DiamondRock Hospitality (NYSE:DRH) Expected to Announce Quarterly Sales of $107.88 Million

Wall Street brokerages predict that DiamondRock Hospitality (NYSE:DRH) will announce sales of $107.88 million for the current quarter, according to Zacks Investment Research. Six analysts have issued estimates for DiamondRock Hospitality’s earnings, with estimates ranging from $90.27 million to $133.74 million. DiamondRock Hospitality reported sales of $20.38 million during the same quarter last year, which would suggest a positive year-over-year growth rate of 429.3%. The business is expected to report its next quarterly earnings results on Thursday, August 5th.

According to Zacks, analysts expect that DiamondRock Hospitality will report full year sales of $474.10 million for the current fiscal year, with estimates ranging from $402.76 million to $548.05 million. For the next fiscal year, analysts expect that the company will post sales of $727.34 million, with estimates ranging from $660.36 million to $851.52 million. Zacks’ sales averages are an average based on a survey of research firms that cover DiamondRock Hospitality.

DiamondRock Hospitality (NYSE:DRH) last posted its earnings results on Thursday, May 6th. The real estate investment trust reported ($0.82) EPS for the quarter, missing the consensus estimate of ($0.15) by ($0.67). The firm had revenue of $72.90 million during the quarter, compared to analyst estimates of $62.26 million. DiamondRock Hospitality had a negative net margin of 262.15% and a negative return on equity of 30.71%. DiamondRock Hospitality’s revenue for the quarter was down 57.1% compared to the same quarter last year. During the same period in the previous year, the company posted $0.04 EPS.

DRH has been the subject of a number of research reports. Zacks Investment Research downgraded DiamondRock Hospitality from a “hold” rating to a “sell” rating in a report on Monday, May 3rd. Raymond James lifted their price objective on shares of DiamondRock Hospitality from $10.00 to $11.50 and gave the stock an “outperform” rating in a research note on Tuesday, March 2nd. Truist boosted their price objective on shares of DiamondRock Hospitality from $6.00 to $8.00 in a report on Thursday, March 18th. Truist Securities raised their target price on shares of DiamondRock Hospitality from $6.00 to $8.00 in a report on Thursday, March 18th. Finally, Morgan Stanley lifted their price target on shares of DiamondRock Hospitality from $8.00 to $9.00 and gave the company an “equal weight” rating in a research report on Monday, May 17th. Three research analysts have rated the stock with a sell rating, four have given a hold rating and four have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $8.48.

DRH traded down $0.13 during trading on Thursday, hitting $10.33. The stock had a trading volume of 1,343,053 shares, compared to its average volume of 2,075,263. The company has a current ratio of 1.62, a quick ratio of 1.62 and a debt-to-equity ratio of 0.71. The stock has a 50 day simple moving average of $10.01. DiamondRock Hospitality has a one year low of $4.43 and a one year high of $11.48. The company has a market capitalization of $2.17 billion, a price-to-earnings ratio of -3.94 and a beta of 1.95.

A number of large investors have recently made changes to their positions in the stock. BlackRock Inc. boosted its holdings in shares of DiamondRock Hospitality by 9.7% in the 4th quarter. BlackRock Inc. now owns 39,104,191 shares of the real estate investment trust’s stock valued at $322,608,000 after purchasing an additional 3,465,181 shares in the last quarter. Cohen & Steers Inc. boosted its stake in DiamondRock Hospitality by 37.6% in the first quarter. Cohen & Steers Inc. now owns 12,483,822 shares of the real estate investment trust’s stock valued at $128,583,000 after buying an additional 3,410,119 shares in the last quarter. Norges Bank acquired a new stake in DiamondRock Hospitality in the fourth quarter valued at about $21,272,000. Rothschild & Co. Asset Management US Inc. grew its position in DiamondRock Hospitality by 274.4% in the fourth quarter. Rothschild & Co. Asset Management US Inc. now owns 3,348,706 shares of the real estate investment trust’s stock valued at $27,627,000 after acquiring an additional 2,454,230 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its stake in DiamondRock Hospitality by 22.2% during the first quarter. JPMorgan Chase & Co. now owns 10,492,918 shares of the real estate investment trust’s stock worth $108,077,000 after acquiring an additional 1,908,359 shares in the last quarter.

DiamondRock Hospitality Company Profile

DiamondRock Hospitality Company is a self-advised real estate investment trust (REIT) that is an owner of a leading portfolio of geographically diversified hotels concentrated in top gateway markets and destination resort locations. The Company owns 31 premium quality hotels with over 10,000 rooms. The Company has strategically positioned its hotels to be operated both under leading global brand families as well as unique boutique hotels in the lifestyle segment.

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Earnings History and Estimates for DiamondRock Hospitality (NYSE:DRH)

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