Pactiv Evergreen (NASDAQ:PTVE) Releases Quarterly Earnings Results, Beats Expectations By $0.05 EPS

Pactiv Evergreen (NASDAQ:PTVE) posted its earnings results on Thursday. The company reported $0.14 EPS for the quarter, beating analysts’ consensus estimates of $0.09 by $0.05, Briefing.com reports. The firm had revenue of $1.25 billion for the quarter, compared to analysts’ expectations of $1.29 billion. Pactiv Evergreen had a positive return on equity of 13.89% and a negative net margin of 1.50%. The company’s quarterly revenue was down 12.5% on a year-over-year basis. During the same period last year, the firm earned $0.13 EPS.

Pactiv Evergreen Trading Down 12.4 %

Shares of Pactiv Evergreen stock traded down $1.92 during mid-day trading on Friday, hitting $13.57. The stock had a trading volume of 1,743,190 shares, compared to its average volume of 315,325. The firm has a market cap of $2.43 billion, a P/E ratio of -29.50, a price-to-earnings-growth ratio of 0.99 and a beta of 1.43. The company has a quick ratio of 0.93, a current ratio of 2.00 and a debt-to-equity ratio of 2.69. The firm has a 50-day moving average of $14.22 and a two-hundred day moving average of $13.14. Pactiv Evergreen has a 12-month low of $6.85 and a 12-month high of $15.84.

Pactiv Evergreen Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, June 14th. Shareholders of record on Friday, May 31st will be issued a $0.10 dividend. The ex-dividend date is Friday, May 31st. This represents a $0.40 annualized dividend and a yield of 2.95%. Pactiv Evergreen’s payout ratio is -86.96%.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the company. Robert W. Baird increased their price target on Pactiv Evergreen from $12.00 to $15.00 and gave the stock a “neutral” rating in a research report on Monday, March 4th. Jefferies Financial Group began coverage on shares of Pactiv Evergreen in a research note on Friday, January 19th. They issued a “buy” rating and a $18.00 price target on the stock. The Goldman Sachs Group upped their price objective on shares of Pactiv Evergreen from $12.50 to $14.00 and gave the stock a “neutral” rating in a research report on Monday, March 4th. Royal Bank of Canada reiterated an “outperform” rating and issued a $18.00 target price on shares of Pactiv Evergreen in a research report on Monday, March 4th. Finally, Citigroup boosted their price objective on Pactiv Evergreen from $15.00 to $17.00 and gave the stock a “buy” rating in a research note on Thursday, April 4th. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $16.00.

About Pactiv Evergreen

Pactiv Evergreen Inc manufactures and distributes fresh foodservice and food merchandising products, and fresh beverage cartons in the United States, rest of North America, and internationally. It operates in two segments, Foodservice, and Food and Beverage Merchandising. The Foodservice segment offers food containers; drinkware, such as hot and cold cups and lids; and tableware, service ware, and other products.