AT&T (NYSE:T) Issues Quarterly Earnings Results, Beats Expectations By $0.02 EPS

AT&T (NYSE:T) issued its earnings results on Wednesday. The technology company reported $0.55 earnings per share for the quarter, beating the consensus estimate of $0.53 by $0.02, Briefing.com reports. AT&T had a net margin of 11.13% and a return on equity of 14.63%. The firm had revenue of $30.03 billion for the quarter, compared to analysts’ expectations of $30.62 billion. During the same quarter last year, the company earned $0.60 earnings per share. The firm’s revenue was down .4% compared to the same quarter last year. AT&T updated its FY24 guidance to $2.15-2.25 EPS.

AT&T Price Performance

NYSE:T traded up $0.17 during mid-day trading on Friday, reaching $16.75. 36,149,547 shares of the stock were exchanged, compared to its average volume of 39,392,945. The business has a fifty day moving average price of $16.97 and a 200 day moving average price of $16.54. The firm has a market capitalization of $119.77 billion, a PE ratio of 9.01, a PEG ratio of 2.54 and a beta of 0.57. AT&T has a 1-year low of $13.43 and a 1-year high of $18.16. The company has a current ratio of 0.68, a quick ratio of 0.67 and a debt-to-equity ratio of 1.06.

AT&T Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, May 1st. Investors of record on Wednesday, April 10th will be issued a dividend of $0.2775 per share. This represents a $1.11 dividend on an annualized basis and a yield of 6.63%. The ex-dividend date of this dividend is Tuesday, April 9th. AT&T’s payout ratio is currently 59.68%.

Analyst Ratings Changes

Several analysts recently commented on the stock. Wolfe Research upgraded shares of AT&T from a “peer perform” rating to an “outperform” rating and set a $21.00 price target for the company in a research report on Tuesday, March 5th. StockNews.com raised shares of AT&T from a “hold” rating to a “buy” rating in a research note on Thursday. Barclays boosted their price objective on shares of AT&T from $17.00 to $20.00 and gave the company an “equal weight” rating in a research note on Wednesday, January 31st. Citigroup boosted their price objective on shares of AT&T from $19.00 to $20.00 and gave the company a “buy” rating in a research note on Thursday, February 1st. Finally, Oppenheimer raised shares of AT&T from a “market perform” rating to an “outperform” rating and set a $21.00 price objective on the stock in a research note on Friday, January 19th. Five research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $20.81.

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.