Red Rock Resorts (NASDAQ:RRR) Announces Earnings Results

Red Rock Resorts (NASDAQ:RRR) announced its earnings results on Tuesday. The company reported $0.59 earnings per share for the quarter, topping the consensus estimate of $0.43 by $0.16, Briefing.com reports. The company had revenue of $486.40 million during the quarter, compared to analyst estimates of $475.80 million. Red Rock Resorts had a net margin of 9.21% and a return on equity of 87.05%. Red Rock Resorts’s revenue was up 16.9% compared to the same quarter last year. During the same quarter last year, the firm posted $0.65 earnings per share.

Red Rock Resorts Stock Performance

NASDAQ RRR traded down $0.22 on Thursday, hitting $56.10. 234 shares of the company’s stock were exchanged, compared to its average volume of 453,192. The firm has a market cap of $5.92 billion, a price-to-earnings ratio of 19.48, a P/E/G ratio of 2.89 and a beta of 2.04. The firm’s 50-day moving average price is $53.49 and its two-hundred day moving average price is $55.24. Red Rock Resorts has a fifty-two week low of $37.82 and a fifty-two week high of $63.28. The company has a debt-to-equity ratio of 18.49, a current ratio of 0.90 and a quick ratio of 0.85.

Red Rock Resorts Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 16th will be given a $0.25 dividend. The ex-dividend date is Monday, September 16th. This represents a $1.00 dividend on an annualized basis and a yield of 1.78%. Red Rock Resorts’s payout ratio is currently 34.72%.

Insider Activity at Red Rock Resorts

In other Red Rock Resorts news, Vice President Lorenzo J. Fertitta bought 800,000 shares of Red Rock Resorts stock in a transaction on Monday, May 13th. The stock was bought at an average price of $50.39 per share, with a total value of $40,312,000.00. Following the completion of the acquisition, the insider now owns 47,447,301 shares in the company, valued at $2,390,869,497.39. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 53.28% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on RRR. Wells Fargo & Company downgraded Red Rock Resorts from an “overweight” rating to an “equal weight” rating and upped their price target for the stock from $63.00 to $64.00 in a report on Wednesday. Morgan Stanley raised their price objective on shares of Red Rock Resorts from $53.00 to $54.00 and gave the company an “equal weight” rating in a report on Friday, July 12th. Susquehanna boosted their target price on shares of Red Rock Resorts from $63.00 to $70.00 and gave the stock a “positive” rating in a research note on Wednesday. Stifel Nicolaus raised their price target on Red Rock Resorts from $59.00 to $62.00 and gave the company a “hold” rating in a research note on Wednesday. Finally, Truist Financial decreased their price target on Red Rock Resorts from $64.00 to $63.00 and set a “hold” rating for the company in a report on Wednesday. Six analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $63.33.

About Red Rock Resorts

Red Rock Resorts, Inc, through its interest in Station Casinos LLC, develops and operates casino and entertainment properties in the United States. The company owns and operates gaming and entertainment facilities, including Durango Casino & Resort and smaller casinos in the Las Vegas regional market.