According to Zacks, “Loews is on track to ramp up its hotel business. The Boardwalk unit is poised to capitalize on increasing exports of natural gas and pipeline exports to Mexico as well as industrial demand for natural gas and liquids. However, market conditions continue to remain tough for Diamond Offshore, though with new drilling rigs that are contracted through 2019 and demand for oil growing, Loews remains optimistic over medium and long term. Uncertain economic and competitive market conditions are likely to lead to lower insured exposure rates, thereby hurting premiums, income levels and expense ratio. The company is set to release third quarter results on Oct 31 and the Zacks Consensus Estimate for the same remain unchanged ahead of the release. A Zacks Rank #3 increases the predictive power of a beat, but combined with Earnings ESP of 0.00% makes prediction difficult.”
Separately, TheStreet lowered shares of Loews Corp. from a buy rating to a hold rating in a research note on Monday, August 1st.
Loews Corp. (NYSE:L) traded up 0.94% on Tuesday, hitting $41.68. 147,856 shares of the company traded hands. Loews Corp. has a 12 month low of $33.84 and a 12 month high of $42.07. The firm has a market capitalization of $14.05 billion, a P/E ratio of 801.54 and a beta of 0.86. The stock’s 50-day moving average is $41.07 and its 200 day moving average is $40.45.
Loews Corp. (NYSE:L) last announced its quarterly earnings data on Monday, August 1st. The company reported ($0.19) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.63 by $0.82. Loews Corp. had a net margin of 0.14% and a return on equity of 2.77%. The firm earned $2.35 billion during the quarter, compared to analysts’ expectations of $2.32 billion. During the same period in the prior year, the company posted $0.59 EPS. Equities analysts forecast that Loews Corp. will post $2.50 EPS for the current fiscal year.
A number of hedge funds and other institutional investors have recently made changes to their positions in the company. National Pension Service raised its position in Loews Corp. by 9.3% in the third quarter. National Pension Service now owns 244,337 shares of the company’s stock valued at $10,054,000 after buying an additional 20,822 shares during the last quarter. Parametrica Management Ltd acquired a new position in Loews Corp. during the third quarter valued at approximately $245,000. Capstone Asset Management Co. raised its position in Loews Corp. by 0.9% in the third quarter. Capstone Asset Management Co. now owns 51,491 shares of the company’s stock valued at $2,119,000 after buying an additional 470 shares during the last quarter. Fox Run Management L.L.C. acquired a new position in Loews Corp. during the third quarter valued at approximately $630,000. Finally, Creative Planning raised its position in Loews Corp. by 168.6% in the third quarter. Creative Planning now owns 5,467 shares of the company’s stock valued at $225,000 after buying an additional 3,432 shares during the last quarter. 56.96% of the stock is owned by institutional investors.
About Loews Corp.
Loews Corporation is a holding company. The Company, through its subsidiaries, is engaged in commercial property and casualty insurance; operation of offshore oil and gas drilling rigs; transportation and storage of natural gas and natural gas liquids and gathering and processing of natural gas, and operation of a chain of hotels.
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