Raymond James Lowers Q3 Earnings Estimates for Element Fleet Management

Research analysts at Raymond James Financial have revised their third-quarter earnings per share estimates for Element Fleet Management Corp. (TSE:EFN), according to a report released on November 12, 2023. Analyst S. Boland now forecasts the financial services provider will earn $0.53 per share, a decrease from the prior estimate of $0.55. The consensus estimate for Element Fleet Management’s full-year earnings currently stands at $1.69 per share.

Several other firms have also provided insights regarding Element Fleet Management’s stock. BMO Capital Markets raised its price target from C$35.00 to C$40.00 and assigned an “outperform” rating on August 8, 2023. Meanwhile, National Bankshares increased its target from C$47.00 to C$48.00 with a similar recommendation on October 27, 2023.

Additionally, TD Securities raised its price target from C$41.00 to C$42.00, providing a “buy” rating on August 7, 2023. Scotiabank also boosted its price objective from C$40.00 to C$42.00 on October 24, 2023, maintaining an “outperform” rating. The Royal Bank of Canada raised its target from C$43.00 to C$47.00 on August 8, 2023, also assigning an “outperform” rating.

Analysts’ ratings indicate a generally positive outlook, with one equities research analyst issuing a “strong buy” rating, six providing a “buy” rating, and one assigning a “hold” rating. According to MarketBeat, the stock carries a consensus rating of “buy” and an average price target of C$42.00.

Stock Performance and Insider Activity

On Monday, shares of Element Fleet Management opened at C$35.05. The company has a market capitalization of C$14.02 billion, a price-to-earnings ratio of 32.76, a price-to-earnings growth ratio of 2.97, and a beta of 0.41. The stock’s 50-day moving average stands at C$36.86, while the two-hundred-day moving average is C$35.33. Over the past year, the stock has fluctuated between a low of C$25.00 and a high of C$38.26.

In terms of liquidity, Element Fleet Management shows a quick ratio of 5.70, a current ratio of 7.04, and a debt-to-equity ratio of 303.64.

Recent insider trading activity includes the acquisition of 813 shares by insider Heath Leslie Valkenburg on September 10, 2023. The shares were purchased at an average price of C$36.90 each, totaling approximately C$29,999.70. Following this transaction, Valkenburg now holds 4,153 shares valued at about C$153,245.70, reflecting a 24.34% increase in their position. Currently, company insiders own 0.26% of the stock.

Company Background

Element Fleet Management, established following a split from Element Financial in October 2016, specializes in global fleet management services. The company provides both management services and financing solutions for commercial vehicle and equipment fleets, positioning itself as a leader in the sector.

As Element Fleet Management continues to navigate the financial landscape, its performance remains a focal point for investors and analysts alike, particularly in light of recent earnings revisions and stock performance metrics.