Parsons (NYSE:PSN) Announces Quarterly Earnings Results, Beats Expectations By $0.15 EPS

Parsons (NYSE:PSN) issued its earnings results on Tuesday. The company reported $0.57 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.42 by $0.15, Fidelity Earnings reports. The firm had revenue of $1.02 billion during the quarter, compared to analyst estimates of $1.03 billion. During the same quarter last year, the business posted $0.82 earnings per share. The company’s revenue for the quarter was up 4.8% on a year-over-year basis.

NYSE:PSN traded up $0.69 during mid-day trading on Friday, reaching $38.71. The stock had a trading volume of 1,678 shares, compared to its average volume of 249,247. The business has a 50-day simple moving average of $34.24. Parsons has a 12 month low of $29.03 and a 12 month high of $39.05.

Several equities research analysts recently issued reports on PSN shares. Cowen reiterated a “buy” rating and issued a $40.00 target price on shares of Parsons in a research note on Monday, August 26th. Morgan Stanley set a $36.00 target price on shares of Parsons and gave the company a “hold” rating in a research note on Monday, September 9th. Zacks Investment Research raised shares of Parsons from a “hold” rating to a “buy” rating and set a $38.00 price target on the stock in a report on Wednesday, September 11th. SunTrust Banks increased their price target on shares of Parsons to $44.00 and gave the company a “buy” rating in a report on Wednesday. Finally, Liberum Capital reissued a “buy” rating on shares of Parsons in a report on Wednesday, October 30th. Five equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $39.29.

Parsons Company Profile

Parsons Corporation provides technology based solutions in the defense, intelligence, and critical infrastructure markets in North America, the Middle East, and internationally. It operates in two segments, Federal Solutions and Critical Infrastructure. The company offers cybersecurity software and engineering services, hardware prototyping, and other technical services to the U.S.

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