Gray Television (NYSE:GTN) Announces Quarterly Earnings Results

Gray Television (NYSE:GTN) released its quarterly earnings data on Friday. The company reported $0.86 EPS for the quarter, missing the consensus estimate of $0.94 by ($0.08), Briefing.com reports. Gray Television had a return on equity of 3.02% and a net margin of 1.84%. The company had revenue of $950.00 million during the quarter, compared to analysts’ expectations of $967.49 million. During the same quarter in the prior year, the company posted ($0.57) EPS. The company’s revenue for the quarter was up 18.3% on a year-over-year basis. Gray Television updated its Q4 2024 guidance to EPS and its FY 2024 guidance to EPS.

Gray Television Price Performance

NYSE GTN traded down $1.51 during mid-day trading on Friday, hitting $4.28. The stock had a trading volume of 7,068,845 shares, compared to its average volume of 836,385. The firm’s 50 day moving average is $5.30 and its 200 day moving average is $5.46. Gray Television has a twelve month low of $3.95 and a twelve month high of $10.07. The company has a debt-to-equity ratio of 2.98, a current ratio of 1.63 and a quick ratio of 1.63. The stock has a market capitalization of $426.59 million, a price-to-earnings ratio of 61.15, a PEG ratio of 0.14 and a beta of 1.47.

Gray Television Announces Dividend

The company 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 yield of 7.48%. The ex-dividend date of this dividend is Friday, December 13th. Gray Television’s dividend payout ratio is currently 457.21%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on GTN. Guggenheim decreased 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. Wells Fargo & Company decreased their target price on Gray Television from $6.00 to $4.00 and set an “underweight” rating on the stock in a research report on Friday, August 9th. Finally, Benchmark decreased their target price on Gray Television from $13.00 to $11.00 and set a “buy” rating on the stock in a research report on Friday, August 9th. Two equities 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’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $8.33.

Gray Television Company Profile

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.