GFL Environmental (NYSE:GFL) Given New $60.00 Price Target at Scotiabank

Key Points

• Scotiabank has raised its price target for GFL Environmental from $56.00 to $60.00, suggesting a potential upside of 20.12% based on the current stock price.
• Multiple analysts, including those from National Bank Financial and UBS Group, have also upgraded their ratings on GFL Environmental, with most now assigning a consensus rating of "Buy".
• GFL Environmental's stock recently traded at $49.95, reflecting a market cap of $18.32 billion and P/E ratio of 7.87.

GFL Environmental (NYSE:GFL - Get Free Report) had its price objective upped by equities research analysts at Scotiabank from $56.00 to $60.00 in a research note issued on Friday, MarketBeat Ratings reports. The brokerage presently has a "sector outperform" rating on the stock. Scotiabank's price target would indicate a potential upside of 20.41% from the company's previous close.

Other equities analysts have also issued reports about the company. Truist Financial increased their price objective on GFL Environmental from $58.00 to $60.00 and gave the stock a "buy" rating in a report on Friday. Citigroup increased their price objective on GFL Environmental from $53.00 to $56.00 and gave the stock a "buy" rating in a report on Thursday, May 22nd. JPMorgan Chase & Co. began coverage on GFL Environmental in a report on Friday, May 23rd. They issued a "neutral" rating and a $54.00 price objective for the company. Seaport Res Ptn raised GFL Environmental to a "strong-buy" rating in a report on Tuesday, May 6th. Finally, Raymond James Financial restated an "outperform" rating and issued a $57.00 target price (up from $56.00) on shares of GFL Environmental in a research report on Friday, May 2nd. One research analyst has rated the stock with a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, GFL Environmental currently has an average rating of "Buy" and an average price target of $57.57.

GFL Environmental Stock Performance

Shares of NYSE:GFL traded down $0.51 during trading on Friday, hitting $49.83. 1,309,113 shares of the company traded hands, compared to its average volume of 1,689,858. The stock has a market capitalization of $18.27 billion, a price-to-earnings ratio of 7.85 and a beta of 1.03. The business's fifty day moving average is $48.96 and its 200-day moving average is $47.48. GFL Environmental has a one year low of $37.58 and a one year high of $52.00. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.89.

GFL Environmental (NYSE:GFL - Get Free Report) last issued its quarterly earnings data on Wednesday, July 30th. The company reported $0.19 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.19. GFL Environmental had a return on equity of 3.76% and a net margin of 48.53%. The business had revenue of $1.23 billion during the quarter, compared to analyst estimates of $1.68 billion. During the same period in the prior year, the company posted $0.29 EPS. The business's revenue for the quarter was up 5.9% compared to the same quarter last year. As a group, equities analysts predict that GFL Environmental will post 0.58 earnings per share for the current fiscal year.

Institutional Investors Weigh In On GFL Environmental

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Millstone Evans Group LLC lifted its position in shares of GFL Environmental by 147.8% during the 1st quarter. Millstone Evans Group LLC now owns 560 shares of the company's stock valued at $27,000 after acquiring an additional 334 shares during the last quarter. O Shaughnessy Asset Management LLC lifted its holdings in shares of GFL Environmental by 1.1% in the fourth quarter. O Shaughnessy Asset Management LLC now owns 31,503 shares of the company's stock valued at $1,403,000 after purchasing an additional 351 shares in the last quarter. Rockefeller Capital Management L.P. lifted its holdings in shares of GFL Environmental by 0.9% in the fourth quarter. Rockefeller Capital Management L.P. now owns 42,153 shares of the company's stock valued at $1,878,000 after purchasing an additional 375 shares in the last quarter. OneDigital Investment Advisors LLC lifted its holdings in shares of GFL Environmental by 2.6% in the first quarter. OneDigital Investment Advisors LLC now owns 17,264 shares of the company's stock valued at $834,000 after purchasing an additional 436 shares in the last quarter. Finally, Envestnet Portfolio Solutions Inc. lifted its holdings in shares of GFL Environmental by 10.3% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 5,228 shares of the company's stock valued at $264,000 after purchasing an additional 489 shares in the last quarter. Institutional investors and hedge funds own 64.70% of the company's stock.

About GFL Environmental

GFL Environmental Inc offers non-hazardous solid waste management and environmental services in Canada and the United States. It offers solid waste management, liquid waste management, and soil remediation services, including collection, transportation, transfer, recycling, and disposal services for municipal, residential, and commercial, and industrial customers.