Evercore Partners Upgrades Verizon Communications to “Overweight” (VZ)
Verizon Communications (NYSE:VZ) was upgraded by investment analysts at Evercore Partners from an “equal weight” rating to an “overweight” rating in a note issued to investors on Friday, TheFlyOnTheWall.com reports. The firm currently has a $53.00 price objective on the stock. Evercore Partners’ target price would suggest a potential upside of 11.91% from the company’s current price. The analysts noted that the move was a valuation call.
Other equities research analysts have also recently issued reports about the stock. Analysts at Cowen and Company cut their price target on shares of Verizon Communications (NYSE:VZ) from $51.00 to $49.00 in a research note to investors on Wednesday, September 4th. They now have a “hold” rating on the stock. Separately, analysts at Argus downgraded shares of Verizon Communications (NYSE:VZ) from a “buy” rating to a “hold” rating in a research note to investors on Wednesday, September 4th. Finally, analysts at Robert W. Baird upgraded shares of Verizon Communications (NYSE:VZ) from a “neutral” rating to an “outperform” rating in a research note to investors on Wednesday, September 4th. They now have a $53.00 price target on the stock, up previously from $52.00.
Two equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Verizon Communications has an average rating of “Hold” and an average target price of $54.45.
Shares of Verizon Communications (NYSE:VZ) traded up 0.70% on Friday, hitting $47.68. 3,458,316 shares of the company’s stock traded hands. Verizon Communications has a one year low of $40.51 and a one year high of $54.31. The stock has a 50-day moving average of $48.32 and a 200-day moving average of $49.7. The company has a market cap of $136.4 billion and a P/E ratio of 86.72. Verizon Communications also saw some unusual options trading on Thursday. Stock traders acquired 12,162 put options on the stock. This represents an increase of 103% compared to the average volume of 6,004 put options.
Verizon Communications (NYSE:VZ) last released its earnings data on Thursday, July 18th. The company reported $0.73 EPS for the quarter, meeting the Thomson Reuters consensus estimate of $0.73. The company had revenue of $27.79 billion for the quarter, compared to the consensus estimate of $29.83 billion. During the same quarter in the previous year, the company posted $0.64 earnings per share. The company’s revenue for the quarter was up 4.3% on a year-over-year basis. Analysts expect that Verizon Communications will post $2.79 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Friday, November 1st. Shareholders of record on Thursday, October 10th will be given a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a yield of 4.48%. The ex-dividend date of this dividend is Tuesday, October 8th. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.52.
Verizon Communications Inc (NYSE:VZ) is a holding company.
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