What pandemic slowdown?
After dipping to nearly $56 per share on March 18, as concerns surrounding the domestic spread of the COVID-19 virus reached fevered heights, Nexstar Media Group stock started its slow climb back to where it was in early Q1 2020.
While NXST is beginning 2021 roughly $20 per share below where it was on February 12, 2020, investors should hardly be upset. Tuesday afternoon trading saw shares trading in the mid-$108 range.
Now, with news that noted journalist Ashleigh Banfield is joining WGN America to helm a 10pm ET hour-long news and newsmakers show, following News Night, investors should have plenty to cheer about come Tuesday, Feb. 23.
That’s when Nexstar will release its Q4 and full-year 2020 results. The numbers will be distributed prior to the Opening Bell on Wall Street, and a 9am conference call will see C-Suite executives discuss the results.
With a new NBC affiliation agreement just inked and ownership of stations such as WSAV-3 in Savannah, Ga., where political dollars for two U.S. Senate runoff races to be decided today were high, Nexstar seemingly has nothing but positives to share.
That’s what Zacks Equity Research thinks. “Investors might want to bet on Nexstar, as earnings estimates for this company have been showing solid improvement lately,” it said in early December. “The stock has already gained solid short-term price momentum, and this trend might continue with its still improving earnings outlook.”
For Q4, the company is expected to earn $6.44 per share, which is a change of +172.88% from the year-ago reported number.
For the full year of 2020, the company is expected to earn $16.14 per share, representing a year-over-year change of +236.25%.
What’s Zacks’ bottom line? “Nexstar shares have added 28% over the past four weeks,” it said one month ago, when shares were $110.80. “[This suggests] that investors are betting on its impressive estimate revisions.”