Oppenheimer Holdings Comments on Waste Connections, Inc.’s Q3 2017 Earnings (WCN)
Waste Connections, Inc. (NYSE:WCN) – Oppenheimer Holdings decreased their Q3 2017 earnings per share (EPS) estimates for shares of Waste Connections in a report released on Tuesday. Oppenheimer Holdings analyst N. Kaye now anticipates that the business services provider will post earnings of $0.57 per share for the quarter, down from their prior forecast of $0.58. Oppenheimer Holdings has a “Outperform” rating and a $70.00 price target on the stock.
Waste Connections (NYSE:WCN) last released its quarterly earnings results on Tuesday, July 25th. The business services provider reported $0.55 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.53 by $0.02. The firm had revenue of $1.18 billion during the quarter, compared to analyst estimates of $1.15 billion. Waste Connections had a return on equity of 9.19% and a net margin of 7.11%. The business’s revenue for the quarter was up 61.6% compared to the same quarter last year. During the same period in the previous year, the company posted $0.66 EPS.
A number of other research analysts have also issued reports on the company. Zacks Investment Research lowered Waste Connections from a “buy” rating to a “hold” rating in a report on Monday. KeyCorp lifted their target price on Waste Connections from $72.00 to $75.00 and gave the company an “overweight” rating in a report on Friday, October 13th. Stifel Nicolaus lifted their target price on Waste Connections from $75.00 to $80.00 and gave the company a “buy” rating in a report on Wednesday, October 4th. Barclays PLC lifted their target price on Waste Connections from $70.00 to $76.00 and gave the company an “overweight” rating in a report on Monday, August 7th. Finally, BidaskClub lowered Waste Connections from a “buy” rating to a “hold” rating in a report on Thursday, August 3rd. Three investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $74.15.
Waste Connections (WCN) opened at 70.78 on Thursday. Waste Connections has a 52-week low of $48.78 and a 52-week high of $71.04. The company has a market capitalization of $18.65 billion, a price-to-earnings ratio of 60.19 and a beta of 0.23. The stock has a 50 day moving average price of $69.20 and a 200 day moving average price of $64.68.
A number of institutional investors have recently bought and sold shares of WCN. Vanguard Group Inc. raised its stake in Waste Connections by 55.9% in the second quarter. Vanguard Group Inc. now owns 22,501,128 shares of the business services provider’s stock valued at $1,449,523,000 after buying an additional 8,068,453 shares in the last quarter. JPMorgan Chase & Co. raised its stake in Waste Connections by 59.4% in the second quarter. JPMorgan Chase & Co. now owns 11,757,442 shares of the business services provider’s stock valued at $757,414,000 after buying an additional 4,380,232 shares in the last quarter. Royal Bank of Canada raised its stake in Waste Connections by 59.9% in the second quarter. Royal Bank of Canada now owns 10,043,896 shares of the business services provider’s stock valued at $647,028,000 after buying an additional 3,762,212 shares in the last quarter. CIBC World Markets Inc. acquired a new stake in Waste Connections in the second quarter valued at $207,877,000. Finally, Janus Henderson Group PLC raised its stake in Waste Connections by 16,829.1% in the second quarter. Janus Henderson Group PLC now owns 2,138,483 shares of the business services provider’s stock valued at $137,761,000 after buying an additional 2,125,851 shares in the last quarter. Institutional investors own 82.57% of the company’s stock.
In other Waste Connections news, CFO Worthing Jackman sold 30,000 shares of the firm’s stock in a transaction on Friday, July 28th. The stock was sold at an average price of $65.00, for a total value of $1,950,000.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider James Little sold 3,000 shares of the firm’s stock in a transaction on Monday, July 31st. The shares were sold at an average price of $64.81, for a total value of $194,430.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 69,500 shares of company stock worth $4,521,285. 0.68% of the stock is owned by insiders.
Waste Connections announced that its board has authorized a share buyback plan on Wednesday, August 2nd that allows the company to repurchase 13,180,000 outstanding shares. This repurchase authorization allows the business services provider to purchase shares of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board of directors believes its shares are undervalued.
Waste Connections Company Profile
Waste Connections, Inc is a solid waste services company in North America. The Company provides waste collection, transfer, disposal and recycling services in markets in the United States and Canada. The Company operates through six segments: Southern segment, Western segment, Eastern segment, Canada segment, Central segment and E&P segment.
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