Waste Connections (NYSE:WCN) Announces Earnings Results

Waste Connections (NYSE:WCN) announced its quarterly earnings results on Wednesday. The business services provider reported $1.24 earnings per share for the quarter, beating analysts’ consensus estimates of $1.17 by $0.07, Briefing.com reports. Waste Connections had a return on equity of 14.66% and a net margin of 9.70%. The firm had revenue of $2.25 billion for the quarter, compared to analysts’ expectations of $2.22 billion. During the same period in the prior year, the business posted $1.02 earnings per share. The business’s revenue was up 11.2% compared to the same quarter last year. Waste Connections updated its FY 2024 guidance to EPS.

Waste Connections Stock Performance

Shares of NYSE:WCN traded down $4.28 on Thursday, hitting $175.43. The company had a trading volume of 1,464,959 shares, compared to its average volume of 903,351. The stock has a market cap of $45.26 billion, a price-to-earnings ratio of 57.26, a P/E/G ratio of 3.00 and a beta of 0.72. The stock has a 50 day moving average price of $172.25 and a 200 day moving average price of $166.40. Waste Connections has a 1-year low of $126.12 and a 1-year high of $182.99. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 1.00.

Waste Connections Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 22nd. Shareholders of record on Wednesday, August 7th will be issued a dividend of $0.285 per share. This represents a $1.14 annualized dividend and a yield of 0.65%. The ex-dividend date is Wednesday, August 7th. Waste Connections’s dividend payout ratio is 37.01%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. StockNews.com raised Waste Connections from a “hold” rating to a “buy” rating in a research note on Saturday, May 18th. BMO Capital Markets upped their price target on Waste Connections from $182.00 to $186.00 and gave the company an “outperform” rating in a research note on Friday, April 26th. Royal Bank of Canada cut their price target on Waste Connections from $196.00 to $195.00 and set an “outperform” rating on the stock in a research note on Friday, April 26th. Deutsche Bank Aktiengesellschaft assumed coverage on Waste Connections in a research note on Thursday, May 23rd. They set a “buy” rating and a $189.00 price target on the stock. Finally, Raymond James upped their price target on Waste Connections from $190.00 to $207.00 and gave the company a “strong-buy” rating in a research note on Monday. Five research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $184.12.

Insider Transactions at Waste Connections

In related news, SVP Robert Nielsen III sold 1,000 shares of the company’s stock in a transaction dated Friday, June 7th. The shares were sold at an average price of $169.00, for a total value of $169,000.00. Following the transaction, the senior vice president now owns 5,321 shares in the company, valued at approximately $899,249. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, Director Michael W. Harlan sold 1,500 shares of Waste Connections stock in a transaction on Friday, May 10th. The stock was sold at an average price of $167.59, for a total transaction of $251,385.00. Following the completion of the sale, the director now owns 8,004 shares of the company’s stock, valued at $1,341,390.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Robert Nielsen III sold 1,000 shares of the company’s stock in a transaction dated Friday, June 7th. The shares were sold at an average price of $169.00, for a total transaction of $169,000.00. Following the completion of the transaction, the senior vice president now owns 5,321 shares in the company, valued at $899,249. The disclosure for this sale can be found here. In the last 90 days, insiders sold 4,500 shares of company stock worth $752,385. 0.31% of the stock is owned by insiders.

About Waste Connections

Waste Connections, Inc provides non-hazardous waste collection, transfer, disposal, and resource recovery services in the United States and Canada. It offers collection services to residential, commercial, municipal, industrial, and exploration and production (E&P) customers; landfill disposal services; and recycling services for various recyclable materials, including compost, cardboard, mixed paper, plastic containers, glass bottles, and ferrous and aluminum metals.