Pactiv Evergreen (NASDAQ:PTVE) Issues Earnings Results, Beats Estimates By $0.05 EPS

Pactiv Evergreen (NASDAQ:PTVE) released its earnings results on Thursday. The company reported $0.14 EPS for the quarter, beating analysts’ consensus estimates of $0.09 by $0.05, Briefing.com reports. The business had revenue of $1.25 billion for the quarter, compared to analysts’ expectations of $1.29 billion. Pactiv Evergreen had a positive return on equity of 13.24% and a negative net margin of 4.05%. The firm’s revenue was down 12.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.13 earnings per share.

Pactiv Evergreen Trading Down 12.4 %

Shares of Pactiv Evergreen stock traded down $1.92 during trading on Friday, reaching $13.57. 1,743,054 shares of the stock were exchanged, compared to its average volume of 441,203. The company has a quick ratio of 0.93, a current ratio of 2.00 and a debt-to-equity ratio of 2.69. The stock’s fifty day moving average is $14.24 and its 200 day moving average is $13.10. The firm has a market cap of $2.43 billion, a price-to-earnings ratio of -10.77, a price-to-earnings-growth ratio of 0.97 and a beta of 1.43. Pactiv Evergreen has a 1 year low of $6.85 and a 1 year high of $15.84.

Pactiv Evergreen Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 15th were issued a dividend of $0.10 per share. The ex-dividend date was Thursday, March 14th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.95%. Pactiv Evergreen’s dividend payout ratio is currently -31.75%.

Analyst Ratings Changes

PTVE has been the topic of a number of recent research reports. The Goldman Sachs Group raised their price objective on Pactiv Evergreen from $12.50 to $14.00 and gave the company a “neutral” rating in a research note on Monday, March 4th. Robert W. Baird raised their price objective on Pactiv Evergreen from $12.00 to $15.00 and gave the company a “neutral” rating in a research note on Monday, March 4th. Jefferies Financial Group initiated coverage on Pactiv Evergreen in a research note on Friday, January 19th. They set a “buy” rating and a $18.00 price objective on the stock. UBS Group initiated coverage on Pactiv Evergreen in a research note on Tuesday, January 16th. They set a “buy” rating and a $19.00 price objective on the stock. Finally, Citigroup raised their price objective on Pactiv Evergreen from $15.00 to $17.00 and gave the company a “buy” rating in a research note on Thursday, April 4th. Two analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, Pactiv Evergreen presently has a consensus rating of “Moderate Buy” and a consensus price target of $16.00.

Pactiv Evergreen Company Profile

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.