Pactiv Evergreen (NASDAQ:PTVE) Issues Quarterly Earnings Results

Pactiv Evergreen (NASDAQ:PTVE) issued its earnings results on Tuesday. The company reported $0.36 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.33 by $0.03, Briefing.com reports. Pactiv Evergreen had a negative net margin of 3.16% and a positive return on equity of 14.41%. The company had revenue of $1.33 billion during the quarter, compared to analyst estimates of $1.37 billion. During the same quarter last year, the business posted $0.32 EPS. The company’s revenue for the quarter was down 3.3% on a year-over-year basis.

Pactiv Evergreen Price Performance

Shares of Pactiv Evergreen stock opened at $12.26 on Friday. The stock has a market capitalization of $2.20 billion, a price-to-earnings ratio of -13.33, a P/E/G ratio of 1.31 and a beta of 1.30. The firm’s 50-day moving average price is $11.62 and its two-hundred day moving average price is $11.88. The company has a current ratio of 1.93, a quick ratio of 0.93 and a debt-to-equity ratio of 3.26. Pactiv Evergreen has a 1-year low of $8.83 and a 1-year high of $15.84.

Pactiv Evergreen Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Monday, December 2nd will be paid a $0.10 dividend. The ex-dividend date is Monday, December 2nd. This represents a $0.40 annualized dividend and a dividend yield of 3.26%. Pactiv Evergreen’s dividend payout ratio is presently -43.48%.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on PTVE shares. UBS Group cut their target price on Pactiv Evergreen from $16.00 to $15.00 and set a “buy” rating on the stock in a report on Thursday, August 8th. Robert W. Baird cut their target price on shares of Pactiv Evergreen from $15.00 to $12.00 and set a “neutral” rating for the company in a research note on Friday, August 2nd. Finally, Royal Bank of Canada dropped their price objective on shares of Pactiv Evergreen from $15.00 to $13.00 and set an “outperform” rating on the stock in a report on Wednesday, August 7th. Two analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $14.57.

About Pactiv Evergreen

Pactiv Evergreen Inc manufactures and distributes fresh foodservice and food merchandising products, and fresh beverage cartons in the United States, rest of North America, and internationally. It operates in two segments, Foodservice, and Food and Beverage Merchandising. The Foodservice segment offers food containers; drinkware, such as hot and cold cups and lids; and tableware, service ware, and other products.