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

Pactiv Evergreen (NASDAQ:PTVE) announced its quarterly earnings data on Thursday. The company reported $0.14 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.09 by $0.05, Briefing.com reports. Pactiv Evergreen had a positive return on equity of 13.89% and a negative net margin of 1.50%. The firm had revenue of $1.25 billion during the quarter, compared to analysts’ expectations of $1.29 billion. During the same period last year, the business posted $0.13 earnings per share. The company’s revenue for the quarter was down 12.5% compared to the same quarter last year.

Pactiv Evergreen Stock Down 12.4 %

Pactiv Evergreen stock opened at $13.57 on Friday. Pactiv Evergreen has a 52 week low of $6.85 and a 52 week high of $15.84. The business’s 50-day moving average price is $14.22 and its 200 day moving average price is $13.17. The company has a quick ratio of 0.93, a current ratio of 2.00 and a debt-to-equity ratio of 2.69.

Pactiv Evergreen Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, June 14th. Investors of record on Friday, May 31st will be issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 2.95%. The ex-dividend date is Friday, May 31st. Pactiv Evergreen’s dividend payout ratio (DPR) is -86.96%.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the company. Citigroup raised their price objective on Pactiv Evergreen from $15.00 to $17.00 and gave the stock a “buy” rating in a research note on Thursday, April 4th. UBS Group assumed coverage on Pactiv Evergreen in a research note on Tuesday, January 16th. They issued a “buy” rating and a $19.00 price objective for the company. Robert W. Baird raised their price objective on Pactiv Evergreen from $12.00 to $15.00 and gave the stock 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 issued a “buy” rating and a $18.00 price objective for the company. Finally, The Goldman Sachs Group raised their target price on Pactiv Evergreen from $12.50 to $14.00 and gave the stock a “neutral” rating in a report on Monday, March 4th. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus 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.