Blackstone shares close lower on Thursday, third-quarter earnings top estimates amid rising equity markets

Blackstones quarterly earnings, reported on Thursday, outstripped Wall Street estimates, as the asset managers holdings were bolstered by rising equity markets.

Blackstone shares closed lower for the first time in the past five trading sessions in New York on Thursday. It has also been the steepest daily loss since October 10th. The stock went down 2.19% ($0.79) to $35.30, after touching an intraday low at $34.69, or a price level not seen since October 12th ($34.60).

Shares of The Blackstone Group LP have risen 10.24% so far during the current year, following an 18.46% surge in 2017.

Blackstones economic net income, which presents the mark-to-market valuation gains or losses on the companys portfolio, rose to $0.76 per share during the three months through September from $0.68 per share during the same period a year ago. In comparison, analysts on average had expected economic net income of $0.74 per share.

The S&P 500 (SPX) gained 7.19% during the third quarter.

Blackstones assets under management were reported to have surged 18% year-on-year during the third quarter to a new record total of $457 billion.

Meanwhile, the asset managers distributable earnings, or the amount used for dividend payouts, rose to $769 million during the latest quarter from $626 million in the year-ago quarter.

According to CNN Money, the 12 analysts, offering 12-month forecasts regarding The Blackstone Group LP’s stock price, have a median target of $44.00, with a high estimate of $49.00 and a low estimate of $38.00. The median estimate represents a 24.65% upside compared to the closing price of $35.30 on October 18th.

The same media also reported that 13 out of 15 surveyed investment analysts had rated The Blackstone Group LP’s stock as “Buy”, while 1 – as “Hold”.

Weekly Pivot Levels

By using the traditional method of calculation, the weekly levels of importance for The Blackstone Group LP (BX) are presented as follows:

Central Pivot Point – $35.55
R1 – $36.78
R2 – $38.72
R3 – $39.95
R4 – $41.19

S1 – $33.61
S2 – $32.38
S3 – $30.44
S4 – $28.51