Nexstar Broadcasting Group (NXST) Stock Sinks As Market Gains: What You Should Know
Nexstar Broadcasting Group (NXST) closed the most recent trading day at $135.22, moving -0.31% from the previous trading session. The stock's performance was behind the S&P 500's daily gain of 0.81%. At the same time, the Dow added 0.39%, and the tech-heavy Nasdaq gained 1.35%.
Shares of the television broadcaster have depreciated by 3.27% over the course of the past month, outperforming the Consumer Discretionary sector's loss of 7.42% and the S&P 500's loss of 6.19%.
Market participants will be closely following the financial results of Nexstar Broadcasting Group in its upcoming release. The company plans to announce its earnings on November 8, 2023. The company is expected to report EPS of $1.68, down 76.99% from the prior-year quarter. Alongside, our most recent consensus estimate is anticipating revenue of $1.19 billion, indicating a 5.89% downward movement from the same quarter last year.
NXST's full-year Zacks Consensus Estimates are calling for earnings of $11.69 per share and revenue of $5.02 billion. These results would represent year-over-year changes of -56.54% and -3.7%, respectively.
Furthermore, it would be beneficial for investors to monitor any recent shifts in analyst projections for Nexstar Broadcasting Group. Such recent modifications usually signify the changing landscape of near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.
The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has remained unchanged. Nexstar Broadcasting Group is currently sporting a Zacks Rank of #3 (Hold).
Investors should also note Nexstar Broadcasting Group's current valuation metrics, including its Forward P/E ratio of 11.61. Its industry sports an average Forward P/E of 12.47, so one might conclude that Nexstar Broadcasting Group is trading at a discount comparatively.
We can also see that NXST currently has a PEG ratio of 1.49. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. The average PEG ratio for the Broadcast Radio and Television industry stood at 1.37 at the close of the market yesterday.
The Broadcast Radio and Television industry is part of the Consumer Discretionary sector. At present, this industry carries a Zacks Industry Rank of 191, placing it within the bottom 25% of over 250 industries.
The Zacks Industry Rank gauges the strength of our 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.
Be sure to use Zacks.com to monitor all these stock-influencing metrics, and more, throughout the forthcoming trading sessions.
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Nexstar Media Group, Inc (NXST) : Free Stock Analysis Report
