AT&T (NYSE:T) Issues Quarterly Earnings Results

AT&T (NYSE:T) released its earnings results on Wednesday. The technology company reported $0.60 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.57 by $0.03, Briefing.com reports. AT&T had a return on equity of 14.16% and a net margin of 10.41%. The company had revenue of $30.20 billion during the quarter, compared to analyst estimates of $30.50 billion. During the same quarter in the prior year, the company earned $0.64 earnings per share. The company’s revenue for the quarter was down .5% on a year-over-year basis. AT&T updated its FY24 guidance to $2.15-2.25 EPS.

AT&T Stock Performance

T traded down $0.32 during midday trading on Thursday, reaching $22.17. The company’s stock had a trading volume of 5,238,278 shares, compared to its average volume of 35,598,172. The company has a current ratio of 0.70, a quick ratio of 0.66 and a debt-to-equity ratio of 1.05. The company has a fifty day simple moving average of $21.09 and a 200 day simple moving average of $19.06. The stock has a market cap of $158.96 billion, a P/E ratio of 12.78, a PEG ratio of 3.67 and a beta of 0.60. AT&T has a twelve month low of $14.74 and a twelve month high of $22.58.

AT&T Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Thursday, October 10th will be given a dividend of $0.2775 per share. The ex-dividend date of this dividend is Thursday, October 10th. This represents a $1.11 annualized dividend and a dividend yield of 5.01%. AT&T’s dividend payout ratio is presently 63.79%.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. Wells Fargo & Company reduced their price target on shares of AT&T from $25.00 to $24.00 and set an “overweight” rating for the company in a research report on Thursday. Royal Bank of Canada lifted their target price on shares of AT&T from $18.00 to $19.00 and gave the company a “sector perform” rating in a research note on Thursday, July 25th. Evercore ISI upped their price target on shares of AT&T from $18.00 to $19.00 and gave the stock an “in-line” rating in a research note on Thursday, July 25th. Citigroup boosted their target price on AT&T from $21.00 to $24.00 and gave the company a “buy” rating in a research note on Wednesday, September 11th. Finally, Oppenheimer raised their price target on AT&T from $21.00 to $23.00 and gave the stock an “outperform” rating in a research note on Thursday, July 25th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, AT&T has a consensus rating of “Moderate Buy” and a consensus price target of $23.00.

AT&T Company Profile

AT&T Inc provides telecommunications and technology services worldwide. The company operates through two segments, Communications and Latin America. The Communications segment offers wireless voice and data communications services; and sells handsets, wireless data cards, wireless computing devices, carrying cases/protective covers, and wireless chargers through its own company-owned stores, agents, and third-party retail stores.