Pactiv Evergreen’s (PTVE) “Sector Perform” Rating Reaffirmed at Royal Bank of Canada

Pactiv Evergreen (NASDAQ:PTVE)‘s stock had its “sector perform” rating reissued by stock analysts at Royal Bank of Canada in a research note issued on Thursday,Benzinga reports. They currently have a $18.00 price objective on the stock, up from their previous price objective of $14.00. Royal Bank of Canada’s price objective would indicate a potential upside of 4.23% from the company’s previous close.

A number of other equities analysts also recently commented on PTVE. Citigroup reiterated a “neutral” rating and set a $18.00 price objective (up previously from $13.00) on shares of Pactiv Evergreen in a research report on Tuesday, December 10th. Jefferies Financial Group reissued a “hold” rating and set a $18.00 price target (up previously from $15.00) on shares of Pactiv Evergreen in a research report on Wednesday. Five research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $15.86.

Pactiv Evergreen Stock Performance

Pactiv Evergreen stock opened at $17.27 on Thursday. The firm has a market cap of $3.10 billion, a PE ratio of -18.77, a P/E/G ratio of 1.70 and a beta of 1.35. Pactiv Evergreen has a 12 month low of $8.83 and a 12 month high of $17.61. The stock’s 50 day simple moving average is $13.32 and its two-hundred day simple moving average is $12.14. The company has a current ratio of 1.93, a quick ratio of 1.04 and a debt-to-equity ratio of 3.26.

Pactiv Evergreen (NASDAQ:PTVE) last announced its earnings results on Tuesday, November 12th. The company reported $0.36 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.33 by $0.03. Pactiv Evergreen had a positive return on equity of 14.41% and a negative net margin of 3.16%. The firm had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.37 billion. During the same quarter last year, the firm posted $0.32 EPS. The business’s revenue was down 3.3% on a year-over-year basis. Analysts anticipate that Pactiv Evergreen will post 1.03 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. CWM LLC raised its stake in shares of Pactiv Evergreen by 186.8% during the 2nd quarter. CWM LLC now owns 3,396 shares of the company’s stock worth $38,000 after buying an additional 2,212 shares during the last quarter. Federated Hermes Inc. increased its holdings in Pactiv Evergreen by 69.2% during the 2nd quarter. Federated Hermes Inc. now owns 3,605 shares of the company’s stock valued at $41,000 after acquiring an additional 1,474 shares in the last quarter. Innealta Capital LLC purchased a new position in Pactiv Evergreen during the 2nd quarter valued at about $83,000. Point72 DIFC Ltd raised its position in Pactiv Evergreen by 33.2% during the second quarter. Point72 DIFC Ltd now owns 7,876 shares of the company’s stock worth $89,000 after acquiring an additional 1,965 shares during the last quarter. Finally, Mackenzie Financial Corp purchased a new stake in shares of Pactiv Evergreen in the second quarter valued at about $114,000. 22.23% of the stock is owned by hedge funds and other institutional investors.

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.