Gray Television (NYSE:GTN) Releases Quarterly Earnings Results, Misses Expectations By $0.08 EPS

Gray Television (NYSE:GTN) issued its quarterly earnings results on Friday. The company reported $0.86 earnings per share for the quarter, missing the consensus estimate of $0.94 by ($0.08), Briefing.com reports. The company had revenue of $950.00 million for the quarter, compared to analyst estimates of $967.49 million. Gray Television had a return on equity of 3.02% and a net margin of 1.84%. Gray Television’s revenue for the quarter was up 18.3% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.57) earnings per share. Gray Television updated its Q4 2024 guidance to EPS and its FY 2024 guidance to EPS.

Gray Television Trading Down 26.1 %

Shares of GTN opened at $4.28 on Friday. Gray Television has a twelve month low of $3.95 and a twelve month high of $10.07. The company has a current ratio of 1.63, a quick ratio of 1.63 and a debt-to-equity ratio of 2.98. The firm has a market capitalization of $426.57 million, a P/E ratio of 2.85, a PEG ratio of 0.14 and a beta of 1.47. The firm’s 50-day moving average is $5.30 and its two-hundred day moving average is $5.46.

Gray Television Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, December 13th will be paid a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 7.48%. The ex-dividend date of this dividend is Friday, December 13th. Gray Television’s dividend payout ratio (DPR) is 21.33%.

Analyst Upgrades and Downgrades

GTN has been the subject of several recent analyst reports. 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, August 9th. Benchmark reduced their price objective on shares of Gray Television from $13.00 to $11.00 and set a “buy” rating for the company in a research report on Friday, August 9th. Finally, Guggenheim dropped their target price on Gray Television from $12.00 to $10.00 and set a “buy” rating on the stock in a research report on Wednesday, August 14th. Two research analysts have rated the stock with a sell rating, one has issued a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Gray Television currently has a consensus rating of “Hold” and an average price target of $8.33.

About Gray Television

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.