Nexstar Broadcasting Group (NXST - Free Report) shares soared 5.5% in the last trading session to close at $155.10. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 4.6% loss over the past four weeks.
Continued strength in audience viewership on Nexstar’s channels boosted by coronavirus-led social distancing and work-from-home norms and improved advertising revenues primarily drove the stock higher.
The company has been benefiting from strong advertising rebound across station footprint, most notably in sports programming besides auto, the company’s largest category, which represented 18% of total local and national advertising revenues in 2020.
Moreover, post the completion of Tribune Media acquisition deal, Nexstar has become one of the largest television broadcasters in the United States.
This television broadcaster is expected to post quarterly earnings of $3.60 per share in its upcoming report, which represents a year-over-year change of +69%. Revenues are expected to be $1.12 billion, up 22.8% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Nexstar, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on NXST going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank 3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
Nexstar Broadcasting Group (NXST - Free Report) shares soared 5.5% in the last trading session to close at $155.10. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 4.6% loss over the past four weeks.
Continued strength in audience viewership on Nexstar’s channels boosted by coronavirus-led social distancing and work-from-home norms and improved advertising revenues primarily drove the stock higher.
The company has been benefiting from strong advertising rebound across station footprint, most notably in sports programming besides auto, the company’s largest category, which represented 18% of total local and national advertising revenues in 2020.
Moreover, post the completion of Tribune Media acquisition deal, Nexstar has become one of the largest television broadcasters in the United States.
This television broadcaster is expected to post quarterly earnings of $3.60 per share in its upcoming report, which represents a year-over-year change of +69%. Revenues are expected to be $1.12 billion, up 22.8% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Nexstar, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on NXST going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank 3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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