Clear Channel Outdoor (NYSE:CCO) Posts Earnings Results

Clear Channel Outdoor (NYSE:CCO) posted its earnings results on Thursday. The business services provider reported ($0.17) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.18) by $0.01, Zacks reports. The firm had revenue of $481.75 million for the quarter, compared to analysts’ expectations of $480.69 million. During the same quarter last year, the company posted ($0.23) EPS. Clear Channel Outdoor updated its FY 2024 guidance to EPS and its Q2 2024 guidance to EPS.

Clear Channel Outdoor Stock Performance

Shares of NYSE CCO traded down $0.03 during midday trading on Friday, hitting $1.59. 531,588 shares of the stock traded hands, compared to its average volume of 2,237,524. The firm has a 50-day moving average of $1.58 and a two-hundred day moving average of $1.58. The firm has a market capitalization of $766.70 million, a P/E ratio of -2.48 and a beta of 2.91. Clear Channel Outdoor has a one year low of $0.99 and a one year high of $2.06.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on CCO. Barrington Research reiterated an “outperform” rating and set a $2.50 target price on shares of Clear Channel Outdoor in a report on Tuesday, February 27th. StockNews.com upgraded Clear Channel Outdoor from a “sell” rating to a “hold” rating in a research note on Friday, February 16th. Finally, Morgan Stanley upped their price target on Clear Channel Outdoor from $1.50 to $2.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 28th. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $2.16.

About Clear Channel Outdoor

Clear Channel Outdoor Holdings, Inc operates as an out-of-home advertising company in the United States, Europe, and internationally. It operates through America, Airports, Europe-North, and Other segments. The company provides advertising services through billboards, including bulletins and posters, as well as spectaculars, which are customized display structures with videos, multi-dimensional lettering and figures, mechanical devices, moving parts, and other embellishments; street furniture displays, such as advertising surfaces on bus shelters, information kiosks, news racks, and other public structures; transit displays for rail stations and on various types of vehicles; retail displays; and airport advertising displays.