GFL Environmental (NYSE:GFL) Shares Gap Up – Here’s Why

GFL Environmental Inc. (NYSE:GFL)’s stock price gapped up before the market opened on Thursday . The stock had previously closed at $41.07, but opened at $44.05. GFL Environmental shares last traded at $43.2810, with a volume of 1,442,188 shares trading hands.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Citigroup set a $51.00 target price on GFL Environmental and gave the company a “buy” rating in a research note on Monday, July 6th. TD Cowen restated a “buy” rating and set a $65.00 price objective on shares of GFL Environmental in a report on Friday, September 11th. Weiss Ratings raised GFL Environmental from a “sell (d)” rating to a “sell (d+)” rating in a research report on Wednesday, August 26th. Canadian Imperial Bank of Commerce reaffirmed an “outperform” rating on shares of GFL Environmental in a research report on Monday, August 31st. Finally, Scotiabank reiterated an “outperform” rating on shares of GFL Environmental in a research report on Wednesday, September 2nd. Twelve research analysts have rated the stock with a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, GFL Environmental currently has an average rating of “Moderate Buy” and a consensus price target of $57.60.

GFL Environmental Price Performance

The firm has a market capitalization of $15.58 billion, a P/E ratio of -81.45, a P/E/G ratio of 3.12 and a beta of 0.68. The stock’s 50 day simple moving average is $41.07 and its 200 day simple moving average is $39.79. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.75 and a current ratio of 0.75.

GFL Environmental (NYSE:GFL) last posted its quarterly earnings results on Wednesday, July 29th. The company reported $0.14 earnings per share for the quarter, missing the consensus estimate of $0.17 by ($0.03). The company had revenue of $1.37 billion for the quarter, compared to the consensus estimate of $1.33 billion. GFL Environmental had a negative net margin of 3.28% and a positive return on equity of 4.14%. The business’s revenue was up 16.3% on a year-over-year basis. During the same period in the prior year, the firm posted $0.26 EPS. As a group, analysts expect that GFL Environmental Inc. will post 0.57 earnings per share for the current fiscal year.

GFL Environmental Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 31st. Shareholders of record on Monday, July 13th were issued a dividend of $0.0169 per share. This represents a $0.07 annualized dividend and a yield of 0.2%. The ex-dividend date was Monday, July 13th. GFL Environmental’s dividend payout ratio (DPR) is presently -13.21%.

Institutional Investors Weigh In On GFL Environmental

Hedge funds have recently made changes to their positions in the company. Integrated Wealth Concepts LLC bought a new stake in shares of GFL Environmental in the second quarter valued at about $31,000. Whipplewood Advisors LLC bought a new position in GFL Environmental during the 1st quarter worth about $32,000. EverSource Wealth Advisors LLC grew its holdings in GFL Environmental by 36.9% during the 1st quarter. EverSource Wealth Advisors LLC now owns 1,335 shares of the company’s stock worth $56,000 after acquiring an additional 360 shares in the last quarter. Parallel Advisors LLC increased its position in GFL Environmental by 256.9% during the 1st quarter. Parallel Advisors LLC now owns 1,542 shares of the company’s stock valued at $64,000 after purchasing an additional 1,110 shares during the period. Finally, Versant Capital Management Inc increased its position in GFL Environmental by 148.3% during the 2nd quarter. Versant Capital Management Inc now owns 1,800 shares of the company’s stock valued at $66,000 after purchasing an additional 1,075 shares during the period. 64.70% of the stock is currently owned by hedge funds and other institutional investors.

GFL Environmental Company Profile

GFL Environmental Inc is an environmental services company that provides waste management and infrastructure services to residential, commercial, industrial, municipal and institutional customers. Its operations include the collection, transfer, processing, recycling and disposal of solid waste, as well as the management of organic materials and other waste streams.

The company also provides environmental and infrastructure-related services, including soil remediation, dewatering, excavation, demolition and other site services.