Melco Resorts & Entertainment (NASDAQ:MLCO) Releases Earnings Results, Beats Expectations By $0.05 EPS

Melco Resorts & Entertainment (NASDAQ:MLCO) issued its quarterly earnings data on Thursday. The company reported $0.02 earnings per share for the quarter, beating the consensus estimate of ($0.03) by $0.05, Zacks reports. The firm had revenue of $1.17 billion for the quarter, compared to the consensus estimate of $1.21 billion. Melco Resorts & Entertainment had a net margin of 4.50% and a negative return on equity of 23.81%. Melco Resorts & Entertainment’s quarterly revenue was down 10.4% compared to the same quarter last year. During the same period last year, the firm posted $0.21 EPS.

Melco Resorts & Entertainment Stock Down 3.2%

Melco Resorts & Entertainment stock traded down $0.15 during trading hours on Thursday, hitting $4.56. 2,875,391 shares of the company traded hands, compared to its average volume of 2,166,030. The firm has a market cap of $1.73 billion, a P/E ratio of 7.60, a P/E/G ratio of 3.24 and a beta of 0.49. The firm’s 50-day simple moving average is $4.50 and its two-hundred day simple moving average is $5.37. Melco Resorts & Entertainment has a 1-year low of $3.67 and a 1-year high of $9.53.

Analyst Upgrades and Downgrades

Several research analysts have commented on MLCO shares. Citigroup started coverage on shares of Melco Resorts & Entertainment in a research report on Monday, October 12th. They issued a “buy” rating and a $9.40 target price for the company. Weiss Ratings reiterated a “sell (d)” rating on shares of Melco Resorts & Entertainment in a research report on Tuesday, August 18th. Capital One Financial set a $5.50 price objective on Melco Resorts & Entertainment in a research report on Friday, October 16th. JPMorgan Chase & Co. decreased their price objective on Melco Resorts & Entertainment from $6.00 to $5.70 and set a “neutral” rating for the company in a report on Thursday, July 16th. Finally, CLSA upgraded Melco Resorts & Entertainment from a “hold” rating to an “outperform” rating and lowered their target price for the company from $6.10 to $6.00 in a research report on Friday, July 10th. Three investment analysts have rated the stock with a Buy rating, four have given a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $6.45.

Key Melco Resorts & Entertainment News

Here are the key news stories impacting Melco Resorts & Entertainment this week:

• Positive Sentiment: Melco reported earnings of $0.02 per share, beating the consensus estimate of a $0.03 loss. Melco Resorts tops Q3 earnings estimates
• Negative Sentiment: Revenue was $1.17 billion, below analysts’ $1.21 billion estimate and down 10.4% from a year earlier. EPS also fell from $0.21 in the year-ago quarter, tempering the earnings beat. Melco revenue falls 10% in third quarter
• Negative Sentiment: Susquehanna downgraded MLCO from “positive” to “neutral” and cut its price target from $5 to $4, citing a target 12.3% below the referenced share price of $4.56. The downgrade adds pressure amid the weaker revenue trend. Susquehanna rating recommendations

Melco Resorts & Entertainment Company Profile

Melco Resorts & Entertainment Limited is a developer, owner and operator of integrated resort facilities focused on gaming, hospitality, entertainment, dining, retail and convention services. The company’s properties combine casinos with luxury hotels, restaurants, shopping areas, theaters and other leisure attractions.

Melco operates several major resorts in Macau, including City of Dreams, Altira Macau and Studio City. Its Macau operations also include the Mocha Clubs electronic gaming-machine business.