Community Health Systems (NYSE:CYH) Releases Quarterly Earnings Results, Misses Estimates By $0.14 EPS

Community Health Systems (NYSE:CYH) announced its quarterly earnings results on Wednesday. The company reported ($0.30) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.14), Briefing.com reports. The company had revenue of $3.09 billion for the quarter, compared to the consensus estimate of $3.08 billion. Community Health Systems’s quarterly revenue was up .1% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.33) EPS. Community Health Systems updated its FY24 guidance to $(0.60)-$(0.50) EPS and its FY 2024 guidance to -0.600–0.500 EPS.

Community Health Systems Price Performance

Shares of NYSE:CYH traded down $0.26 during trading on Friday, hitting $3.99. 5,166,339 shares of the company’s stock were exchanged, compared to its average volume of 1,800,804. The business’s 50-day simple moving average is $5.52 and its 200 day simple moving average is $4.35. Community Health Systems has a 52-week low of $2.01 and a 52-week high of $6.29. The company has a market cap of $554.47 million, a price-to-earnings ratio of -4.20 and a beta of 1.55.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on CYH. Barclays upped their price objective on Community Health Systems from $3.00 to $5.00 and gave the company an “equal weight” rating in a research report on Thursday. Oppenheimer increased their price objective on Community Health Systems from $4.50 to $5.00 and gave the company an “outperform” rating in a research report on Thursday, July 25th. UBS Group upped their target price on shares of Community Health Systems from $4.70 to $5.10 and gave the company a “neutral” rating in a research note on Wednesday, August 14th. Royal Bank of Canada reissued an “outperform” rating and set a $6.00 price objective on shares of Community Health Systems in a report on Monday, August 12th. Finally, Truist Financial cut their target price on shares of Community Health Systems from $5.50 to $5.00 and set a “hold” rating for the company in a research report on Friday. Five analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $5.18.

About Community Health Systems

Community Health Systems, Inc owns, leases, and operates general acute care hospitals in the United States. It offers general acute care, emergency room, general and specialty surgery, critical care, internal medicine, obstetrics, diagnostic, psychiatric, and rehabilitation services, as well as skilled nursing and home care services.