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

Pactiv Evergreen (NASDAQ:PTVE) issued its quarterly earnings data on Tuesday. The company reported $0.36 EPS for the quarter, topping the consensus estimate of $0.33 by $0.03, Briefing.com reports. The company had revenue of $1.33 billion during the quarter, compared to analyst estimates of $1.37 billion. Pactiv Evergreen had a positive return on equity of 13.73% and a negative net margin of 3.16%. Pactiv Evergreen’s revenue was down 3.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.32 earnings per share.

Pactiv Evergreen Stock Up 5.6 %

Shares of NASDAQ PTVE opened at $12.18 on Thursday. Pactiv Evergreen has a 12 month low of $8.83 and a 12 month high of $15.84. The company has a current ratio of 2.04, a quick ratio of 0.93 and a debt-to-equity ratio of 2.72. The firm has a fifty day simple moving average of $11.60 and a two-hundred day simple moving average of $11.88. The firm has a market capitalization of $2.18 billion, a PE ratio of -13.24, a price-to-earnings-growth ratio of 1.30 and a beta of 1.30.

Pactiv Evergreen Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Monday, December 2nd will be given a $0.10 dividend. The ex-dividend date is Monday, December 2nd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 3.28%. Pactiv Evergreen’s dividend payout ratio is currently -43.48%.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on PTVE. Royal Bank of Canada cut their target price on shares of Pactiv Evergreen from $15.00 to $13.00 and set an “outperform” rating for the company in a research report on Wednesday, August 7th. Robert W. Baird lowered their price objective on shares of Pactiv Evergreen from $15.00 to $12.00 and set a “neutral” rating for the company in a report on Friday, August 2nd. Finally, UBS Group reduced their target price 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. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $14.57.

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.