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Waste Connections stock hits all-time high at $187.52

Published 08/29/2024, 12:25 PM

WCN
0.06%

Waste Connections Inc . (NYSE:WCN) stock soared to an all-time high this week, reaching a peak of $187.52 USD. This milestone underscores the company's robust performance over the past year, which has seen an impressive 1-year change of 35.44%. Investors have shown increasing confidence in Waste Connections, a leader in the North American integrated waste services industry, as it continues to deliver on its growth and profitability targets. The company's ascent to this record price level reflects a strong endorsement of its business model and strategic initiatives, which have consistently driven shareholder value.

In other recent news, Waste Connections Inc. has been the focus of attention following robust second-quarter performance. The company reported an 11.2% increase in revenue and a 16.4% increase in adjusted EBITDA, prompting both Citi and TD Cowen to revise their price targets for the company. Citi raised its target to $190, maintaining a neutral rating, while TD Cowen increased its target to $200, maintaining a buy rating.

Waste Connections also updated its 2024 EBITDA guidance to suggest margins of 32.8%, an improvement from the previous forecast of 32.7%. The company has revised its 2024 revenue guidance upwards by $100 million to $8.85 billion, due to a strong mergers and acquisitions pipeline.

The company's strong performance has also led to an upward revision of the full-year outlook to $8.85 billion in revenue and $2.9 billion in adjusted EBITDA. Despite some anticipated delays, Waste Connections is expecting a $200 million EBITDA contribution from renewable natural gas (RNG) projects by 2026. Furthermore, the company has seen a significant decrease in voluntary employee turnover and aims to reduce it further.

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InvestingPro Insights

As Waste Connections Inc. (WCN) reaches new heights, a glance at real-time data from InvestingPro provides further context to this achievement. With a market capitalization of $48.37 billion, Waste Connections is valued robustly in the market. The company's P/E ratio stands at 56.1, indicating a high valuation compared to earnings. This is further highlighted by an adjusted P/E ratio of 51.86 over the last twelve months as of Q2 2024, suggesting investors are willing to pay a premium for the company's earnings potential. Moreover, the revenue growth of 9.78% over the same period reflects a solid upward trajectory in the company's financial performance.

InvestingPro Tips highlight that Waste Connections has demonstrated a commitment to its shareholders by raising its dividend for eight consecutive years, showcasing a stable and reliable return for investors. Additionally, the company's stock has been noted for its low price volatility, which may appeal to investors looking for stable equity investments. For those seeking more in-depth analysis, there are over 16 additional InvestingPro Tips available, providing comprehensive insights into Waste Connections' financial health and market position.

These metrics and tips underscore the company's strong market performance and could potentially serve as indicators for investors considering Waste Connections as part of their investment portfolio. For those interested in a deeper dive, further details and tips can be found by exploring Waste Connections on InvestingPro.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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