AT&T (NYSE:T) Issues Quarterly Earnings Results, Meets Estimates

AT&T (NYSE:T) issued its quarterly earnings data on Wednesday. The technology company reported $0.57 earnings per share for the quarter, hitting the consensus estimate of $0.57, Briefing.com reports. The company had revenue of $29.80 billion during the quarter, compared to analyst estimates of $30.05 billion. AT&T had a return on equity of 14.63% and a net margin of 11.13%. The firm’s revenue for the quarter was down .3% compared to the same quarter last year. During the same period in the prior year, the business posted $0.63 earnings per share. AT&T updated its FY 2024 guidance to 2.150-2.250 EPS and its FY24 guidance to $2.15-2.25 EPS.

AT&T Stock Up 0.3 %

AT&T stock traded up $0.06 during midday trading on Thursday, reaching $19.22. The company’s stock had a trading volume of 31,627,115 shares, compared to its average volume of 36,715,000. AT&T has a fifty-two week low of $13.89 and a fifty-two week high of $19.74. The company has a quick ratio of 0.63, a current ratio of 0.68 and a debt-to-equity ratio of 1.06. The company has a market cap of $137.81 billion, a P/E ratio of 10.37, a P/E/G ratio of 3.44 and a beta of 0.58. The business has a 50-day simple moving average of $18.25 and a 200-day simple moving average of $17.44.

AT&T Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 1st. Shareholders of record on Wednesday, July 10th will be paid a $0.2775 dividend. This represents a $1.11 dividend on an annualized basis and a yield of 5.78%. The ex-dividend date of this dividend is Wednesday, July 10th. AT&T’s dividend payout ratio is presently 59.68%.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on T shares. Oppenheimer increased their price objective on AT&T from $21.00 to $23.00 and gave the stock an “outperform” rating in a research report on Thursday. StockNews.com lowered AT&T from a “buy” rating to a “hold” rating in a research report on Friday, May 3rd. Deutsche Bank Aktiengesellschaft raised their price target on AT&T from $24.00 to $26.00 and gave the stock a “buy” rating in a research report on Friday, June 28th. The Goldman Sachs Group began coverage on AT&T in a research report on Monday, July 1st. They set a “buy” rating and a $22.00 price target for the company. Finally, Barclays raised their price target on AT&T from $20.00 to $22.00 and gave the stock an “overweight” rating in a research report on Thursday. Five analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $22.29.

About AT&T

AT&T Inc provides telecommunications and technology services worldwide. The company operates through two segments, Communications and Latin America. The Communications segment offers wireless voice and data communications services; and sells handsets, wireless data cards, wireless computing devices, carrying cases/protective covers, and wireless chargers through its own company-owned stores, agents, and third-party retail stores.