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Fly News Breaks for March 2, 2020
CLH
Mar 2, 2020 | 12:34 EDT
Baird analyst David Manthey noted that Clean Harbors shares have underperformed the S&P 500 by 10% amid the recent selloff in crude oil prices, but he sees this as "unwarranted" given that the company's direct oil and gas exposure has fallen significantly so that it represented just 3% of 2019 revenue. While the stock has shown significant correlation with crude sell-offs since 2012, the forward returns following crude-related dislocation have been improving, noted Manthey, who keeps an Outperform rating and $106 price target on Clean Harbors shares and sees the pullback as offering an attractive entry point.