Waste Connections (NYSE:WCN) Releases Quarterly Earnings Results, Beats Estimates By $0.07 EPS

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

Waste Connections Price Performance

WCN stock traded down $5.20 during mid-day trading on Thursday, hitting $174.51. The company had a trading volume of 1,404,147 shares, compared to its average volume of 902,923. The company has a 50-day moving average price of $172.25 and a 200 day moving average price of $166.40. Waste Connections has a 12-month low of $126.12 and a 12-month high of $182.99. The company has a market capitalization of $45.03 billion, a price-to-earnings ratio of 57.26, a P/E/G ratio of 3.00 and a beta of 0.72. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 1.00.

Insider Activity

In related news, Director Michael W. Harlan sold 1,500 shares of the business’s stock in a transaction dated Friday, May 10th. The stock was sold at an average price of $167.59, for a total value of $251,385.00. Following the sale, the director now directly owns 8,004 shares in the company, valued at $1,341,390.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, Director Michael W. Harlan sold 1,500 shares of the firm’s stock in a transaction on Friday, May 10th. The shares were sold at an average price of $167.59, for a total value of $251,385.00. Following the completion of the transaction, the director now directly 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 SEC, which is available at the SEC website. Also, SVP Robert Nielsen III sold 2,000 shares of the company’s stock in a transaction on Thursday, May 9th. The shares were sold at an average price of $166.00, for a total transaction of $332,000.00. Following the sale, the senior vice president now directly owns 6,321 shares in the company, valued at approximately $1,049,286. The disclosure for this sale can be found here. Insiders sold a total of 4,500 shares of company stock worth $752,385 over the last 90 days. Corporate insiders own 0.31% of the company’s stock.

Analyst Ratings Changes

Several research analysts have issued reports on the company. Oppenheimer raised their target price on Waste Connections from $181.00 to $191.00 and gave the stock an “outperform” rating in a research report on Monday, July 15th. CIBC increased their price target on shares of Waste Connections from $181.00 to $191.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 3rd. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Waste Connections in a research report on Thursday, May 23rd. They set a “buy” rating and a $189.00 price objective for the company. Truist Financial raised their target price on Waste Connections from $180.00 to $200.00 and gave the stock a “buy” rating in a report on Thursday, July 11th. Finally, StockNews.com raised Waste Connections from a “hold” rating to a “buy” rating in a report on Saturday, May 18th. Five research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Waste Connections presently has a consensus rating of “Moderate Buy” and an average price target of $184.12.

Waste Connections Company Profile

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.