Blackstone (BX) Stock Gains on Q2 Earnings Beat
NEW YORK (TheStreet) -- Shares of Blackstone Group (BX) - Get Report are advancing 1.63% to $26.26 in pre-market trading Thursday after the company reported earnings and revenue that topped analysts' expectations.
Before today's market open, the New York-based alternative asset manager posted earnings of 44 cents per share, exceeding analysts' estimates of 39 cents per share.
Revenue for the period was $1.19 billion, above Wall Street's projections of $1.11 billion.
"Blackstone posted strong results in the second quarter...despite the notable market disturbances in the quarter. Our funds delivered good investment performance across our businesses," CEO Steve Schwarzman said in a statement.
Results were helped by strong real estate investments and a rally in energy prices, Reuters noted.
Additionally, developer China Vanke and its partners signed a $1.9 billion deal with Blackstone and third parties, with China Vanke putting in 3.89 billion yuan ($583.02 million) to purchase their property firms, Reuters reports.
Separately, TheStreet Ratings Team has a "Hold" rating with a score of C+ on the stock.
The primary factors that have impacted the rating are mixed . Among the primary strengths of the company is its expanding profit margins over time.
But the team also finds weaknesses including deteriorating net income, disappointing return on equity and premium valuation.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: BX