Wall Street brokerages expect MSG Networks Inc (NYSE:MSGN) to report sales of $157.62 million for the current quarter, Zacks reports. Two analysts have provided estimates for MSG Networks’ earnings. The lowest sales estimate is $154.23 million and the highest is $161.00 million. MSG Networks posted sales of $160.98 million during the same quarter last year, which would indicate a negative year over year growth rate of 2.1%. The business is scheduled to issue its next earnings report on Thursday, November 5th.
On average, analysts expect that MSG Networks will report full year sales of $669.05 million for the current fiscal year, with estimates ranging from $657.21 million to $678.90 million. For the next financial year, analysts anticipate that the business will report sales of $631.90 million. Zacks’ sales calculations are an average based on a survey of sell-side analysts that cover MSG Networks.
MSG Networks (NYSE:MSGN) last released its quarterly earnings data on Thursday, August 13th. The company reported $0.97 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.65 by $0.32. MSG Networks had a negative return on equity of 30.53% and a net margin of 27.01%.
Several brokerages recently weighed in on MSGN. Zacks Investment Research cut shares of MSG Networks from a “hold” rating to a “sell” rating in a research note on Tuesday, August 18th. Guggenheim upgraded MSG Networks from a “sell” rating to a “neutral” rating and set a $10.00 price target on the stock in a research report on Friday, August 14th. Wolfe Research initiated coverage on MSG Networks in a research report on Thursday, June 25th. They set an “underperform” rating and a $8.00 price objective for the company. ValuEngine lowered MSG Networks from a “sell” rating to a “strong sell” rating in a research note on Monday, August 3rd. Finally, Imperial Capital increased their target price on shares of MSG Networks from $12.00 to $13.00 and gave the company an “in-line” rating in a research report on Tuesday, June 9th. Four equities research analysts have rated the stock with a sell rating and four have assigned a hold rating to the company’s stock. MSG Networks has a consensus rating of “Hold” and an average price target of $11.43.
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Shares of NYSE MSGN opened at $10.50 on Friday. The firm has a 50 day moving average price of $10.21 and a two-hundred day moving average price of $11.29. The stock has a market cap of $574.47 million, a P/E ratio of 3.54 and a beta of 0.94. MSG Networks has a 52-week low of $8.52 and a 52-week high of $18.54.
In related news, SVP Dawn Darino-Gorski sold 20,000 shares of the stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of $10.12, for a total transaction of $202,400.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO Bret Richter sold 19,214 shares of the firm’s stock in a transaction on Monday, August 17th. The stock was sold at an average price of $10.78, for a total transaction of $207,126.92. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 75,205 shares of company stock worth $805,068. 26.55% of the stock is owned by corporate insiders.
Institutional investors have recently modified their holdings of the stock. Principal Financial Group Inc. raised its stake in MSG Networks by 109.9% during the 2nd quarter. Principal Financial Group Inc. now owns 62,539 shares of the company’s stock worth $622,000 after buying an additional 32,747 shares during the period. PNC Financial Services Group Inc. increased its holdings in shares of MSG Networks by 34.5% during the second quarter. PNC Financial Services Group Inc. now owns 23,037 shares of the company’s stock valued at $228,000 after acquiring an additional 5,907 shares in the last quarter. Handelsbanken Fonder AB acquired a new position in shares of MSG Networks during the second quarter worth approximately $145,000. Cypress Capital LLC acquired a new position in shares of MSG Networks during the second quarter worth approximately $414,000. Finally, AQR Capital Management LLC lifted its holdings in shares of MSG Networks by 135.2% in the 2nd quarter. AQR Capital Management LLC now owns 35,246 shares of the company’s stock worth $351,000 after purchasing an additional 20,258 shares in the last quarter. 86.60% of the stock is owned by institutional investors and hedge funds.
MSG Networks Company Profile
MSG Networks Inc engages in the sports production, and content development and distribution businesses in the United States. The company owns and operates MSG Network and MSG+, which are regional sports and entertainment networks. It also operates MSG GO that provides live streaming and video on demand, as well as a Website and social media platforms for its brands.
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What would you think of the long-term prospects of a business that paid you to buy their products? That’s an oversimplification of what occurred to the May futures contract for oil on April 20. The price for that contract sold for a negative price for the first time in history.
The crisis befalling the oil companies at this time can best be described as “only the strongest survive.” There’s just no way the oil companies can possibly handle month after month of rock-bottom oil prices.
The problem is almost comically simple to understand. There is a massively reduced demand for oil as millions of Americans are following mitigation orders ranging from social distancing guidelines to more restrictive shelter in place orders. At the same time, the market is trying to absorb the oversupply of oil that came from Russia and Saudi Arabia.
However, when the year started, things looked like it might be business as usual for oil producers. The U.S. economy was humming along and there was talk that the second half of the year might finally bring the boost to oil prices that many companies badly needed.
However, since the middle of February, the bottom has dropped out of the market in general, and oil prices have been one of the main sectors to feel the impact.
Initially, investors tried to remain optimistic. A month ago, investors thought that the economy might be reopening sooner rather than later. However, the exact timing of the reopening is about as fluid as a barrel of oil. And with it looking more likely that there will be more demand destruction at least through May, there’s very little to prop up the stock of any oil companies.
And that means that, in all likelihood, there will not be room left for some oil companies. We’ve highlighted five oil stocks that have a strong probability of not surviving the chaos surrounding the coronavirus and our nation’s response.