Park Hotels & Resorts Inc [NYSE: PK] surged by $0.31 during the normal trading session on while it closed the day at $15.64. The company report on January 22, 2024 at 6:30 AM that Park Hotels & Resorts Provides Preliminary Q4 2023 and Full-Year 2023 Results.
“I am incredibly pleased with our preliminary fourth quarter and year-end results, with both preliminary Comparable RevPAR and Adjusted EBITDA exceeding the midpoint of our previously announced 2023 guidance ranges. Our portfolio continued to deliver impressive results, as business travel accelerated in Boston, Chicago and New York, which helped to drive a near 8% year-over-year preliminary Comparable RevPAR increase for the quarter in our urban portfolio, while leisure demand trends remained strong at our Hawaii hotels, with combined fourth quarter preliminary RevPAR for those two resorts up over 8% versus prior year. As we look ahead to 2024, we are excited about our expectations for ongoing strength across our portfolio and anticipate that the transformative renovation projects at both the Bonnet Creek Orlando complex and the Casa Marina Key West hotel will create significant long-term value for shareholders. Additionally, in 2024, we remain focused on improving our balance sheet and financial flexibility through additional non-core asset sales, while opportunistically reinvesting back into our portfolio through value-enhancing ROI projects,” said Thomas J. Baltimore, Jr., Chairman and CEO of Park.
Park Hotels & Resorts Inc stock has also gained 6.47% of its value over the past 7 days. However, PK stock has inclined by 20.24% in the 3 months of the year. Over the past six months meanwhile, it has gained 36.15% and gained 2.22% year-on date.
The market cap for PK stock reached $3.28 billion, with 224.06 million shares outstanding and 204.57 million shares in the current float. Compared to the average trading volume of 3.25M shares, PK reached a trading volume of 4163042 in the most recent trading day, which is why market watchdogs consider the stock to be active.
Here’s what leading stock market gurus have to say about Park Hotels & Resorts Inc [PK]:
Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for PK shares is $18.04 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on PK stock is a recommendation set at 2.33. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.
Jefferies have made an estimate for Park Hotels & Resorts Inc shares, keeping their opinion on the stock as Buy, with their previous recommendation back on January 02, 2024. While these analysts kept the previous recommendation, JP Morgan raised their target price from $11 to $16. The new note on the price target was released on December 14, 2023, representing the official price target for Park Hotels & Resorts Inc stock. Previously, the target price had yet another raise from $16 to $19, while Barclays kept a Overweight rating on PK stock.
The Average True Range (ATR) for Park Hotels & Resorts Inc is set at 0.40, with the Price to Sales ratio for PK stock in the period of the last 12 months amounting to 1.21. The Price to Book ratio for the last quarter was 0.82, with the Price to Cash per share for the same quarter was set at 3.74. Price to Free Cash Flow for PK in the course of the last twelve months was 16.50.
PK stock trade performance evaluation
Park Hotels & Resorts Inc [PK] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 6.47. With this latest performance, PK shares dropped by -3.93% in over the last four-week period, additionally plugging by 36.15% over the last 6 months – not to mention a rise of 24.96% in the past year of trading.
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for PK stock in for the last two-week period is set at 55.93, with the RSI for the last a single of trading hit 58.67, and the three-weeks RSI is set at 53.08 for Park Hotels & Resorts Inc [PK]. The present Moving Average for the last 50 days of trading for this stock 15.75, while it was recorded at 15.24 for the last single week of trading, and 13.71 for the last 200 days.
Earnings per share (EPS) analysis for Park Hotels & Resorts Inc [PK] stock
With the latest financial reports released by the company, Park Hotels & Resorts Inc posted 0.15/share EPS, while the average EPS was predicted by analysts to be reported at 0.07/share. When compared, the two values demonstrate that the company surpassed the estimates by a Surprise Factor of 114.30%. The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for PK. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for Park Hotels & Resorts Inc go to 8.00%.
Park Hotels & Resorts Inc [PK]: Institutional Ownership
The top three institutional holders of PK stocks are: VANGUARD GROUP INC with ownership of 1.3 billion shares, which is approximately 8.2815%. BLACKROCK INC., holding 1.03 billion shares of the stock with an approximate value of $176.59 billion in PK stocks shares; and BERKSHIRE HATHAWAY INC, currently with $156.75 billion in PK stock with ownership which is approximately 5.8325%.
