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

Park Hotels & Resorts (NYSE:PK) 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 Price Performance

PK stock opened at $14.98 on Tuesday. The stock has a 50-day moving average price of $14.33 and a two-hundred day moving average price of $14.84. Park Hotels & Resorts has a 1 year low of $12.96 and a 1 year high of $18.05. The stock has a market cap of $3.09 billion, a PE ratio of 9.54, a price-to-earnings-growth ratio of 0.81 and a beta of 2.02. The company has a current ratio of 1.51, a quick ratio of 1.51 and a debt-to-equity ratio of 1.24.

Park Hotels & Resorts (NYSE:PK) last announced its earnings results on Tuesday, October 29th. The financial services provider reported $0.26 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $649.00 million during the quarter, compared to analyst estimates of $646.15 million. During the same period in the prior year, the business posted $0.51 EPS. The firm’s quarterly revenue was down 4.4% compared to the same quarter last year. Equities analysts forecast that Park Hotels & Resorts will post 2.09 EPS for the current fiscal year.

Analyst Ratings Changes

Several research analysts recently commented on the stock. Wolfe Research cut shares of Park Hotels & Resorts from an “outperform” rating to a “peer perform” rating in a report on Thursday, September 26th. Wells Fargo & Company reduced their price objective on shares of Park Hotels & Resorts from $17.00 to $14.50 and set an “equal weight” rating for the company in a research note on Friday, September 13th. Compass Point lowered their target price on Park Hotels & Resorts from $25.00 to $20.00 and set a “buy” rating on the stock in a research report on Thursday, October 31st. Bank of America reduced their price target on Park Hotels & Resorts from $17.00 to $16.50 and set a “neutral” rating for the company in a research report on Monday, October 21st. Finally, UBS Group lowered their price target on 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. One analyst has rated the stock with a sell rating, six have given a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price 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.