Loews Corp. Given Underperform Rating at Zacks (L)
Loews Corp. (NYSE:L)‘s stock had its “underperform” rating reiterated by Zacks in a report released on Tuesday. They currently have a $38.00 price objective on the stock. Zacks‘s price objective would indicate a potential downside of 10.10% from the company’s current price.
Zacks’ analyst wrote, “Loews in the second quarter surpassed the Zacks Consensus Estimate as well as year ago earnings. The quarter witnessed higher earnings at CNA Financial and higher parent company investment income driven by improved performance of the trading portfolio. However, lower earnings at Diamond Offshore limited the upside. The top line slid on lower insurance premiums and lower contract drilling revenues. Expenses decreased due to lower Insurance claims & policyholders’ benefits. Loews remains on track to strengthen its hotel business by doubling its hotel count within the next two to four years and expects to triple its net income by 2015. Though Diamond Offshore continues to improve its fleet, a weakening ultra-deepwater and deepwater market will dampen results. Boardwalk remains on track to expand existing pipeline infrastructure as market condition improves. The acquisitions of HP Storage and Louisiana Midstream support its strategy to focus on diversification, to become less dependent on its base gas transportation business. A strong balance sheet with low leverage and adequate cash and strong rating scores are among the positives. “
Shares of Loews Corp. (NYSE:L) traded down 0.28% on Tuesday, hitting $42.17. 1,147,944 shares of the company’s stock traded hands. Loews Corp. has a 52-week low of $41.85 and a 52-week high of $49.43. The stock has a 50-day moving average of $43.6 and a 200-day moving average of $43.88. The company has a market cap of $16.299 billion and a price-to-earnings ratio of 40.09.
Loews Corp. (NYSE:L) last issued its quarterly earnings data on Monday, August 4th. The company reported $0.79 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.68 by $0.11. The company had revenue of $3.61 billion for the quarter, compared to the consensus estimate of $3.63 billion. During the same quarter last year, the company posted $0.69 earnings per share. Analysts expect that Loews Corp. will post $2.93 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Friday, September 12th. Investors of record on Friday, August 29th will be given a dividend of $0.0625 per share. This represents a $0.25 dividend on an annualized basis and a yield of 0.59%.
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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