Clean Harbors (NYSE:CLH) Shares Gap Down on Disappointing Earnings

Clean Harbors, Inc. (NYSE:CLH)’s stock price gapped down before the market opened on Wednesday following a weaker than expected earnings announcement. The stock had previously closed at $246.19, but opened at $213.47. Clean Harbors shares last traded at $223.4260, with a volume of 451,108 shares trading hands.

The business services provider reported $2.21 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.37 by ($0.16). Clean Harbors had a net margin of 6.48% and a return on equity of 14.82%. The firm had revenue of $1.55 billion for the quarter, compared to analyst estimates of $1.58 billion. During the same period last year, the firm earned $2.12 earnings per share. Clean Harbors’s revenue for the quarter was up 1.3% compared to the same quarter last year.

Wall Street Analyst Weigh In

Several analysts have issued reports on CLH shares. BMO Capital Markets set a $268.00 target price on shares of Clean Harbors and gave the company an “outperform” rating in a research note on Thursday, July 31st. Oppenheimer boosted their target price on shares of Clean Harbors from $254.00 to $256.00 and gave the company an “outperform” rating in a research note on Thursday, July 31st. Weiss Ratings reissued a “buy (b-)” rating on shares of Clean Harbors in a research note on Wednesday, October 8th. UBS Group boosted their target price on shares of Clean Harbors from $240.00 to $245.00 and gave the company a “neutral” rating in a research note on Thursday, October 16th. Finally, Raymond James Financial reissued a “strong-buy” rating and set a $280.00 target price on shares of Clean Harbors in a research note on Monday, October 6th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $262.91.

Insider Transactions at Clean Harbors

In other Clean Harbors news, CEO Michael Louis Battles acquired 2,000 shares of the firm’s stock in a transaction that occurred on Friday, August 1st. The stock was purchased at an average cost of $233.50 per share, for a total transaction of $467,000.00. Following the completion of the acquisition, the chief executive officer owned 82,911 shares of the company’s stock, valued at approximately $19,359,718.50. This trade represents a 2.47% increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 5.60% of the company’s stock.

Institutional Investors Weigh In On Clean Harbors

Large investors have recently bought and sold shares of the business. Root Financial Partners LLC bought a new stake in Clean Harbors in the third quarter worth $30,000. Hopwood Financial Services Inc. bought a new stake in Clean Harbors in the first quarter worth $30,000. Golden State Wealth Management LLC boosted its holdings in Clean Harbors by 145.3% in the second quarter. Golden State Wealth Management LLC now owns 184 shares of the business services provider’s stock worth $43,000 after purchasing an additional 109 shares in the last quarter. Bayforest Capital Ltd bought a new stake in Clean Harbors in the third quarter worth $44,000. Finally, First Horizon Corp bought a new stake in Clean Harbors in the third quarter worth $44,000. 90.43% of the stock is currently owned by institutional investors.

Clean Harbors Price Performance

The company has a debt-to-equity ratio of 1.02, a current ratio of 2.45 and a quick ratio of 2.07. The stock’s fifty day simple moving average is $237.05 and its 200-day simple moving average is $231.11. The company has a market capitalization of $11.69 billion, a P/E ratio of 30.61 and a beta of 1.18.

About Clean Harbors

Clean Harbors, Inc provides environmental and industrial services in the United States and internationally. The company operates through two segments, Environmental Services and Safety-Kleen Sustainability Solutions. The Environmental Services segment collects, transports, treats, and disposes hazardous and non-hazardous waste, such as resource recovery, physical treatment, fuel blending, incineration, landfill disposal, wastewater treatment, lab chemicals disposal, and explosives management services; and offers CleanPack services, including collection, identification, categorization, specialized packaging, transportation, and disposal of laboratory chemicals and household hazardous waste.