TORONTO - Waste Connections, Inc. (TSX/NYSE: NYSE:WCN), a North American integrated waste services company, declared a regular quarterly cash dividend of $0.285 per common share, as announced today. Shareholders on record by the close of business on May 8, 2024, will be eligible for the dividend payout scheduled for May 23, 2024.
The company, which serves millions of customers across the United States and Canada, stated that the Board of Directors reviews the quarterly dividend every October with an aim to potentially increase the dividend over the long term. This announcement aligns with Waste Connections' strategy of delivering value to its shareholders consistently.
Shareholders can expect to receive their dividends in U.S. dollars if their shares are held through a U.S. depositary bank or broker participating in DTC. Conversely, those with shares held through a Canadian depositary bank or broker participating in CDS will receive their dividends in Canadian dollars.
The conversion rate will be based on the Bank of Canada's daily average exchange rate on the record date, May 8, 2024. Direct registrants with the Company's transfer agent, Computershare, will receive dividends in Canadian dollars if they are residents of Canada, as reflected in the company's shareholder register, and in U.S. dollars for non-residents, including U.S. residents.
Waste Connections is known for its comprehensive waste management services, which include non-hazardous waste collection, transfer, disposal, and resource recovery through recycling and renewable fuels generation.
The company also provides oilfield waste treatment and intermodal services for cargo and solid waste containers. Committed to environmental, social, and governance (ESG) efforts, Waste Connections focuses on initiatives that reduce emissions, increase resource recovery, and enhance safety and employee engagement.
The information disclosed in this article is based on a press release statement from Waste Connections. The forward-looking statements in the press release are subject to various risks and uncertainties and should not be relied upon as guarantees of future performance.
InvestingPro Insights
As Waste Connections, Inc. (TSX/NYSE: WCN) continues to reward its shareholders with regular dividends, it's worth noting that the company has raised its dividend for 8 consecutive years, showcasing a commitment to consistent shareholder returns. This aligns with the company's strategy of long-term value delivery, as mentioned in their recent announcement regarding the upcoming dividend payout.
InvestingPro data indicates that Waste Connections has a market capitalization of $42.9 billion and is trading at a high earnings multiple with a P/E ratio of 56.23. The company also maintains a Price / Book ratio of 5.58 as of the last twelve months leading up to Q4 2023.
These metrics suggest that the market values the company's growth prospects and its established track record. Revenue growth remains solid with an 11.23% increase over the last twelve months as of Q4 2023, underpinning the company's financial health and its ability to maintain dividend payouts.
InvestingPro Tips highlight that while Waste Connections operates with a moderate level of debt, it is trading at high valuation multiples across EBIT, EBITDA, and revenue, reflecting a premium that investors are willing to pay for its stable business model and growth potential. Analysts predict the company will be profitable this year, which is corroborated by its profitability over the last twelve months.
For investors seeking further insights and tips on Waste Connections, there are 11 additional InvestingPro Tips available, which can be accessed to help make informed investment decisions. Interested readers can take advantage of an exclusive offer using coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription at InvestingPro. The next earnings date for Waste Connections is slated for April 24, 2024, which will provide an update on the company's financial performance and future outlook.
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