Gray Television (NYSE:GTN) Issues Quarterly Earnings Results, Misses Expectations By $0.01 EPS

Gray Television (NYSE:GTN) released its quarterly earnings results on Thursday. The company reported $0.09 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.10 by ($0.01), Briefing.com reports. Gray Television had a return on equity of 2.13% and a net margin of 1.30%. The firm had revenue of $826.00 million for the quarter, compared to analysts’ expectations of $840.33 million. During the same period last year, the firm earned ($0.10) EPS. The business’s quarterly revenue was up 1.6% on a year-over-year basis. Gray Television updated its Q3 2024 guidance to EPS.

Gray Television Price Performance

NYSE:GTN opened at $4.40 on Monday. The stock has a market cap of $436.21 million, a P/E ratio of -36.58, a PEG ratio of 0.12 and a beta of 1.52. Gray Television has a one year low of $4.18 and a one year high of $10.07. The company has a fifty day moving average price of $5.39 and a 200 day moving average price of $6.18. The company has a debt-to-equity ratio of 2.99, a current ratio of 1.42 and a quick ratio of 1.42.

Gray Television Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 13th will be paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 7.27%. The ex-dividend date is Friday, September 13th. Gray Television’s payout ratio is currently -266.67%.

Wall Street Analysts Forecast Growth

GTN has been the subject of several research reports. Benchmark decreased their price target on shares of Gray Television from $13.00 to $11.00 and set a “buy” rating for the company in a report on Friday. Loop Capital raised shares of Gray Television to a “strong-buy” rating in a research note on Wednesday, May 8th. Finally, Wells Fargo & Company reduced their target price on shares of Gray Television from $6.00 to $4.00 and set an “underweight” rating for the company in a research note on Friday. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating, one has given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Gray Television currently has a consensus rating of “Hold” and an average price target of $7.50.

Gray Television Company Profile

Gray Television, Inc, a television broadcasting company, owns and/or operates television stations and digital assets in the United States. It also broadcasts secondary digital channels affiliated to ABC, CBS, NBC, and FOX, as well as various other networks and program services, including CW Plus Network, MY Network, the MeTV Network, Circle, Telemundo, THE365, and Outlaw; and local news/weather channels in various markets.