $30,277,000 after purchasing an additional 1,647,714 shares during the last quarter. Glenview Capital Management LLC acquired a new stake in shares of Surgery Partners in the 2nd quarter valued at $33,995,000. Finally, King Street Capital Management L.P. lifted its position in shares of Surgery Partners by 24.5% during the 2nd quarter. King Street Capital Management L.P. now owns 6,225,000 shares of the company’s stock worth $138,382,000 after purchasing an additional 1,225,000 shares during the last quarter.

Surgery Partners Trading Down 21.0%

The stock has a market cap of $1.62 billion, a price-to-earnings ratio of -9.21 and a beta of 1.95. The business’s 50 day moving average is $15.35 and its 200 day moving average is $18.33. The company has a debt-to-equity ratio of 1.10, a current ratio of 1.88 and a quick ratio of 1.72.

Surgery Partners Company Profile

Surgery Partners, Inc operates as a healthcare services provider specializing in the management and ownership of ambulatory surgery centers, surgical hospitals and multispecialty rehabilitation hospitals across the United States. Through its network of facilities, the company coordinates and delivers a broad range of outpatient surgical procedures in specialties such as orthopedics, ophthalmology, otolaryngology, gastroenterology, pain management and general surgery. Its integrated platform offers ancillary services including on-site imaging, laboratory testing, infusion therapy and physical, occupational and speech rehabilitation.

Since its establishment in 2010 and subsequent public listing in 2015, Surgery Partners has focused on strategic partnerships with physicians and health systems to expand access to cost-effective outpatient care.