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SEAS

SeaWorld

$24.92

3.8 (17.99%)

12:56
08/06/18
08/06
12:56
08/06/18
12:56

SeaWorld spikes after reporting quarterly jump in attendance, SEC deal

Shares of SeaWorld Entertainment (SEAS) surged in afternoon trading, climbing the most in over five years, after the company reported a significant increase in theme park attendance as well as an agreement in principle with the Securities and Exchange Commission on its investigation. EARNINGS AND GUIDANCE: This morning, SeaWorld reported second quarter earnings per share of 26c, which slightly missed analysts' estimates of 27c, though revenue of $391.9M came in ahead of the $371.4M consensus. Attendance at the company's theme parks jumped 4.8% over last year in the quarter to 6.4M guests. John Reilly, interim CEO of SeaWorld Entertainment, commented that the results were driven by "our new strategic pricing strategies, new marketing and communications initiatives and the positive reception of our new rides, attractions and events. In addition, we continued to experience a double-digit increase in season pass sales revenue and an increase in total revenue per capita driven by a 6.5% increase in in-park per capita spending." On the company's earnings conference call, Reilly expanded further, citing a free beer promotion in Tampa and Orlando, rising sales of season passes and new rides for the attendance increase. Reilly also said SeaWorld has seen continued strong attendance through July. Looking ahead, SeaWorld established a goal of achieving $475M-$500M in adjusted EBITDA by the end of 2020. SEC SETTLEMENT: Separately, SeaWorld said this morning that it has reached an agreement in principle with the SEC related to possible violations of federal securities law. SeaWorld said it has recorded an estimated liability of $4M related to the matter, which stems from a "Wells" notice the company received in April notifying it that the agency was recommending that a civil enforcement action or administrative proceeding be brought against the company. BACKGROUND: SeaWorld has been under investigation by both the SEC and Department of Justice for executives' disclosures and public statements in August 2014 and earlier about the impact of the "Blackfish" documentary and trading in the company's securities. Last year, SeaWorld's board also formed a special committee comprised of independent directors with respect to the inquiries. Earlier this year, Joel Manby unexpectedly stepped down as CEO after less than three years. Under his leadership, the company announced in 2016 it would end killer-whale breeding. ANALYST COMMENTARY: In a research note to investors, Stifel analyst Steven Wieczynski noted the company's "very strong" Q2 and said he continues to recommend the turnaround story on steadily improving underlying operations and incremental cost savings opportunities. PRICE ACTION: In afternoon trading, shares of SeaWorld are up nearly 19% to $25.05.

  • 06

    Aug

SEAS SeaWorld
$24.92

3.8 (17.99%)

07/09/18
WELS
07/09/18
DOWNGRADE
WELS
Market Perform
Six Flags downgraded to Market Perform from Outperform at Wells Fargo
Wells Fargo downgraded Six Flags (SIX) to Market Perform from Outperform, citing valuation, negative seasonal trading patterns and incremental FX related UK/Brazilian headwinds, despite ongoing favorable consumer fundamentals and the key Q3 just starting. Wells Fargo also downgraded SeaWorld (SEAS) to Market Perform this morning.
07/09/18
07/09/18
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Procter & Gamble (PG) downgraded to Hold from Buy at Jefferies with analyst Kevin Grundy saying slowing market growth, volatility in emerging markets, U.S. retail difficulties, the stronger U.S. dollar and "pricing challenges" should drive estimates lower. 2. SeaWorld (SEAS) and Six Flags (SIX) were downgraded to Market Perform from Outperform at Wells Fargo. 3. Walgreens Boots Alliance (WBA) downgraded to Neutral from Buy at Citi with analyst Ralph Giacobbe saying he finds it difficult to argue for "meaningful multiple expansion" given headwinds from industry pressures and a dynamic and changing backdrop. 4. Flowers Foods (FLO) downgraded to Hold from Buy at Vertical Group. 5. Wayfair (W) downgraded to Market Perform from Outperform with the firm citing valuation. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
07/09/18
07/09/18
NO CHANGE

Fly Intel: Today's top analyst calls on Wall Street
Check out today's top analyst calls from around Wall Street, compiled by The Fly. GAMESTOP STARTED WITH A BUY: Jefferies analyst Stephanie Wissink started GameStop (GME) with a Buy rating and $18 price target. Her contrarian view on the stock is that under potential new leadership with a well defined vision and execution plan, the stock's valuation, which she feels is "overlooked and overly discounted," could improve. GameStop is higher by 2.5% in midday trading. PIPER SEES CISCO LOSING SECURITY SHARE TO PALO ALTO: Piper Jaffray analyst James Fish says his firm's recent channel survey work across networking and security were weaker than he's seen in past calendar quarters for Cisco Systems (CSCO). Cisco's Security survey results were "especially weak," implying Palo Alto Networks (PANW) is taking market share, the analyst said, although the former remains his top networking pick. He kept an Overweight rating on Cisco shares, which were down almost 1% in midday trading. JEFFERIES DOWNGRADES P&G: Jefferies analyst Kevin Grundy downgraded Procter & Gamble (PG) to Hold from Buy and lowered his price target for the shares to $79 from $83. Slowing market growth, volatility in emerging markets, U.S. retail difficulties, the stronger U.S. dollar and "pricing challenges" should drive estimates lower, Grundy told investors in a research note titled "Tide Unlikely to Turn: Downgrade to Hold as Bull Thesis Wanes." Grundy said he preferred shares of Church & Dwight (CHD) and Energizer (ENR) for exposure to the Home and Personal Care space. TRADE DESK STARTED WITH A SELL: Pivotal Research analyst Brian Wieser initiated Trade Desk (TTD) with a Sell rating and $58 price target, stating that he believes the company can grow rapidly this year but should then see its growth decelerate. He believes its growth will plateau at a size smaller than Criteo's (CRTO), on which Wieser also initiated coverage this morning with a Buy rating. WELLS FARGO DOWNGRADES TWO THEME PARKS: Wells Fargo analyst Timothy Conder downgraded both SeaWorld (SEAS) and Six Flags (SIX) to Market Perform from Outperform, citing valuation, negative seasonal trading patterns, and weather impact, despite ongoing favorable consumer fundamentals and the key Q3 just starting. SeaWorld is trading down 1.3%, while Six Flags is down 1.7% at midday.
07/18/18
STFL
07/18/18
NO CHANGE
Target $27
STFL
Buy
SeaWorld shorts may be 'chased' by earnings report catalysts, says Stifel
Stifel analyst Steven Wieczynski said he expects SeaWorld's Q2 earnings announcement to include four potential catalysts, which he ranks from most likely to least likely as an EBITDA beat, John Reilly being named permanent CEO, a long-range EBITDA target being established, and refinancing of loans due May 2020 being announced. While seeing all four is "somewhat of a longshot," he has a high degree of confidence in the first three and would expect to see "additional shorts chased from the name" if the catalysts he is calling for are in the report. Wieczynski raised his price target on SeaWorld shares ahead of the report to $27 from $25 and keeps a Buy rating on the name.

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