United States Steel Shares Up 19.5% Following Strong Earnings (X)
Shares of United States Steel (NYSE:X) shot up 19.5% during mid-day trading on Wednesday after the company announced better than expected quarterly earnings, AR Network reports. The stock traded as high as $33.25 and last traded at $33.06, with a volume of 20,806,615 shares changing hands. The stock had previously closed at $27.67.
The company reported $0.17 EPS for the quarter, beating the Thomson Reuters consensus estimate of ($0.27) by $0.44. The company had revenue of $4.40 billion for the quarter, compared to the consensus estimate of $4.23 billion. During the same quarter in the prior year, the company posted ($0.35) earnings per share. The company’s quarterly revenue was down .7% on a year-over-year basis.
The company also recently announced a quarterly dividend, which is scheduled for Wednesday, September 10th. Shareholders of record on Wednesday, August 13th will be paid a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a dividend yield of 0.72%.
A number of research firms have recently commented on X. Analysts at Jefferies Group reiterated a “hold” rating on shares of United States Steel in a research note on Monday, July 14th. They now have a $31.00 price target on the stock, up previously from $27.00. Separately, analysts at S&P Equity Research downgraded shares of United States Steel to a “sell” rating in a research note on Tuesday, June 17th. Finally, analysts at Zacks reiterated a “neutral” rating on shares of United States Steel in a research note on Monday, May 26th. They now have a $25.00 price target on the stock. Three research analysts have rated the stock with a sell rating, eleven have issued a hold rating and seven have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $28.62.
The stock has a 50-day moving average of $26.22 and a 200-day moving average of $25.88. The company’s market cap is $4.761 billion.
United States Steel Corporation (NYSE:X) is an integrated steel producer of flat-rolled and tubular products with production ope.
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.