Waste Connections (NYSE:WCN) Stock Price Expected to Rise, Wells Fargo & Company Analyst Says

Key Points

• Wells Fargo raised Waste Connections’ price target to $211 from $187 while maintaining an “overweight” rating, implying approximately 13.76% upside from the reported $185.48 share price.
• Analyst sentiment is broadly positive: MarketBeat reports a consensus “Moderate Buy” rating and an average price target of $200.22, with UBS, TD Cowen, Barclays, and Goldman Sachs also recently raising or reaffirming favorable ratings.
• Waste Connections exceeded quarterly expectations, posting $1.58 in EPS versus $1.52 expected and $2.64 billion in revenue versus $2.60 billion expected; revenue increased 23.8% year over year.

Waste Connections (NYSE:WCN - Get Free Report) had its price target raised by analysts at Wells Fargo & Company from $187.00 to $211.00 in a research report issued to clients and investors on Friday, Benzinga reports. The firm presently has an "overweight" rating on the business services provider's stock. Wells Fargo & Company's price target points to a potential upside of 13.76% from the stock's current price.

A number of other equities analysts also recently weighed in on WCN. UBS Group raised shares of Waste Connections from a "neutral" rating to a "buy" rating and increased their price target for the stock from $176.00 to $200.00 in a research note on Friday, September 18th. TD Cowen reissued a "buy" rating and set a $215.00 price objective (up from $210.00) on shares of Waste Connections in a research note on Friday. Barclays reissued a "positive" rating and set a $189.00 price objective (up from $187.00) on shares of Waste Connections in a research note on Friday. The Goldman Sachs Group restated a "buy" rating and set a $205.00 price objective on shares of Waste Connections in a report on Thursday. Finally, Morgan Stanley reaffirmed an "overweight" rating on shares of Waste Connections in a research report on Friday. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $200.22.

Waste Connections Trading Up 0.3%

Shares of NYSE WCN traded up $0.60 on Friday, reaching $185.48. 356,210 shares of the company traded hands, compared to its average volume of 1,572,249. The stock has a market capitalization of $46.47 billion, a PE ratio of 44.59, a P/E/G ratio of 2.95 and a beta of 0.49. Waste Connections has a fifty-two week low of $146.89 and a fifty-two week high of $186.93. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 1.17. The company has a 50 day moving average of $161.34 and a 200 day moving average of $161.56.

Waste Connections (NYSE:WCN - Get Free Report) last released its earnings results on Wednesday, October 21st. The business services provider reported $1.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.52 by $0.06. Waste Connections had a net margin of 11.40% and a return on equity of 17.65%. The business had revenue of $2.64 billion for the quarter, compared to analysts' expectations of $2.60 billion. Waste Connections's quarterly revenue was up 23.8% compared to the same quarter last year. On average, equities research analysts forecast that Waste Connections will post 5.65 earnings per share for the current fiscal year.

Insider Activity at Waste Connections

In other Waste Connections news, SVP Robert Cloninger sold 2,811 shares of Waste Connections stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $171.02, for a total transaction of $480,737.22. Following the transaction, the senior vice president directly owned 11,666 shares of the company's stock, valued at $1,995,119.32. The trade was a 19.42% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, SVP Philip Rivard sold 2,500 shares of the business's stock in a transaction that occurred on Tuesday, August 18th. The stock was sold at an average price of $166.57, for a total transaction of $416,425.00. Following the sale, the senior vice president owned 734 shares of the company's stock, valued at approximately $122,262.38. This represents a 77.30% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.27% of the company's stock.

Hedge Funds Weigh In On Waste Connections

A number of institutional investors and hedge funds have recently bought and sold shares of WCN. Group One Trading LLC purchased a new position in Waste Connections in the 2nd quarter valued at about $30,000. Whipplewood Advisors LLC grew its stake in shares of Waste Connections by 1,166.7% during the first quarter. Whipplewood Advisors LLC now owns 190 shares of the business services provider's stock valued at $31,000 after acquiring an additional 175 shares in the last quarter. Western Wealth Management LLC purchased a new stake in shares of Waste Connections during the first quarter worth about $41,000. Johnson Financial Group Inc. purchased a new stake in shares of Waste Connections during the second quarter worth about $45,000. Finally, Wellington Altus USA Inc. increased its position in shares of Waste Connections by 205.6% during the second quarter. Wellington Altus USA Inc. now owns 275 shares of the business services provider's stock worth $48,000 after acquiring an additional 185 shares during the last quarter. Hedge funds and other institutional investors own 86.09% of the company's stock.

Waste Connections Company Profile

Waste Connections, Inc is a North American provider of solid waste collection, transfer, disposal and recycling services. The company serves residential, commercial, industrial and construction customers, offering scheduled and on-demand collection as well as waste management solutions tailored to municipalities and businesses.

Its operations include local collection fleets, transfer stations, recycling and resource-recovery facilities, and landfills. Waste Connections also provides non-hazardous oilfield waste services, including the collection, transportation, treatment and disposal of waste generated by energy-production activities.

Founded in 1997, Waste Connections has grown through a combination of internal development and acquisitions.

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