Stifel Nicolaus Upgrades Boyd Gaming (BYD) to Buy

Share on StockTwits

Boyd Gaming (NYSE:BYD) was upgraded by research analysts at Stifel Nicolaus from a “hold” rating to a “buy” rating in a research note issued to investors on Friday, The Fly reports.

Other research analysts have also recently issued research reports about the company. ValuEngine raised Boyd Gaming from a “sell” rating to a “hold” rating in a research note on Wednesday. TheStreet cut Boyd Gaming from a “b” rating to a “c+” rating in a research note on Monday, November 26th. Barclays dropped their price objective on Boyd Gaming from $40.00 to $38.00 and set an “overweight” rating on the stock in a research note on Thursday, November 1st. Zacks Investment Research cut Boyd Gaming from a “buy” rating to a “hold” rating in a research note on Thursday, January 3rd. Finally, Morgan Stanley raised Boyd Gaming from an “equal weight” rating to an “overweight” rating and dropped their price objective for the stock from $35.00 to $31.00 in a research note on Thursday, December 20th. Three analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Boyd Gaming presently has an average rating of “Buy” and an average target price of $37.45.

Shares of NYSE:BYD opened at $26.08 on Friday. Boyd Gaming has a 52-week low of $18.98 and a 52-week high of $40.44. The company has a market capitalization of $2.87 billion, a P/E ratio of 25.32, a PEG ratio of 0.71 and a beta of 1.94. The company has a current ratio of 1.37, a quick ratio of 1.33 and a debt-to-equity ratio of 3.09.

Boyd Gaming (NYSE:BYD) last announced its quarterly earnings data on Thursday, October 25th. The company reported $0.23 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.23. Boyd Gaming had a return on equity of 12.53% and a net margin of 7.19%. The company had revenue of $612.20 million for the quarter, compared to analysts’ expectations of $607.60 million. As a group, equities research analysts predict that Boyd Gaming will post 1.34 earnings per share for the current fiscal year.

Boyd Gaming announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, December 12th that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 3.7% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s management believes its shares are undervalued.

In other Boyd Gaming news, VP William R. Boyd sold 100,000 shares of the stock in a transaction on Thursday, December 13th. The stock was sold at an average price of $24.19, for a total transaction of $2,419,000.00. Following the sale, the vice president now owns 23,505 shares of the company’s stock, valued at approximately $568,585.95. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 28.88% of the stock is currently owned by company insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the business. First Hawaiian Bank acquired a new stake in shares of Boyd Gaming in the 3rd quarter worth $100,000. Point72 Hong Kong Ltd acquired a new stake in shares of Boyd Gaming in the 2nd quarter worth $130,000. Cerebellum GP LLC acquired a new stake in shares of Boyd Gaming in the 3rd quarter worth $190,000. Centaurus Financial Inc. acquired a new stake in shares of Boyd Gaming in the 2nd quarter worth $203,000. Finally, Oakbrook Investments LLC acquired a new stake in shares of Boyd Gaming in the 3rd quarter worth $213,000. 71.82% of the stock is currently owned by institutional investors and hedge funds.

Boyd Gaming Company Profile

Boyd Gaming Corporation, together with its subsidiaries, operates as a multi-jurisdictional gaming company. It operates through three segments: Las Vegas Locals, Downtown Las Vegas, and Midwest and South. As of October 15, 2018, the company operated 29 gaming entertainment properties offering a total of 1.76 million square feet of casino space, approximately 38,000 gaming machines, 900 table games, 11,000 hotel rooms, and 320 food and beverage outlets located in Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Ohio, and Pennsylvania.

Featured Story: Preferred Stock

The Fly

Analyst Recommendations for Boyd Gaming (NYSE:BYD)

Receive News & Ratings for Boyd Gaming Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Boyd Gaming and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply