Charter Communications (NASDAQ:CHTR) Shares Gap Up on Strong Earnings

Charter Communications, Inc. (NASDAQ:CHTR)’s stock price gapped up before the market opened on Friday following a better than expected earnings announcement. The stock had previously closed at $315.23, but opened at $357.74. Charter Communications shares last traded at $364.19, with a volume of 1,239,894 shares.

The company reported $8.49 EPS for the quarter, topping the consensus estimate of $7.98 by $0.51. The business had revenue of $13.69 billion during the quarter, compared to analysts’ expectations of $13.59 billion. Charter Communications had a net margin of 8.50% and a return on equity of 31.42%. The firm’s quarterly revenue was up .2% compared to the same quarter last year. During the same period last year, the company posted $8.05 earnings per share.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on CHTR shares. Citigroup downgraded shares of Charter Communications from a “neutral” rating to a “sell” rating and dropped their price target for the stock from $280.00 to $255.00 in a research note on Wednesday, July 3rd. Rosenblatt Securities dropped their target price on Charter Communications from $297.00 to $292.00 and set a “neutral” rating on the stock in a research report on Monday, April 29th. The Goldman Sachs Group began coverage on Charter Communications in a report on Monday, July 1st. They set a “sell” rating and a $250.00 price target for the company. Bank of America dropped their price objective on Charter Communications from $315.00 to $300.00 and set a “neutral” rating on the stock in a report on Monday, April 29th. Finally, Loop Capital reduced their target price on shares of Charter Communications from $335.00 to $285.00 and set a “hold” rating for the company in a research note on Monday, April 29th. Three research analysts have rated the stock with a sell rating, nine have issued a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $331.80.

Institutional Trading of Charter Communications

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Aspiriant LLC boosted its position in shares of Charter Communications by 2.3% in the fourth quarter. Aspiriant LLC now owns 1,533 shares of the company’s stock valued at $596,000 after acquiring an additional 35 shares during the period. Axxcess Wealth Management LLC grew its position in Charter Communications by 5.8% in the 4th quarter. Axxcess Wealth Management LLC now owns 660 shares of the company’s stock worth $257,000 after purchasing an additional 36 shares during the last quarter. Summit Trail Advisors LLC raised its position in shares of Charter Communications by 2.2% during the fourth quarter. Summit Trail Advisors LLC now owns 1,783 shares of the company’s stock valued at $693,000 after buying an additional 39 shares during the last quarter. Perigon Wealth Management LLC lifted its stake in shares of Charter Communications by 1.2% in the fourth quarter. Perigon Wealth Management LLC now owns 3,461 shares of the company’s stock valued at $1,345,000 after buying an additional 40 shares during the period. Finally, Gulf International Bank UK Ltd grew its position in Charter Communications by 0.5% during the first quarter. Gulf International Bank UK Ltd now owns 8,067 shares of the company’s stock worth $2,344,000 after buying an additional 40 shares in the last quarter. Institutional investors and hedge funds own 81.76% of the company’s stock.

Charter Communications Stock Up 16.8 %

The firm has a 50 day moving average of $291.01 and a 200-day moving average of $296.22. The company has a debt-to-equity ratio of 6.28, a current ratio of 0.40 and a quick ratio of 0.40. The stock has a market capitalization of $53.02 billion, a P/E ratio of 11.78, a price-to-earnings-growth ratio of 1.40 and a beta of 1.04.

Charter Communications Company Profile

Charter Communications, Inc operates as a broadband connectivity and cable operator company serving residential and commercial customers in the United States. The company offers subscription-based internet, video, and mobile and voice services; a suite of broadband connectivity services, including fixed internet, WiFi, and mobile; Advanced WiFi services; Spectrum Security Shield; in-home WiFi, which provides customers with high performance wireless routers and managed WiFi services to enhance their fixed wireless internet experience; out-of-home WiFi; and Spectrum WiFi services.