Nexstar Broadcasting Group (NXST) Outpaces Stock Market Gains: What You Should Know
Nexstar Broadcasting Group (NXST) closed the most recent trading day at $139.81, moving +1.9% from the previous trading session. This change outpaced the S&P 500's 0.02% gain on the day. Elsewhere, the Dow lost 0.2%, while the tech-heavy Nasdaq added 0.22%.
Heading into today, shares of the television broadcaster had lost 16.66% over the past month, lagging the Consumer Discretionary sector's loss of 4.13% and the S&P 500's loss of 2.86% in that time.
Nexstar Broadcasting Group will be looking to display strength as it nears its next earnings release, which is expected to be November 8, 2023. On that day, Nexstar Broadcasting Group is projected to report earnings of $1.68 per share, which would represent a year-over-year decline of 76.99%. Meanwhile, our latest consensus estimate is calling for revenue of $1.19 billion, down 5.89% from the prior-year quarter.
Looking at the full year, our Zacks Consensus Estimates suggest analysts are expecting earnings of $11.69 per share and revenue of $5.02 billion. These totals would mark changes of -56.54% and -3.7%, respectively, from last year.
Investors might also notice recent changes to analyst estimates for Nexstar Broadcasting Group. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 0.68% lower. Nexstar Broadcasting Group currently has a Zacks Rank of #3 (Hold).
Looking at its valuation, Nexstar Broadcasting Group is holding a Forward P/E ratio of 11.74. For comparison, its industry has an average Forward P/E of 12.25, which means Nexstar Broadcasting Group is trading at a discount to the group.
Meanwhile, NXST's PEG ratio is currently 1.51. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. NXST's industry had an average PEG ratio of 1.39 as of yesterday's close.
The Broadcast Radio and Television industry is part of the Consumer Discretionary sector. This group has a Zacks Industry Rank of 162, putting it in the bottom 36% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
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Nexstar Media Group, Inc (NXST) : Free Stock Analysis Report
