Zacks: Brokerages Expect Melco Resorts & Entertainment Limited (MLCO) Will Post Earnings of $0.22 Per Share

Wall Street brokerages forecast that Melco Resorts & Entertainment Limited (NASDAQ:MLCO) will post earnings of $0.22 per share for the current fiscal quarter, Zacks Investment Research reports. Two analysts have provided estimates for Melco Resorts & Entertainment’s earnings, with estimates ranging from $0.18 to $0.26. Melco Resorts & Entertainment posted earnings per share of $0.31 in the same quarter last year, which would suggest a negative year over year growth rate of 29%. The firm is scheduled to issue its next earnings results on Thursday, November 1st.

According to Zacks, analysts expect that Melco Resorts & Entertainment will report full-year earnings of $0.92 per share for the current fiscal year, with EPS estimates ranging from $0.60 to $1.23. For the next year, analysts anticipate that the business will post earnings of $1.03 per share, with EPS estimates ranging from $0.53 to $1.57. Zacks Investment Research’s EPS averages are a mean average based on a survey of sell-side analysts that that provide coverage for Melco Resorts & Entertainment.

Melco Resorts & Entertainment (NASDAQ:MLCO) last released its quarterly earnings results on Tuesday, July 24th. The company reported $0.20 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.25 by ($0.05). Melco Resorts & Entertainment had a net margin of 7.83% and a return on equity of 15.47%. The company had revenue of $1.23 billion for the quarter, compared to analysts’ expectations of $1.31 billion. During the same quarter in the previous year, the company posted $0.07 EPS. The business’s quarterly revenue was down 5.3% on a year-over-year basis.

MLCO has been the topic of several recent research reports. Zacks Investment Research lowered Melco Resorts & Entertainment from a “hold” rating to a “strong sell” rating in a report on Sunday, July 15th. BidaskClub upgraded Melco Resorts & Entertainment from a “strong sell” rating to a “sell” rating in a report on Wednesday, August 22nd. HSBC set a $33.00 price target on Melco Resorts & Entertainment and gave the company a “buy” rating in a report on Tuesday. Bank of America restated a “buy” rating and set a $35.10 price target (up previously from $34.40) on shares of Melco Resorts & Entertainment in a report on Tuesday, July 24th. Finally, Nomura decreased their price target on Melco Resorts & Entertainment from $42.00 to $32.00 and set a “buy” rating on the stock in a report on Monday, July 9th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and ten have issued a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus price target of $32.89.

Hedge funds have recently added to or reduced their stakes in the business. Financial Gravity Wealth Inc. purchased a new stake in Melco Resorts & Entertainment in the first quarter worth $103,000. FNY Investment Advisers LLC purchased a new stake in Melco Resorts & Entertainment in the second quarter worth $201,000. Rothschild Investment Corp IL purchased a new stake in Melco Resorts & Entertainment in the second quarter worth $202,000. Lucia Wealth Services LLC purchased a new stake in Melco Resorts & Entertainment in the second quarter worth $210,000. Finally, First Hawaiian Bank purchased a new stake in Melco Resorts & Entertainment in the third quarter worth $163,000. Institutional investors and hedge funds own 40.49% of the company’s stock.

NASDAQ:MLCO traded down $0.31 during midday trading on Friday, hitting $17.74. 164,794 shares of the company traded hands, compared to its average volume of 4,415,754. Melco Resorts & Entertainment has a 12-month low of $17.89 and a 12-month high of $32.95. The firm has a market capitalization of $9.13 billion, a PE ratio of 19.62, a PEG ratio of 1.56 and a beta of 1.48. The company has a debt-to-equity ratio of 1.05, a quick ratio of 1.02 and a current ratio of 1.04.

Melco Resorts & Entertainment Company Profile

Melco Resorts & Entertainment Limited, through its subsidiaries, develops, owns, and operates casino gaming and entertainment casino resort facilities in Asia. It owns and operates City of Dreams, an integrated casino resort that has 500 gaming tables and 800 gaming machines; approximately 1,400 hotel rooms and suites; a wet stage performance theater with approximately 2,000 seats; approximately 30 restaurants and bars, and 150 retail outlets; and recreation and leisure facilities, including health and fitness clubs, swimming pools, spa and salons, and banquet and meeting facilities.

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