United Parks & Resorts (NYSE:PRKS) Announces Quarterly Earnings Results, Misses Expectations By $0.63 EPS

United Parks & Resorts (NYSE:PRKS) issued its earnings results on Thursday. The company reported $1.61 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.24 by ($0.63), Zacks reports. United Parks & Resorts had a net margin of 12.39% and a negative return on equity of 47.59%. The firm had revenue of $511.85 million during the quarter, compared to analyst estimates of $540.43 million. During the same quarter last year, the business posted $2.08 earnings per share. The company’s revenue for the quarter was down 6.2% on a year-over-year basis.

United Parks & Resorts Trading Up 4.8%

PRKS stock traded up $1.68 during trading hours on Friday, hitting $36.82. 2,044,827 shares of the stock were exchanged, compared to its average volume of 911,231. United Parks & Resorts has a 12 month low of $34.77 and a 12 month high of $60.83. The firm has a market capitalization of $2.03 billion, a P/E ratio of 9.85 and a beta of 1.38. The company has a 50-day simple moving average of $50.95 and a two-hundred day simple moving average of $48.65.

United Parks & Resorts declared that its Board of Directors has approved a share repurchase plan on Friday, September 5th that permits the company to repurchase $0.00 in outstanding shares. This repurchase authorization permits the company to purchase shares of its stock through open market purchases. Shares repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Analyst Ratings Changes

Several analysts have issued reports on PRKS shares. Zacks Research upgraded United Parks & Resorts from a “strong sell” rating to a “hold” rating in a research note on Tuesday, August 26th. Truist Financial boosted their target price on United Parks & Resorts from $58.00 to $61.00 and gave the stock a “buy” rating in a report on Wednesday, September 3rd. Mizuho increased their price target on United Parks & Resorts from $44.00 to $46.00 and gave the company an “underperform” rating in a research note on Wednesday, August 13th. Guggenheim reduced their price objective on shares of United Parks & Resorts from $74.00 to $67.00 and set a “buy” rating for the company in a research report on Thursday, July 17th. Finally, Barclays decreased their price objective on shares of United Parks & Resorts from $50.00 to $49.00 and set an “equal weight” rating on the stock in a report on Friday, July 11th. Four research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $56.40.

Hedge Funds Weigh In On United Parks & Resorts

A number of hedge funds have recently bought and sold shares of PRKS. AQR Capital Management LLC raised its stake in United Parks & Resorts by 11.7% in the 1st quarter. AQR Capital Management LLC now owns 12,220 shares of the company’s stock worth $556,000 after purchasing an additional 1,282 shares in the last quarter. Goldman Sachs Group Inc. increased its holdings in shares of United Parks & Resorts by 58.9% during the first quarter. Goldman Sachs Group Inc. now owns 678,813 shares of the company’s stock worth $30,859,000 after purchasing an additional 251,522 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of United Parks & Resorts by 3.1% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 102,317 shares of the company’s stock valued at $4,651,000 after buying an additional 3,047 shares in the last quarter. Prudential Financial Inc. acquired a new stake in shares of United Parks & Resorts in the second quarter valued at approximately $208,000. Finally, Invesco Ltd. boosted its stake in shares of United Parks & Resorts by 5.8% in the second quarter. Invesco Ltd. now owns 77,357 shares of the company’s stock valued at $3,647,000 after buying an additional 4,209 shares during the period.

About United Parks & Resorts

United Parks & Resorts, Inc is a holding company, which engages in the ownership and operation of theme parks. Its portfolio includes SeaWorld, Busch Gardens, Aquatica, Discovery Cove, Sesame Place, and Sea Rescue. The company was founded in 1959 and is headquartered in Orlando, FL.