One month from Wednesday, the nation’s largest owner of broadcast TV stations will deliver its second quarter financial report card.
Will it trigger another dip in share value, or will the results help propel the company’s stock back above the $100 mark?
With its shares at $85.97 in midday trading on Monday, Nexstar Media Group said it will report its 2020 second quarter financial results before the Nasdaq GlobalSelect market’s Opening Bell on Wednesday, August 5.
A conference call hosted by company founder and head Perry Sook will be conducted at 10am Eastern.
While some media company stocks have seen a bumpy ride from COVID-19 fueled lows on Wall Street, NXST has been a relatively stable stock, with a $46.26 close on March 23 its clear novel coronavirus-impacted low point of 2020. Since then, NXST has been as high as $100.89, seen June 8.
Nexstar shares have slightly cooled since then, as concerns regarding live sports play-by-play continue to be aired by many industry observers — and respected analyst Brian Wieser at groupM.
Balancing the worries about a return to live sports coverage are NEXTGEN TV rollouts involving Nexstar in such markets as Salt Lake City and Nashville. And, there’s the matter of 2020 political revenue, which is still expected to be strong across the second half of 2020.
For media companies on the RBR+TVBR Wall Street index, Nexstar has the stock with the single-highest share value (minus The Walt Disney Co., which is much more diversified).