Verizon Communications (NYSE:VZ) Coverage Initiated by Analysts at Oppenheimer

Research analysts at Oppenheimer assumed coverage on shares of Verizon Communications (NYSE:VZ) in a research note issued on Tuesday, TipRanks reports. The firm set a “buy” rating and a $70.00 price target on the cell phone carrier’s stock. Oppenheimer’s target price would suggest a potential upside of 15.95% from the company’s current price.

Other equities analysts have also issued reports about the company. Raymond James upped their target price on Verizon Communications from $61.00 to $64.00 and gave the company an “outperform” rating in a report on Monday, July 27th. Royal Bank of Canada reiterated a “hold” rating and issued a $57.00 price objective on shares of Verizon Communications in a research note on Wednesday, September 9th. Moffett Nathanson reiterated a “hold” rating and issued a $62.00 price objective on shares of Verizon Communications in a research note on Friday, July 24th. Tigress Financial reiterated a “hold” rating on shares of Verizon Communications in a research note on Tuesday, August 11th. Finally, Scotiabank upped their price objective on Verizon Communications from $63.00 to $64.00 and gave the company a “sector outperform” rating in a research note on Monday, July 27th. One research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. Verizon Communications has a consensus rating of “Hold” and a consensus price target of $62.27.

VZ stock opened at $60.37 on Tuesday. The firm has a market cap of $249.81 billion, a PE ratio of 13.10, a P/E/G ratio of 3.67 and a beta of 0.46. The company has a quick ratio of 0.93, a current ratio of 0.96 and a debt-to-equity ratio of 1.66. The business has a 50 day moving average of $59.04 and a 200-day moving average of $56.49. Verizon Communications has a 12-month low of $48.84 and a 12-month high of $62.22.

Verizon Communications (NYSE:VZ) last released its earnings results on Friday, July 24th. The cell phone carrier reported $1.18 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.15 by $0.03. The company had revenue of $30.40 billion during the quarter, compared to analyst estimates of $29.98 billion. Verizon Communications had a return on equity of 32.15% and a net margin of 14.76%. Verizon Communications’s quarterly revenue was down 5.2% on a year-over-year basis. During the same period in the prior year, the company posted $1.23 earnings per share. On average, research analysts expect that Verizon Communications will post 4.78 earnings per share for the current year.

Several hedge funds have recently modified their holdings of the stock. Geode Capital Management LLC raised its position in shares of Verizon Communications by 1.6% in the first quarter. Geode Capital Management LLC now owns 63,513,728 shares of the cell phone carrier’s stock worth $3,406,555,000 after buying an additional 1,027,649 shares in the last quarter. Capital World Investors increased its stake in Verizon Communications by 6.2% in the first quarter. Capital World Investors now owns 54,544,125 shares of the cell phone carrier’s stock valued at $2,930,662,000 after acquiring an additional 3,202,996 shares during the last quarter. Bank of New York Mellon Corp increased its stake in Verizon Communications by 0.6% in the second quarter. Bank of New York Mellon Corp now owns 41,576,844 shares of the cell phone carrier’s stock valued at $2,292,133,000 after acquiring an additional 256,321 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in Verizon Communications by 1.1% in the second quarter. Charles Schwab Investment Management Inc. now owns 36,317,442 shares of the cell phone carrier’s stock valued at $2,002,182,000 after acquiring an additional 391,277 shares during the last quarter. Finally, Capital International Investors increased its stake in Verizon Communications by 17.4% in the first quarter. Capital International Investors now owns 35,217,774 shares of the cell phone carrier’s stock valued at $1,892,254,000 after acquiring an additional 5,213,722 shares during the last quarter. Institutional investors own 64.85% of the company’s stock.

About Verizon Communications

Verizon Communications Inc, through its subsidiaries, offers communications, information, and entertainment products and services to consumers, businesses, and governmental agencies worldwide. The company's Wireless segment provides wireless voice and data services; Internet access on various notebook computers and tablets; international travel wireless services; and network access services to deliver various Internet of Things products and services, as well as offers digital advertising and digital media services platforms.

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Analyst Recommendations for Verizon Communications (NYSE:VZ)

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