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

Park Hotels & Resorts (NYSE:PK - Get Free Report) issued an update on its FY24 earnings guidance on Monday morning. The company provided earnings per share guidance of $2.00-2.10 for the period, compared to the consensus earnings per share estimate of $2.12. Park Hotels & Resorts also updated its FY 2024 guidance to 2.000-2.100 EPS.

Park Hotels & Resorts Stock Up 1.6 %

PK traded up $0.24 during trading on Monday, hitting $14.95. The stock had a trading volume of 1,547,811 shares, compared to its average volume of 2,766,186. The stock has a 50 day simple moving average of $14.33 and a two-hundred day simple moving average of $14.84. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.51 and a current ratio of 1.51. Park Hotels & Resorts has a twelve month low of $12.96 and a twelve month high of $18.05. The company has a market capitalization of $3.09 billion, a PE ratio of 9.59, a PEG ratio of 0.81 and a beta of 2.02.

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

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on PK shares. StockNews.com lowered Park Hotels & Resorts from a "hold" rating to a "sell" rating in a research note on Thursday. Wells Fargo & Company decreased their target price 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. 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. Compass Point dropped their price objective on shares of Park Hotels & Resorts from $25.00 to $20.00 and set a "buy" rating on the stock in a report on Thursday, October 31st. Finally, UBS Group reduced their target price on shares of Park Hotels & Resorts from $18.00 to $14.00 and set a "neutral" rating for the company in a report on Friday, August 16th. One analyst has rated the stock with a sell rating, six have given a hold rating and six have assigned a buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $18.00.

About Park Hotels & Resorts

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.