Surgery Partners (NASDAQ:SGRY) Shares Gap Up After Better-Than-Expected Earnings

Shares of Surgery Partners, Inc. (NASDAQ:SGRY) gapped up before the market opened on Monday following a better than expected earnings announcement. The stock had previously closed at $15.53, but opened at $16.46. Surgery Partners shares last traded at $15.9050, with a volume of 173,693 shares trading hands.

The company reported $0.10 EPS for the quarter, beating analysts’ consensus estimates of $0.06 by $0.04. The firm had revenue of $848.90 million for the quarter, compared to analysts’ expectations of $830.03 million. Surgery Partners had a negative net margin of 2.28% and a positive return on equity of 1.04%. The company’s quarterly revenue was up 2.7% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.17 EPS.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on SGRY shares. Jefferies Financial Group restated a “buy” rating and issued a $17.00 price target on shares of Surgery Partners in a research note on Wednesday, May 6th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Surgery Partners in a research note on Tuesday, May 26th. Finally, Zacks Research raised Surgery Partners from a “hold” rating to a “strong-buy” rating in a report on Thursday, June 4th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $21.60.

Institutional Investors Weigh In On Surgery Partners

Institutional investors and hedge funds have recently made changes to their positions in the company. PNC Financial Services Group Inc. raised its holdings in Surgery Partners by 239.6% in the 1st quarter. PNC Financial Services Group Inc. now owns 2,907 shares of the company’s stock worth $35,000 after acquiring an additional 2,051 shares during the last quarter. Fifth Third Bancorp boosted its stake in Surgery Partners by 5,324.0% during the 1st quarter. Fifth Third Bancorp now owns 4,068 shares of the company’s stock valued at $48,000 after purchasing an additional 3,993 shares during the last quarter. Caitong International Asset Management Co. Ltd increased its holdings in shares of Surgery Partners by 45,640.0% in the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 2,287 shares of the company’s stock worth $49,000 after purchasing an additional 2,282 shares in the last quarter. Aquatic Capital Management LLC bought a new stake in shares of Surgery Partners in the 3rd quarter worth $121,000. Finally, Alpine Global Management LLC purchased a new position in shares of Surgery Partners in the fourth quarter worth $175,000.

Surgery Partners Stock Performance

The stock has a market capitalization of $2.02 billion, a P/E ratio of -25.67, a P/E/G ratio of 4.64 and a beta of 1.92. The company has a quick ratio of 1.69, a current ratio of 1.86 and a debt-to-equity ratio of 1.17. The business has a fifty day moving average price of $15.43 and a 200-day moving average price of $14.43.

Surgery Partners Company Profile

Surgery Partners, Inc operates as a healthcare services provider specializing in the management and ownership of ambulatory surgery centers, surgical hospitals and multispecialty rehabilitation hospitals across the United States. Through its network of facilities, the company coordinates and delivers a broad range of outpatient surgical procedures in specialties such as orthopedics, ophthalmology, otolaryngology, gastroenterology, pain management and general surgery. Its integrated platform offers ancillary services including on-site imaging, laboratory testing, infusion therapy and physical, occupational and speech rehabilitation.

Since its establishment in 2010 and subsequent public listing in 2015, Surgery Partners has focused on strategic partnerships with physicians and health systems to expand access to cost-effective outpatient care.