Verizon Communications (NYSE:VZ) Issues Earnings Results, Hits Estimates

Verizon Communications (NYSE:VZ) posted its quarterly earnings results on Monday. The cell phone carrier reported $1.15 EPS for the quarter, meeting the consensus estimate of $1.15, RTT News reports. The company had revenue of $32.80 billion for the quarter, compared to analyst estimates of $33.05 billion. Verizon Communications had a net margin of 8.38% and a return on equity of 20.10%. The firm’s revenue was up .6% on a year-over-year basis. During the same period in the prior year, the company earned $1.21 earnings per share. Verizon Communications updated its FY24 guidance to $4.50-4.70 EPS and its FY 2024 guidance to 4.500-4.700 EPS.

Verizon Communications Trading Down 0.4 %

Shares of Verizon Communications stock opened at $39.51 on Thursday. The company has a debt-to-equity ratio of 1.29, a current ratio of 0.63 and a quick ratio of 0.67. The stock’s 50 day simple moving average is $40.58 and its 200-day simple moving average is $40.43. The stock has a market cap of $166.31 billion, a P/E ratio of 14.80, a P/E/G ratio of 3.54 and a beta of 0.41. Verizon Communications has a 1-year low of $30.14 and a 1-year high of $43.42.

Verizon Communications Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 1st. Shareholders of record on Wednesday, July 10th will be issued a $0.665 dividend. The ex-dividend date of this dividend is Wednesday, July 10th. This represents a $2.66 dividend on an annualized basis and a yield of 6.73%. Verizon Communications’s payout ratio is 99.25%.

Analysts Set New Price Targets

Several research firms have commented on VZ. TD Cowen upped their price objective on Verizon Communications from $48.00 to $51.00 and gave the stock a “buy” rating in a research report on Tuesday. Oppenheimer restated an “outperform” rating and set a $48.00 price target on shares of Verizon Communications in a research report on Tuesday, April 23rd. Wells Fargo & Company decreased their price objective on shares of Verizon Communications from $44.00 to $40.00 and set an “equal weight” rating for the company in a research report on Tuesday, April 23rd. Scotiabank raised their target price on Verizon Communications from $45.50 to $46.50 and gave the company a “sector perform” rating in a research report on Wednesday, July 10th. Finally, The Goldman Sachs Group began coverage on Verizon Communications in a research note on Monday, July 1st. They issued a “buy” rating and a $50.00 price target for the company. Seven equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat, Verizon Communications has a consensus rating of “Moderate Buy” and an average price target of $45.68.

About Verizon Communications

Verizon Communications Inc, through its subsidiaries, engages in the provision of communications, technology, information, and entertainment products and services to consumers, businesses, and governmental entities worldwide. It operates in two segments, Verizon Consumer Group (Consumer) and Verizon Business Group (Business).