Verizon Communications (NYSE:VZ) Updates FY24 Earnings Guidance

Verizon Communications (NYSE:VZ - Get Free Report) issued an update on its FY24 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of $4.50-4.70 for the period, compared to the consensus estimate of $4.58.

Analysts Set New Price Targets

Several research firms have commented on VZ. Royal Bank of Canada reaffirmed a sector perform rating and issued a $42.00 target price on shares of Verizon Communications in a research note on Tuesday, July 23rd. Scotiabank increased their target price on Verizon Communications from $45.50 to $46.50 and gave the stock a sector perform rating in a research report on Wednesday, July 10th. The Goldman Sachs Group initiated coverage on Verizon Communications in a report on Monday, July 1st. They issued a buy rating and a $50.00 price target for the company. TD Cowen increased their price objective on shares of Verizon Communications from $48.00 to $51.00 and gave the stock a buy rating in a report on Tuesday, July 23rd. Finally, JPMorgan Chase & Co. lowered their target price on shares of Verizon Communications from $46.00 to $45.00 and set a neutral rating for the company in a report on Tuesday, July 23rd. Seven analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of Moderate Buy and a consensus target price of $45.78.

Verizon Communications Stock Down 0.4 %

NYSE VZ traded down $0.17 during trading hours on Thursday, hitting $41.31. The company had a trading volume of 28,187,518 shares, compared to its average volume of 18,513,787. The firm's 50 day moving average is $40.92 and its 200 day moving average is $40.52. The company has a market capitalization of $173.88 billion, a price-to-earnings ratio of 15.41, a P/E/G ratio of 3.81 and a beta of 0.41. Verizon Communications has a fifty-two week low of $30.14 and a fifty-two week high of $43.42. The company has a debt-to-equity ratio of 1.29, a current ratio of 0.63 and a quick ratio of 0.60.

Verizon Communications (NYSE:VZ - Get Free Report) last posted its earnings results on Monday, July 22nd. The cell phone carrier reported $1.15 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $1.15. The business had revenue of $32.80 billion during the quarter, compared to analyst estimates of $33.05 billion. Verizon Communications had a return on equity of 20.10% and a net margin of 8.38%. The company's revenue for the quarter was up .6% compared to the same quarter last year. During the same quarter last year, the firm earned $1.21 earnings per share. Sell-side analysts anticipate that Verizon Communications will post 4.57 earnings per share for the current fiscal year.

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).