Nexstar Broadcasting Group (NXST) Ascends While Market Falls: Some Facts to Note
Nexstar Broadcasting Group (NXST) closed the latest trading day at $147.17, indicating a +1.41% change from the previous session's end. This move outpaced the S&P 500's daily loss of 0.01%. Elsewhere, the Dow saw an upswing of 0.04%, while the tech-heavy Nasdaq depreciated by 0.25%.
The television broadcaster's stock has dropped by 3.29% in the past month, exceeding the Consumer Discretionary sector's loss of 4.88% and lagging the S&P 500's loss of 1.6%.
The investment community will be paying close attention to the earnings performance of Nexstar Broadcasting Group in its upcoming release. The company is slated to reveal its earnings on November 8, 2023. The company is expected to report EPS of $1.68, down 76.99% from the prior-year quarter. In the meantime, our current consensus estimate forecasts the revenue to be $1.19 billion, indicating a 5.89% decline compared to the corresponding quarter of the prior year.
NXST's full-year Zacks Consensus Estimates are calling for earnings of $11.60 per share and revenue of $5.02 billion. These results would represent year-over-year changes of -56.88% and -3.7%, respectively.
Investors might also notice recent changes to analyst estimates for Nexstar Broadcasting Group. Such recent modifications usually signify the changing landscape of near-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the company's business health and profitability.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 0.71% lower within the past month. Right now, Nexstar Broadcasting Group possesses a Zacks Rank of #4 (Sell).
Investors should also note Nexstar Broadcasting Group's current valuation metrics, including its Forward P/E ratio of 12.51. This valuation marks a discount compared to its industry's average Forward P/E of 12.85.
Meanwhile, NXST's PEG ratio is currently 1.61. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. By the end of yesterday's trading, the Broadcast Radio and Television industry had an average PEG ratio of 1.34.
The Broadcast Radio and Television industry is part of the Consumer Discretionary sector. Currently, this industry holds a Zacks Industry Rank of 204, positioning it in the bottom 20% of all 250+ industries.
The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Nexstar Media Group, Inc (NXST) : Free Stock Analysis Report
