CenturyLink Trading 5.4% Higher After Strong Earnings (CTL)
CenturyLink (NYSE:CTL)’s share price traded up 5.4% during mid-day trading on Thursday following a stronger than expected earnings report, AnalystRatingsNetwork reports. The company traded as high as $37.22 and last traded at $36.51, with a volume of 12,502,962 shares trading hands. The stock had previously closed at $34.65.
The company reported $0.66 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.61 by $0.05. The company had revenue of $4.54 billion for the quarter, compared to the consensus estimate of $4.48 billion. During the same quarter last year, the company posted $0.76 earnings per share. CenturyLink’s revenue was up .6% compared to the same quarter last year.
A number of analysts have recently weighed in on CTL shares. Analysts at BMO Capital Markets downgraded shares of CenturyLink from an “outperform” rating to a “market perform” rating in a research note on Tuesday. They now have a $33.00 price target on the stock, up previously from $32.00. Finally, analysts at Zacks reiterated a “neutral” rating on shares of CenturyLink in a research note on Friday, March 14th. They now have a $32.00 price target on the stock. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and four have issued a buy rating to the company’s stock. CenturyLink has a consensus rating of “Hold” and an average price target of $34.17.
In other CenturyLink news, Insider Jeffrey Vondeylen unloaded 5,000 shares of the company’s stock in a transaction that occurred on Thursday, May 1st. The stock was sold at an average price of $35.00, for a total transaction of $175,000.00. Following the sale, the insider now directly owns 80,284 shares in the company, valued at approximately $2,809,940. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link.
The stock has a 50-day moving average of $33.64 and a 200-day moving average of $31.74. The company’s market cap is $21.269 billion.
CenturyLink, Inc (NYSE:CTL) is an integrated communications company.
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