GFL Environmental (NYSE:GFL) Price Target Raised to $56.00 at Scotiabank

Key Points

• Scotiabank raised GFL Environmental’s price target from $52 to $56 and maintained a “sector outperform” rating, implying 33.96% upside from the prior close.
• Analyst sentiment remains broadly positive, with 12 Buy, two Hold, and two Sell ratings producing a consensus “Moderate Buy” rating and an average price target of $55.33.
• GFL shares rose 1% to $41.80, while its latest quarterly results showed revenue growth of 16.3% year over year to $1.37 billion but earnings of $0.14 per share missed estimates by $0.03.

GFL Environmental (NYSE:GFL - Get Free Report) had its price target hoisted by stock analysts at Scotiabank from $52.00 to $56.00 in a research report issued on Friday,Benzinga reports. The firm presently has a "sector outperform" rating on the stock. Scotiabank's price target indicates a potential upside of 33.96% from the stock's previous close.

A number of other equities analysts also recently commented on the stock. JPMorgan Chase & Co. boosted their target price on shares of GFL Environmental from $40.00 to $41.00 and gave the stock an "underweight" rating in a report on Thursday, July 16th. Canadian Imperial Bank of Commerce restated an "outperform" rating on shares of GFL Environmental in a report on Wednesday, May 13th. Citigroup set a $51.00 price objective on shares of GFL Environmental and gave the stock a "buy" rating in a research report on Monday, July 6th. Weiss Ratings upgraded shares of GFL Environmental from a "sell (d)" rating to a "sell (d+)" rating in a research note on Wednesday. Finally, Zacks Research cut shares of GFL Environmental from a "strong-buy" rating to a "hold" rating in a research report on Friday, May 22nd. Twelve research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $55.33.

GFL Environmental Stock Up 1.0%

Shares of NYSE:GFL traded up $0.43 on Friday, reaching $41.80. The company had a trading volume of 834,502 shares, compared to its average volume of 2,351,262. GFL Environmental has a 52-week low of $33.33 and a 52-week high of $51.51. The firm's 50 day simple moving average is $37.27 and its 200-day simple moving average is $40.07. The firm has a market capitalization of $14.99 billion, a PE ratio of -78.89, a PEG ratio of 3.05 and a beta of 0.70. The company has a current ratio of 1.51, a quick ratio of 1.51 and a debt-to-equity ratio of 1.32.

GFL Environmental (NYSE:GFL - Get Free Report) last released its quarterly earnings results on Wednesday, July 29th. The company reported $0.14 EPS for the quarter, missing the consensus estimate of $0.17 by ($0.03). GFL Environmental had a positive return on equity of 4.13% and a negative net margin of 3.28%.The company had revenue of $1.37 billion during the quarter, compared to the consensus estimate of $1.33 billion. During the same period in the previous year, the firm posted $0.26 earnings per share. The company's revenue was up 16.3% on a year-over-year basis. As a group, analysts expect that GFL Environmental will post 0.56 earnings per share for the current fiscal year.

Hedge Funds Weigh In On GFL Environmental

Several institutional investors and hedge funds have recently modified their holdings of GFL. Aster Capital Management DIFC Ltd purchased a new position in shares of GFL Environmental during the 4th quarter valued at approximately $25,000. Sunbelt Securities Inc. purchased a new stake in shares of GFL Environmental during the third quarter worth approximately $33,000. EverSource Wealth Advisors LLC raised its position in shares of GFL Environmental by 43.1% in the second quarter. EverSource Wealth Advisors LLC now owns 727 shares of the company's stock valued at $37,000 after buying an additional 219 shares during the last quarter. Whipplewood Advisors LLC acquired a new stake in GFL Environmental in the 1st quarter valued at about $32,000. Finally, Caitong International Asset Management Co. Ltd increased its holdings in shares of GFL Environmental by 45.2% in the third quarter. Caitong International Asset Management Co. Ltd now owns 976 shares of the company's stock valued at $46,000 after purchasing an additional 304 shares during the last quarter. Institutional investors and hedge funds own 64.70% of the company's stock.

About GFL Environmental

GFL Environmental Inc is a leading North American provider of diversified environmental services, offering comprehensive solutions across solid waste management, liquid waste management, soil remediation and infrastructure services. The company's core business activities include residential, commercial and industrial waste collection, recycling, composting and landfill management. In addition to traditional waste services, GFL provides specialized liquid waste hauling, treatment and disposal services as well as environmental consulting to support industrial and municipal clients in meeting regulatory and sustainability goals.

Founded in 2007 by entrepreneur Patrick Dovigi, GFL Environmental has pursued an aggressive growth strategy driven by strategic acquisitions and organic expansion.

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