Oppenheimer Comments on Sonic Co.’s Q3 2018 Earnings (SONC)

Sonic Co. (NASDAQ:SONC) – Equities research analysts at Oppenheimer cut their Q3 2018 earnings per share estimates for shares of Sonic in a report released on Wednesday. Oppenheimer analyst B. Bittner now anticipates that the restaurant operator will earn $0.48 per share for the quarter, down from their prior estimate of $0.52. Oppenheimer has a “Hold” rating on the stock. Oppenheimer also issued estimates for Sonic’s Q4 2018 earnings at $0.54 EPS, FY2018 earnings at $1.47 EPS and FY2019 earnings at $1.66 EPS.

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Sonic (NASDAQ:SONC) last issued its quarterly earnings data on Tuesday, March 27th. The restaurant operator reported $0.17 EPS for the quarter, topping the consensus estimate of $0.15 by $0.02. The firm had revenue of $88.10 million during the quarter, compared to the consensus estimate of $94.34 million. Sonic had a negative return on equity of 25.75% and a net margin of 16.01%. The company’s quarterly revenue was down 12.1% compared to the same quarter last year. During the same period in the prior year, the business posted $0.15 earnings per share.

SONC has been the subject of a number of other reports. Telsey Advisory Group reaffirmed a “market perform” rating and set a $31.00 price target (up from $27.00) on shares of Sonic in a research report on Friday, January 5th. Cowen decreased their price target on Sonic from $29.00 to $28.00 and set a “market perform” rating for the company in a research report on Wednesday. Zacks Investment Research downgraded Sonic from a “hold” rating to a “sell” rating in a research report on Thursday, March 22nd. Morgan Stanley decreased their price target on Sonic from $29.00 to $28.00 and set an “equal weight” rating for the company in a research report on Monday, March 26th. Finally, Canaccord Genuity decreased their price target on Sonic from $30.00 to $27.00 and set a “hold” rating for the company in a research report on Wednesday. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and five have issued a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $28.67.

Shares of Sonic stock opened at $25.23 on Friday. The company has a debt-to-equity ratio of -2.85, a current ratio of 2.51 and a quick ratio of 1.81. The company has a market capitalization of $970.30, a PE ratio of 20.18, a P/E/G ratio of 1.17 and a beta of 1.55. Sonic has a 52 week low of $22.11 and a 52 week high of $30.05.

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Victory Capital Management Inc. grew its holdings in Sonic by 6.5% during the fourth quarter. Victory Capital Management Inc. now owns 34,135 shares of the restaurant operator’s stock valued at $938,000 after purchasing an additional 2,072 shares during the period. Glenmede Trust Co. NA grew its holdings in Sonic by 97.2% during the fourth quarter. Glenmede Trust Co. NA now owns 4,634 shares of the restaurant operator’s stock valued at $126,000 after purchasing an additional 2,284 shares during the period. California Public Employees Retirement System grew its holdings in Sonic by 2.1% during the third quarter. California Public Employees Retirement System now owns 114,222 shares of the restaurant operator’s stock valued at $2,907,000 after purchasing an additional 2,322 shares during the period. TD Asset Management Inc. grew its holdings in Sonic by 3.6% during the third quarter. TD Asset Management Inc. now owns 92,761 shares of the restaurant operator’s stock valued at $2,361,000 after purchasing an additional 3,200 shares during the period. Finally, Fenimore Asset Management Inc. grew its holdings in Sonic by 0.6% during the fourth quarter. Fenimore Asset Management Inc. now owns 861,167 shares of the restaurant operator’s stock valued at $23,665,000 after purchasing an additional 5,327 shares during the period.

In other Sonic news, Director Federico F. Pena sold 9,686 shares of the stock in a transaction on Monday, February 12th. The stock was sold at an average price of $24.61, for a total transaction of $238,372.46. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Federico F. Pena sold 4,575 shares of the stock in a transaction on Wednesday, January 17th. The shares were sold at an average price of $25.99, for a total value of $118,904.25. The disclosure for this sale can be found here. 6.24% of the stock is currently owned by corporate insiders.

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About Sonic

Sonic Corp. operates and franchises the chain of drive-thru restaurants (Sonic Drive-Ins) in the United States. As of August 31, 2016, 3,557 Sonic Drive-Ins were in operation from coast to coast in 45 states, consisting of 345 Company drive-thrus and 3,212 franchise drive-thrus. As of August 31, 2016, its restaurant design and construction consisted of a kitchen housed in a one-story building, which was approximately 1,500 square feet, flanked by canopy-covered rows of 16 to 24 parking spaces, with each space having its own payment terminal, intercom speaker system and menu board.

Earnings History and Estimates for Sonic (NASDAQ:SONC)

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