Park Hotels & Resorts (NYSE:PK) Issues Earnings Results, Misses Estimates By $0.12 EPS

Park Hotels & Resorts (NYSE:PK) issued its quarterly earnings data on Wednesday. The financial services provider reported ($0.10) earnings per share for the quarter, missing the consensus estimate of $0.02 by ($0.12), FiscalAI reports. The business had revenue of $602.00 million during the quarter, compared to analysts’ expectations of $601.95 million. Park Hotels & Resorts had a negative return on equity of 5.23% and a negative net margin of 6.41%. The company’s revenue was down 1.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.35 earnings per share.

Park Hotels & Resorts Trading Down 8.2%

NYSE:PK traded down $1.39 during trading hours on Thursday, reaching $15.57. 3,938,228 shares of the stock were exchanged, compared to its average volume of 4,315,002. Park Hotels & Resorts has a twelve month low of $9.84 and a twelve month high of $17.14. The business has a 50-day moving average of $15.69 and a two-hundred day moving average of $13.31. The company has a market capitalization of $3.13 billion, a price-to-earnings ratio of -18.75 and a beta of 1.41. The company has a quick ratio of 1.53, a current ratio of 1.53 and a debt-to-equity ratio of 1.29.

Park Hotels & Resorts Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, January 15th. Shareholders of record on Thursday, December 31st will be paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 6.4%. The ex-dividend date is Thursday, December 31st. Park Hotels & Resorts’s dividend payout ratio is -120.48%.

Analyst Ratings Changes

A number of research firms have commented on PK. Weiss Ratings upgraded Park Hotels & Resorts from a “hold (c-)” rating to a “hold (c)” rating in a research report on Friday, October 23rd. BMO Capital Markets raised Park Hotels & Resorts from a “market perform” rating to an “outperform” rating and raised their price objective for the stock from $14.00 to $18.00 in a research report on Tuesday, September 1st. Evercore set a $17.00 price objective on Park Hotels & Resorts in a research report on Monday, October 26th. Truist Financial boosted their price objective on shares of Park Hotels & Resorts from $13.00 to $17.00 and gave the company a “hold” rating in a report on Thursday, September 10th. Finally, Zacks Research raised shares of Park Hotels & Resorts from a “hold” rating to a “strong-buy” rating in a research report on Thursday, October 29th. Two analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $16.64.

Park Hotels & Resorts Company Profile

Park Hotels & Resorts Inc (NYSE: PK) is a real estate investment trust focused on owning and operating hotels and resorts. The company’s portfolio includes full-service properties in major business and leisure destinations, with hotels operating under Hilton brands as well as other nationally recognized and independent brands.

Park’s properties provide lodging, food and beverage, meeting and event facilities, and other hospitality services. Its hotels are located primarily in the United States, including gateway cities, convention markets, and resort destinations.

Park Hotels & Resorts was formed in 2017 through a spin-off from Hilton Worldwide Holdings.