Waste Connections (NYSE:WCN) Releases Earnings Results, Beats Expectations By $0.05 EPS

Waste Connections (NYSE:WCN) issued its earnings results on Wednesday. The business services provider reported $1.35 EPS for the quarter, topping the consensus estimate of $1.30 by $0.05, Briefing.com reports. Waste Connections had a return on equity of 15.16% and a net margin of 10.23%. The company had revenue of $2.34 billion during the quarter, compared to the consensus estimate of $2.30 billion. During the same period in the previous year, the company posted $1.17 EPS. The firm’s revenue for the quarter was up 13.3% compared to the same quarter last year. Waste Connections updated its FY 2024 guidance to EPS.

Waste Connections Stock Performance

Shares of Waste Connections stock opened at $178.60 on Friday. The company has a debt-to-equity ratio of 0.97, a current ratio of 0.70 and a quick ratio of 0.70. Waste Connections has a one year low of $126.12 and a one year high of $187.54. The business has a 50-day simple moving average of $182.16 and a 200 day simple moving average of $175.05. The firm has a market capitalization of $46.08 billion, a price-to-earnings ratio of 57.99, a PEG ratio of 2.90 and a beta of 0.72.

Waste Connections Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 14th. Shareholders of record on Thursday, November 7th will be paid a $0.315 dividend. The ex-dividend date is Thursday, November 7th. This is a positive change from Waste Connections’s previous quarterly dividend of $0.29. This represents a $1.26 annualized dividend and a yield of 0.71%. Waste Connections’s payout ratio is 37.01%.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on WCN. Royal Bank of Canada upped their price target on shares of Waste Connections from $195.00 to $199.00 and gave the company an “outperform” rating in a research note on Friday, July 26th. TD Cowen increased their target price on Waste Connections from $185.00 to $200.00 and gave the stock a “buy” rating in a research note on Friday, July 26th. Scotiabank began coverage on Waste Connections in a report on Friday, October 4th. They set a “sector perform” rating and a $196.00 price target for the company. Truist Financial boosted their target price on shares of Waste Connections from $180.00 to $200.00 and gave the company a “buy” rating in a research report on Thursday, July 11th. Finally, Eight Capital upgraded shares of Waste Connections to a “hold” rating in a research note on Wednesday, October 9th. Six investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Waste Connections has an average rating of “Moderate Buy” and a consensus target price of $194.19.

Insider Transactions at Waste Connections

In related news, SVP Robert Nielsen III sold 1,000 shares of the firm’s stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $180.15, for a total transaction of $180,150.00. Following the transaction, the senior vice president now directly owns 4,321 shares of the company’s stock, valued at $778,428.15. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, CFO Mary Anne Whitney sold 16,300 shares of Waste Connections stock in a transaction that occurred on Wednesday, July 31st. The shares were sold at an average price of $178.05, for a total value of $2,902,215.00. Following the sale, the chief financial officer now owns 48,899 shares of the company’s stock, valued at approximately $8,706,466.95. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Robert Nielsen III sold 1,000 shares of the stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $180.15, for a total value of $180,150.00. Following the transaction, the senior vice president now directly owns 4,321 shares of the company’s stock, valued at approximately $778,428.15. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 21,600 shares of company stock valued at $3,842,550 over the last three months. Corporate insiders own 0.31% of the company’s stock.

About Waste Connections

Waste Connections, Inc provides non-hazardous waste collection, transfer, disposal, and resource recovery services in the United States and Canada. It offers collection services to residential, commercial, municipal, industrial, and exploration and production (E&P) customers; landfill disposal services; and recycling services for various recyclable materials, including compost, cardboard, mixed paper, plastic containers, glass bottles, and ferrous and aluminum metals.