MSG Networks Inc. (MSGN) Announces Quarterly Earnings Results, Beats Estimates By $0.02 EPS
MSG Networks Inc. (NYSE:MSGN) announced its earnings results on Thursday. The company reported $0.54 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.52 by $0.02, Briefing.com reports. MSG Networks had a negative return on equity of 17.02% and a net margin of 24.77%. The business had revenue of $157.46 million during the quarter, compared to analysts’ expectations of $157.21 million. During the same quarter last year, the business posted $0.54 earnings per share. The company’s quarterly revenue was up 2.5% on a year-over-year basis.
Shares of MSG Networks (NYSE:MSGN) traded up $0.05 during midday trading on Friday, hitting $17.05. The stock had a trading volume of 1,067,098 shares, compared to its average volume of 660,519. The company has a debt-to-equity ratio of -1.31, a current ratio of 2.44 and a quick ratio of 2.44. The firm has a market capitalization of $1.30 billion, a PE ratio of 7.83, a P/E/G ratio of 1.90 and a beta of 0.74.
Several research analysts recently weighed in on the company. Zacks Investment Research cut MSG Networks from a “hold” rating to a “sell” rating in a research note on Wednesday, October 18th. KeyCorp reaffirmed a “hold” rating on shares of MSG Networks in a research note on Tuesday, October 17th. Jefferies Group LLC reaffirmed a “hold” rating and set a $22.00 target price on shares of MSG Networks in a research note on Thursday, September 21st. Morgan Stanley cut MSG Networks from an “equal weight” rating to an “underweight” rating and set a $20.00 target price for the company. in a research note on Tuesday. Finally, FBN Securities raised MSG Networks from a “sector perform” rating to an “outperform” rating in a research note on Wednesday, August 30th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and eight have issued a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $23.86.
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MSG Networks Company Profile
MSG Networks Inc, formerly The Madison Square Garden Company, is engaged in sports production, and content development and distribution. The Company owns and operates two regional sports and entertainment networks, MSG Network (MSGN) and MSG+, collectively MSG Networks. Its networks are distributed throughout its territory, which includes all of New York State and significant portions of New Jersey and Connecticut, as well as parts of Pennsylvania.
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