Market Update: Verizon Communications Inc (NYSE:VZ) – Verizon, CenturyLink awarded $150M for network services in Virginia

[at American City Business Journals] – Virginia’s digital government push got a boost this month, with the commonwealth naming two vendors on a new $150 million network services contract. Under this award, called VITAnet, New York-based Verizon Communications Inc. (VZ) and Monroe, Louisiana-based CenturyLink Inc. (CTL) will compete for task orders to provide state and local government entities with services relating to the replacement of aging networks and communications infrastructure. Local agency purchases are capped at $150 million. Read more on this. Verizon Communications Inc. (VZ) , with a current market cap of $218.15B, began trading this morning at $53.80. Shares have traded today between $53.39 and $53.85 per share with the price of the stock fluctuating between $38.06 to $53.85 over the last 52 weeks. VZ shares are currently priced at 13.44x this year’s forecasted earnings, which makes them relatively inexpensive compared to the industry’s 15.48x forward p/e ratio. The company pays shareholders $2.26 per share in dividend income per year, for a current yield of 4.30%. According to a consensus of 23 analysts, the earnings estimate of $1.06 per share would be $0.04 better than the year-ago quarter and a $0.00 sequential decrease. Investors should also note that the full-year EPS estimate of $3.99 is a $0.00 worse when compared to the previous year’s annual results. The quarterly earnings estimate is predicated on a consensus revenue forecast of $32.81 Billion. If reported, that would be a 2.60% increase over the year-ago quarter. In terms of ratings, Deutsche Bank Initiated VZ at Hold (Feb 24, 2016). Previously, DA Davidson Initiated VZ at to Neutral. When considering if perhaps the stock is under or overvalued, the average price target is $50.52, which is 6.10% below where the stock opened this morning. See more in (NYSE:VZ) Similar Articles: Company Update: Verizon Communications Inc (NYSE:VZ) – Verizon customers in South Carolina are the real winners in newest RootMetrics® wireless network performance report Market Update: Verizon Communications Inc (NYSE:VZ) – $70 million network investment has the Verizon Wireless network ready to serve fans at most connected Super Bowl ever Market Update: Verizon Communications Inc (NYSE:VZ) – Verizon Communications (VZ) Stock Rises in Pre-Market Trading on New Network Offer