On August 13, Comfort Systems USA rose 3.34% in regular trading, trading at $1,744.14/share, with turnover of $171 million. The stock was driven higher by the confluence of its dividend record date and previously reported strong second-quarter results.
August 13 marks the record date for the company's increased quarterly dividend of $0.90 per share, up from $0.80, payable on August 24. The dividend hike was announced alongside Q2 earnings on July 23, when the company reported revenue of $3.27 billion, significantly exceeding the analyst consensus estimate of approximately $2.99 billion. Adjusted earnings per share came in at $12.53, representing a 91.9% year-over-year increase and beating Wall Street expectations of around $10.21-$10.45 by over 22%. Pre-tax profit reached $566 million, also well above the $469 million consensus.
Additionally, KeyBanc raised its price target on the stock to $2,110 from $2,004, maintaining an Overweight rating. The average analyst price target stands at $2,236.75 with a consensus Buy rating, suggesting further upside from current levels.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)
Comments