Clean Harbors, Inc. (CLH) Receives “Hold” Rating from Canaccord Genuity

Canaccord Genuity reissued their hold rating on shares of Clean Harbors, Inc. (NYSE:CLH) in a report issued on Wednesday. They currently have a $57.00 price objective on the business services provider’s stock.

“We are taking down our estimates on hurricane and other one-time events. We expect solid growth out of Technical Services with incinerator issues in the rear view and better impending mix. For Field and Industrial Services, turn-around activity has remained slow from customers impacted by the storms, but should pick up next year, driving modest growth for the segment even with Canadian industrial headwinds. Closed loop wasn’t as good as expected in the quarter, but Safety Kleen should continue to deliver strong growth going forward.”,” Canaccord Genuity’s analyst commented.

A number of other research firms also recently weighed in on CLH. Barclays PLC upgraded Clean Harbors from an underweight rating to an equal weight rating and set a $50.00 price target on the stock in a research report on Monday, August 7th. BidaskClub downgraded Clean Harbors from a sell rating to a strong sell rating in a research report on Wednesday, August 2nd. Stifel Nicolaus restated a buy rating and set a $67.00 price target on shares of Clean Harbors in a research report on Wednesday, July 19th. Needham & Company LLC restated a buy rating and set a $66.00 price target on shares of Clean Harbors in a research report on Thursday, July 13th. Finally, ValuEngine upgraded Clean Harbors from a sell rating to a hold rating in a research report on Thursday, August 31st. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and six have issued a buy rating to the stock. The stock currently has an average rating of Hold and an average target price of $61.00.

Clean Harbors (NYSE:CLH) last posted its quarterly earnings data on Wednesday, August 2nd. The business services provider reported $0.24 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.27 by ($0.03). The business had revenue of $752.80 million for the quarter, compared to the consensus estimate of $735.63 million. Clean Harbors had a negative net margin of 0.65% and a positive return on equity of 0.79%. Clean Harbors’s quarterly revenue was up 7.9% on a year-over-year basis. During the same period in the prior year, the business posted $0.15 EPS.

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Clean Harbors declared that its Board of Directors has initiated a share repurchase plan on Wednesday, November 1st that allows the company to buyback $300.00 million in outstanding shares. This buyback authorization allows the business services provider to reacquire shares of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board of directors believes its shares are undervalued.

In related news, EVP Brian P. Weber sold 490 shares of the business’s stock in a transaction dated Friday, September 29th. The stock was sold at an average price of $56.18, for a total transaction of $27,528.20. Following the transaction, the executive vice president now owns 59,413 shares in the company, valued at approximately $3,337,822.34. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, COO Eric W. Gerstenberg sold 4,667 shares of the business’s stock in a transaction dated Thursday, August 24th. The shares were sold at an average price of $50.42, for a total value of $235,310.14. Following the transaction, the chief operating officer now owns 91,950 shares in the company, valued at approximately $4,636,119. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 6,090 shares of company stock worth $313,845. 8.90% of the stock is owned by company insiders.

Large investors have recently made changes to their positions in the stock. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Clean Harbors by 9.9% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,081 shares of the business services provider’s stock valued at $116,000 after purchasing an additional 188 shares during the period. World Asset Management Inc purchased a new position in Clean Harbors during the 2nd quarter valued at about $201,000. Balyasny Asset Management LLC purchased a new position in Clean Harbors during the 2nd quarter valued at about $203,000. Shelton Capital Management purchased a new position in Clean Harbors during the 2nd quarter valued at about $221,000. Finally, LS Investment Advisors LLC increased its holdings in Clean Harbors by 16.8% during the 2nd quarter. LS Investment Advisors LLC now owns 4,164 shares of the business services provider’s stock valued at $232,000 after purchasing an additional 598 shares during the period. Institutional investors own 94.14% of the company’s stock.

Clean Harbors Company Profile

Clean Harbors, Inc is a provider of environmental, energy and industrial services throughout North America. The Company is also a re-refiner and recycler of used oil in the world and a provider of parts cleaning and related environmental services to commercial, industrial and automotive customers in North America.

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