Loews Corp. Stock Price Down 4.3% Following Weak Earnings (L)
Loews Corp. (NYSE:L) was down 4.3% during mid-day trading on Monday following a dissappointing earnings announcement, Analyst Ratings News reports. The stock traded as low as $42.63 and last traded at $43.23, with a volume of 2,289,434 shares trading hands. The stock had previously closed at $45.18.
The company reported ($0.51) EPS for the quarter, missing the Thomson Reuters consensus estimate of $0.71 by $1.22. The company had revenue of $2.60 billion for the quarter, compared to the consensus estimate of $2.44 billion. During the same quarter in the prior year, the company posted ($0.08) earnings per share. The company’s quarterly revenue was up 4.6% on a year-over-year basis.
A number of research firms have recently commented on L. Analysts at RBC Capital reiterated a “buy” rating on shares of Loews Corp. in a research note on Saturday, November 16th. They now have a $55.00 price target on the stock. Analysts at Zacks reiterated a “neutral” rating on shares of Loews Corp. in a research note on Friday, November 15th. They now have a $50.00 price target on the stock.
The stock has a 50-day moving average of $46.24 and a 200-day moving average of $46.85. The company has a market cap of $6.015 billion and a P/E ratio of 11.45.
Loews Corporation is a holding company. Its subsidiaries are engaged in commercial property and casualty insurance, operation of offshore oil and gas drilling rigs, exploration, production and marketing of natural gas and oil (NYSE:L), interstate transportation and storage of natural gas and operation of hotels.
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