Pactiv Evergreen (NASDAQ:PTVE) Announces Earnings Results

Pactiv Evergreen (NASDAQ:PTVE) announced its quarterly earnings results on Thursday. The company reported $0.14 EPS for the quarter, topping 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 business’s quarterly revenue was down 12.5% on a year-over-year basis. During the same period in the previous year, the firm earned $0.13 EPS.

Pactiv Evergreen Stock Down 12.4 %

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

Pactiv Evergreen Dividend Announcement

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

Analysts Set New Price Targets

A number of research firms recently commented on PTVE. Citigroup upped their price target on shares of Pactiv Evergreen from $15.00 to $17.00 and gave the company a “buy” rating in a report on Thursday, April 4th. UBS Group started coverage on Pactiv Evergreen in a research note on Tuesday, January 16th. They issued a “buy” rating and a $19.00 target price on the stock. Jefferies Financial Group started coverage on Pactiv Evergreen in a research report on Friday, January 19th. They set a “buy” rating and a $18.00 price target for the company. Royal Bank of Canada reiterated an “outperform” rating and issued a $18.00 price objective on shares of Pactiv Evergreen in a research report on Monday, March 4th. Finally, The Goldman Sachs Group boosted their target price on Pactiv Evergreen from $12.50 to $14.00 and gave the company a “neutral” rating in a research note on Monday, March 4th. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $16.00.

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.