In the latest trading session, Sinclair (SBGI) closed at $13.83, marking a -0.58% move from the previous day. This change lagged the S&P 500's 0.28% gain on the day. Elsewhere, the Dow gained 0.08%, while the tech-heavy Nasdaq added 5.28%.
Heading into today, shares of the television broadcasting company had gained 4.82% over the past month, outpacing the Consumer Discretionary sector's gain of 3.43% and lagging the S&P 500's gain of 4.86% in that time.
Investors will be hoping for strength from Sinclair as it approaches its next earnings release, which is expected to be August 2, 2023. The company is expected to report EPS of -$0.58, down 1833.33% from the prior-year quarter. Our most recent consensus estimate is calling for quarterly revenue of $765.72 million, down 8.52% from the year-ago period.
SBGI's full-year Zacks Consensus Estimates are calling for earnings of $2.71 per share and revenue of $3.15 billion. These results would represent year-over-year changes of +158.1% and -19.93%, respectively.
Investors might also notice recent changes to analyst estimates for Sinclair. These recent revisions tend to reflect the evolving nature of short-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection remained stagnant. Sinclair is currently a Zacks Rank #2 (Buy).
Valuation is also important, so investors should note that Sinclair has a Forward P/E ratio of 5.13 right now. For comparison, its industry has an average Forward P/E of 23.11, which means Sinclair is trading at a discount to the group.
The Media Conglomerates industry is part of the Consumer Discretionary sector. This group has a Zacks Industry Rank of 49, putting it in the top 20% of all 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.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
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