Park Hotels & Resorts (NYSE:PK) Updates FY24 Earnings Guidance

by · The Cerbat Gem

Park Hotels & Resorts (NYSE:PK – Get Free Report) issued an update on its FY24 earnings guidance on Monday morning. The company provided EPS guidance of $2.00-2.10 for the period, compared to the consensus EPS estimate of $2.12.

Park Hotels & Resorts Stock Performance

NYSE:PK opened at $14.71 on Monday. The company has a quick ratio of 1.51, a current ratio of 1.51 and a debt-to-equity ratio of 1.24. The stock has a fifty day simple moving average of $14.33 and a 200-day simple moving average of $14.85. Park Hotels & Resorts has a 52-week low of $12.85 and a 52-week high of $18.05. The company has a market capitalization of $3.04 billion, a PE ratio of 9.37, a price-to-earnings-growth ratio of 0.81 and a beta of 2.02.

Park Hotels & Resorts (NYSE:PK – Get Free Report) last released its quarterly earnings results on Tuesday, October 29th. The financial services provider reported $0.26 EPS for the quarter, missing the consensus estimate of $0.47 by ($0.21). Park Hotels & Resorts had a net margin of 12.66% and a return on equity of 9.63%. The business had revenue of $649.00 million during the quarter, compared to analyst estimates of $646.15 million. During the same quarter in the prior year, the company earned $0.51 earnings per share. The firm’s revenue for the quarter was down 4.4% compared to the same quarter last year. On average, equities research analysts expect that Park Hotels & Resorts will post 2.09 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. Evercore ISI decreased their price objective on Park Hotels & Resorts from $20.00 to $19.00 and set an “outperform” rating on the stock in a research note on Tuesday, August 13th. Bank of America decreased their price target on shares of Park Hotels & Resorts from $17.00 to $16.50 and set a “neutral” rating on the stock in a research note on Monday, October 21st. Wolfe Research lowered shares of Park Hotels & Resorts from an “outperform” rating to a “peer perform” rating in a research report on Thursday, September 26th. UBS Group decreased their target price on shares of Park Hotels & Resorts from $18.00 to $14.00 and set a “neutral” rating on the stock in a research report on Friday, August 16th. Finally, Wells Fargo & Company cut their price target on Park Hotels & Resorts from $17.00 to $14.50 and set an “equal weight” rating for the company in a report on Friday, September 13th. One analyst has rated the stock with a sell rating, six have issued a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, Park Hotels & Resorts currently has an average rating of “Hold” and a consensus target price of $18.00.

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Park Hotels & Resorts Company Profile

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Park is one of the largest publicly traded lodging REITs with a diverse portfolio of market-leading hotels and resorts with significant underlying real estate value. Park's portfolio currently consists of 43 premium-branded hotels and resorts with over 26,000 rooms primarily located in prime city center and resort locations.

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