GFL Environmental (NYSE:GFL) Shares Gap Up - Still a Buy?

GFL Environmental Inc. (NYSE:GFL - Get Free Report) shares gapped up before the market opened on Tuesday . The stock had previously closed at $44.02, but opened at $45.62. GFL Environmental shares last traded at $44.55, with a volume of 357,460 shares changing hands.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on GFL shares. Raymond James lifted their price objective on GFL Environmental from $47.00 to $50.00 and gave the stock an "outperform" rating in a research report on Friday, November 8th. Scotiabank raised their target price on shares of GFL Environmental from $50.00 to $51.00 and gave the stock a "sector outperform" rating in a research report on Friday, November 8th. UBS Group boosted their price target on shares of GFL Environmental from $47.00 to $50.00 and gave the company a "buy" rating in a research report on Thursday, November 7th. Finally, Truist Financial raised their price objective on shares of GFL Environmental from $46.00 to $54.00 and gave the stock a "buy" rating in a report on Friday, November 8th. Three analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, GFL Environmental currently has an average rating of "Moderate Buy" and an average price target of $45.80.

GFL Environmental Price Performance

The firm has a fifty day moving average of $44.83 and a 200 day moving average of $41.73. The company has a current ratio of 0.58, a quick ratio of 0.58 and a debt-to-equity ratio of 1.27. The company has a market capitalization of $17.15 billion, a P/E ratio of -32.77 and a beta of 1.17.

GFL Environmental (NYSE:GFL - Get Free Report) last released its quarterly earnings data on Wednesday, November 6th. The company reported $0.24 earnings per share for the quarter, beating the consensus estimate of $0.23 by $0.01. GFL Environmental had a negative net margin of 7.54% and a positive return on equity of 3.50%. The firm had revenue of $1.48 billion during the quarter, compared to analysts' expectations of $1.49 billion. On average, equities research analysts anticipate that GFL Environmental Inc. will post 0.59 EPS for the current year.

GFL Environmental Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 31st. Investors of record on Monday, January 13th will be given a dividend of $0.014 per share. This represents a $0.06 dividend on an annualized basis and a yield of 0.13%. The ex-dividend date is Monday, January 13th. GFL Environmental's dividend payout ratio (DPR) is presently -3.76%.

Hedge Funds Weigh In On GFL Environmental

Several institutional investors have recently made changes to their positions in the business. Fred Alger Management LLC lifted its holdings in GFL Environmental by 64.3% during the third quarter. Fred Alger Management LLC now owns 10,221,130 shares of the company's stock valued at $407,619,000 after purchasing an additional 3,999,363 shares in the last quarter. Soros Fund Management LLC grew its stake in GFL Environmental by 487.0% during the third quarter. Soros Fund Management LLC now owns 3,156,327 shares of the company's stock valued at $125,874,000 after acquiring an additional 2,618,589 shares in the last quarter. FMR LLC lifted its position in shares of GFL Environmental by 7.4% in the third quarter. FMR LLC now owns 25,158,657 shares of the company's stock worth $1,003,591,000 after buying an additional 1,728,598 shares in the last quarter. Millennium Management LLC increased its position in GFL Environmental by 40.0% in the second quarter. Millennium Management LLC now owns 5,649,169 shares of the company's stock worth $219,922,000 after purchasing an additional 1,614,182 shares during the last quarter. Finally, Brown Brothers Harriman & Co. increased its stake in GFL Environmental by 162.0% during the third quarter. Brown Brothers Harriman & Co. now owns 1,271,161 shares of the company's stock worth $50,694,000 after acquiring an additional 786,044 shares during the last quarter. Institutional investors 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.