GFL Environmental (NYSE:GFL) Issues Quarterly Earnings Results, Beats Expectations By $0.01 EPS

GFL Environmental (NYSE:GFL) posted its earnings results on Wednesday. The company reported $0.24 earnings per share for the quarter, topping the consensus estimate of $0.23 by $0.01, reports. GFL Environmental had a positive return on equity of 3.46% and a negative net margin of 7.54%. The firm had revenue of $1.48 billion during the quarter, compared to analyst estimates of $1.49 billion. GFL Environmental updated its FY 2024 guidance to EPS.

GFL Environmental Price Performance

Shares of GFL stock traded down $0.38 during mid-day trading on Friday, hitting $45.12. 1,954,631 shares of the stock were exchanged, compared to its average volume of 1,052,493. GFL Environmental has a 52-week low of $26.87 and a 52-week high of $46.48. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 1.45. The firm has a fifty day moving average of $40.82 and a 200 day moving average of $38.35. The company has a market cap of $16.99 billion, a PE ratio of -33.92 and a beta of 1.15.

GFL Environmental Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Wednesday, October 16th were issued a $0.014 dividend. This represents a $0.06 annualized dividend and a yield of 0.12%. The ex-dividend date of this dividend was Wednesday, October 16th. GFL Environmental’s payout ratio is -4.51%.

Hedge Funds Weigh In On GFL Environmental

A number of hedge funds have recently made changes to their positions in GFL. Truist Financial Corp raised its stake in GFL Environmental by 1.8% during the 2nd quarter. Truist Financial Corp now owns 15,463 shares of the company’s stock worth $602,000 after acquiring an additional 268 shares in the last quarter. Signaturefd LLC raised its stake in GFL Environmental by 23.5% during the second quarter. Signaturefd LLC now owns 2,149 shares of the company’s stock worth $84,000 after purchasing an additional 409 shares during the period. Fifth Third Bancorp raised its stake in shares of GFL Environmental by 51.1% in the 2nd quarter. Fifth Third Bancorp now owns 1,358 shares of the company’s stock valued at $53,000 after acquiring an additional 459 shares during the period. DekaBank Deutsche Girozentrale grew its holdings in GFL Environmental by 3.2% during the 2nd quarter. DekaBank Deutsche Girozentrale now owns 21,597 shares of the company’s stock valued at $838,000 after purchasing an additional 664 shares in the last quarter. Finally, Envestnet Portfolio Solutions Inc. grew its holdings in GFL Environmental by 13.0% during the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 6,795 shares of the company’s stock valued at $234,000 after purchasing an additional 780 shares in the last quarter. Hedge funds and other institutional investors own 64.70% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on GFL. Scotiabank upped their price target on GFL Environmental from $50.00 to $51.00 and gave the company a “sector outperform” rating in a research report on Friday. Royal Bank of Canada upped their price target on GFL Environmental from $46.00 to $48.00 and gave the company an “outperform” rating in a research note on Friday, August 2nd. Truist Financial increased their target price on GFL Environmental from $46.00 to $54.00 and gave the company a “buy” rating in a research note on Friday. UBS Group increased their target price on GFL Environmental from $47.00 to $50.00 and gave the company a “buy” rating in a research note on Thursday. Finally, Raymond James raised their price target on GFL Environmental from $47.00 to $50.00 and gave the stock an “outperform” rating in a research report on Friday. Three equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $45.80.

About GFL Environmental

GFL Environmental Inc offers non-hazardous solid waste management and environmental services in Canada and the United States. It offers solid waste management, liquid waste management, and soil remediation services, including collection, transportation, transfer, recycling, and disposal services for municipal, residential, and commercial, and industrial customers.