Sinclair (SBGI) closed the most recent trading day at $14.43, moving -1.5% from the previous trading session. This change lagged the S&P 500's 0.24% gain on the day. Elsewhere, the Dow gained 0.31%, while the tech-heavy Nasdaq lost 7.84%.
Heading into today, shares of the television broadcasting company had gained 11.75% over the past month, outpacing the Consumer Discretionary sector's gain of 1.19% and the S&P 500's gain of 3.39% in that time.
Wall Street will be looking for positivity from Sinclair as it approaches its next earnings report date. This is expected to be August 2, 2023. On that day, Sinclair is projected to report earnings of -$0.58 per share, which would represent a year-over-year decline of 1833.33%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $765.72 million, down 8.52% from the year-ago period.
Looking at the full year, our Zacks Consensus Estimates suggest analysts are expecting earnings of $2.71 per share and revenue of $3.15 billion. These totals would mark changes of +158.1% and -19.93%, respectively, from last year.
It is also important to note the recent changes to analyst estimates for Sinclair. These recent revisions tend to reflect the evolving nature of short-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
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 remained stagnant. Sinclair is currently sporting a Zacks Rank of #2 (Buy).
Looking at its valuation, Sinclair is holding a Forward P/E ratio of 5.41. This valuation marks a discount compared to its industry's average Forward P/E of 22.93.
The Media Conglomerates industry is part of the Consumer Discretionary sector. This industry currently has a Zacks Industry Rank of 85, which puts it in the top 34% of all 250+ industries.
The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
To follow SBGI in the coming trading sessions, be sure to utilize Zacks.com.
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