JPMorgan Chase & Co. Issues Positive Forecast for Waste Connections (NYSE:WCN) Stock Price

Key Points

• JPMorgan Chase raised its price target on Waste Connections to $195 (from $187) and maintains an "overweight" rating, implying about a 21% upside from the current share price.
• Analyst consensus is positive with a mean target of $202.81 and the majority of covering firms rating WCN as Buy/Strong Buy (18 Buy/Strong Buy vs. 4 Hold).
• Shares recently traded at $161.04; Waste Connections reported $1.29 EPS (beat by $0.01) with revenue up 5% year-over-year, and analysts expect roughly $5.28 EPS for the fiscal year.

Waste Connections (NYSE:WCN - Get Free Report) had its price objective upped by analysts at JPMorgan Chase & Co. from $187.00 to $195.00 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. JPMorgan Chase & Co.'s target price indicates a potential upside of 21.09% from the stock's current price.

A number of other research analysts also recently commented on WCN. BNP Paribas Exane began coverage on shares of Waste Connections in a report on Tuesday, January 6th. They issued an "outperform" rating for the company. Citigroup reissued a "neutral" rating and issued a $183.00 price objective (down from $196.00) on shares of Waste Connections in a research note on Friday, January 16th. Wolfe Research initiated coverage on shares of Waste Connections in a research note on Friday, March 13th. They issued an "outperform" rating and a $199.00 price objective for the company. TD Cowen decreased their price objective on shares of Waste Connections from $210.00 to $200.00 and set a "buy" rating for the company in a research note on Friday, February 13th. Finally, Canadian Imperial Bank of Commerce set a $208.00 price objective on shares of Waste Connections in a research note on Thursday, January 8th. Four research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, Waste Connections has an average rating of "Buy" and a consensus target price of $202.81.

Waste Connections Trading Down 1.7%

Shares of NYSE:WCN traded down $2.77 during trading on Friday, reaching $161.04. The company's stock had a trading volume of 658,913 shares, compared to its average volume of 1,632,904. The company has a current ratio of 0.62, a quick ratio of 0.62 and a debt-to-equity ratio of 1.07. Waste Connections has a 12 month low of $154.90 and a 12 month high of $199.78. The firm's 50 day simple moving average is $165.55 and its two-hundred day simple moving average is $169.77. The stock has a market capitalization of $41.10 billion, a PE ratio of 38.58, a price-to-earnings-growth ratio of 2.80 and a beta of 0.61.

Waste Connections (NYSE:WCN - Get Free Report) last announced its quarterly earnings results on Wednesday, February 11th. The business services provider reported $1.29 EPS for the quarter, beating analysts' consensus estimates of $1.28 by $0.01. Waste Connections had a net margin of 11.37% and a return on equity of 16.25%. The firm had revenue of $2.35 billion during the quarter, compared to the consensus estimate of $2.37 billion. During the same quarter last year, the firm earned $1.16 EPS. The firm's revenue for the quarter was up 5.0% compared to the same quarter last year. On average, research analysts predict that Waste Connections will post 5.28 EPS for the current fiscal year.

Hedge Funds Weigh In On Waste Connections

Several institutional investors have recently bought and sold shares of WCN. CIBC Asset Management Inc grew its holdings in Waste Connections by 55.7% in the third quarter. CIBC Asset Management Inc now owns 1,991,112 shares of the business services provider's stock worth $350,603,000 after purchasing an additional 711,990 shares during the last quarter. Cidel Asset Management Inc. grew its holdings in shares of Waste Connections by 19.5% during the third quarter. Cidel Asset Management Inc. now owns 163,675 shares of the business services provider's stock valued at $28,780,000 after buying an additional 26,684 shares during the last quarter. Fisher Funds Management LTD grew its holdings in shares of Waste Connections by 51.2% during the third quarter. Fisher Funds Management LTD now owns 88,336 shares of the business services provider's stock valued at $15,529,000 after buying an additional 29,925 shares during the last quarter. Thrivent Financial for Lutherans grew its holdings in shares of Waste Connections by 770.4% during the third quarter. Thrivent Financial for Lutherans now owns 57,519 shares of the business services provider's stock valued at $10,112,000 after buying an additional 50,911 shares during the last quarter. Finally, National Pension Service grew its holdings in shares of Waste Connections by 2.3% during the third quarter. National Pension Service now owns 385,446 shares of the business services provider's stock valued at $67,761,000 after buying an additional 8,725 shares during the last quarter. 86.09% of the stock is owned by hedge funds and other institutional investors.

Waste Connections Company Profile

Waste Connections NYSE: WCN is a North American integrated waste services company that provides a range of solid waste and environmental services to municipal, commercial, industrial and residential customers. The company offers collection, transportation, transfer, disposal and recycling services, and operates an extensive network of transfer stations and disposal facilities. Waste Connections positions itself as a provider of infrastructure-driven waste solutions across many regions of the United States and Canada.

The company's operating activities include routine curbside and commercial collection, roll-off and container services, operation of landfills and transfer stations, and recycling and resource recovery programs.

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