Pactiv Evergreen (NASDAQ:PTVE) Issues Earnings Results, Beats Expectations By $0.03 EPS

Pactiv Evergreen (NASDAQ:PTVE) announced its quarterly earnings data on Tuesday. The company reported $0.36 earnings per share for the quarter, topping the consensus estimate of $0.33 by $0.03, Briefing.com reports. The firm had revenue of $1.33 billion during the quarter, compared to analysts’ expectations of $1.37 billion. Pactiv Evergreen had a positive return on equity of 14.41% and a negative net margin of 3.16%. The company’s quarterly revenue was down 3.3% compared to the same quarter last year. During the same period in the previous year, the business posted $0.32 EPS.

Pactiv Evergreen Stock Performance

PTVE opened at $12.26 on Friday. The company has a debt-to-equity ratio of 3.26, a current ratio of 1.93 and a quick ratio of 0.93. The company 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 business’s 50-day moving average price is $11.62 and its two-hundred day moving average price is $11.88. Pactiv Evergreen has a 1 year low of $8.83 and a 1 year high of $15.84.

Pactiv Evergreen Announces Dividend

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

Wall Street Analysts Forecast Growth

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

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.