JPMorgan Chase & Co. Forecasts Strong Price Appreciation for GFL Environmental (NYSE:GFL) Stock

GFL Environmental (NYSE:GFL) had its price objective increased by equities researchers at JPMorgan Chase & Co. from $41.00 to $42.00 in a research note issued on Wednesday, Benzinga reports. The firm presently has an “underweight” rating on the stock. JPMorgan Chase & Co.’s price target would indicate a potential downside of 4.13% from the company’s current price.

Several other research analysts have also recently issued reports on the company. BMO Capital Markets restated a “market perform” rating on shares of GFL Environmental in a research note on Thursday, October 15th. Citigroup set a $51.00 target price on GFL Environmental and gave the company a “buy” rating in a research report on Wednesday, October 14th. Barclays began coverage on shares of GFL Environmental in a report on Wednesday, September 2nd. They issued an “overweight” rating and a $58.00 price target on the stock. Scotiabank reduced their price target on shares of GFL Environmental from $57.00 to $55.00 and set a “sector outperform” rating for the company in a research report on Thursday, October 15th. Finally, Canadian Imperial Bank of Commerce restated an “outperform” rating on shares of GFL Environmental in a research note on Monday, August 31st. Nine research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, GFL Environmental currently has an average rating of “Moderate Buy” and an average target price of $57.56.

GFL Environmental Stock Performance

GFL stock traded down $0.66 during midday trading on Wednesday, reaching $43.81. The stock had a trading volume of 451,968 shares, compared to its average volume of 2,519,496. The stock has a market cap of $15.81 billion, a PE ratio of -82.81, a P/E/G ratio of 3.43 and a beta of 0.72. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.75 and a current ratio of 0.75. The firm has a fifty day simple moving average of $42.23 and a two-hundred day simple moving average of $39.79. GFL Environmental has a 52-week low of $33.33 and a 52-week high of $47.01.

GFL Environmental (NYSE:GFL) last posted its quarterly earnings results on Wednesday, July 29th. The company reported $0.14 earnings per share for the quarter, missing the consensus estimate of $0.17 by ($0.03). The firm had revenue of $1.37 billion for the quarter, compared to analysts’ expectations of $1.33 billion. GFL Environmental had a negative net margin of 3.28% and a positive return on equity of 4.14%. The firm’s revenue for the quarter was up 16.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.26 EPS. As a group, equities research analysts anticipate that GFL Environmental will post 0.55 EPS for the current year.

Institutional Trading of GFL Environmental

Several hedge funds and other institutional investors have recently bought and sold shares of GFL. QV Investors Inc. acquired a new position in GFL Environmental in the third quarter valued at approximately $44,887,000. Bank Pictet & Cie Europe AG boosted its position in GFL Environmental by 118.7% in the 3rd quarter. Bank Pictet & Cie Europe AG now owns 26,905 shares of the company’s stock worth $1,127,000 after purchasing an additional 14,605 shares in the last quarter. Net Worth Advisory Group grew its stake in shares of GFL Environmental by 23.5% during the 3rd quarter. Net Worth Advisory Group now owns 9,284 shares of the company’s stock worth $375,000 after purchasing an additional 1,764 shares during the period. TD Waterhouse Canada Inc. grew its stake in shares of GFL Environmental by 29.1% during the 3rd quarter. TD Waterhouse Canada Inc. now owns 374,906 shares of the company’s stock worth $15,182,000 after purchasing an additional 84,555 shares during the period. Finally, Banque Pictet & Cie SA grew its stake in shares of GFL Environmental by 123.9% during the 3rd quarter. Banque Pictet & Cie SA now owns 475,596 shares of the company’s stock worth $19,918,000 after purchasing an additional 263,206 shares during the period. 64.70% of the stock is owned by institutional investors and hedge funds.

About GFL Environmental

GFL Environmental Inc is a Canadian environmental services company that provides waste management and related infrastructure services to municipal, residential, commercial, industrial and institutional customers. The company’s operations include the collection, transfer, processing, recycling and disposal of non-hazardous solid waste, as well as organics and other resource-recovery services.

GFL also provides infrastructure and soil remediation services, including the management of contaminated materials and related environmental projects.