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CLH · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is Clean Harbors, Inc. (CLH) stock moving?
Clean Harbors beat Q3 2026 estimates on October 28, with EPS of $3.93 against $3.15 expected and revenue of $1.87 billion against $1.73 billion, while revenue rose 21% and net income 75%. Brokers reacted with higher targets: TD Cowen $395 (Buy), Oppenheimer $362 (Outperform), Barclays $338 (Equal-Weight) and Citigroup $379 (Buy). Yet the shares fell from $320.96 on Oct 22 to a $277.70 low on Nov 5, about 13.5% below that close and roughly 10% below the Oct 22 level. Volume was heavy on the earnings day (1.07M) and again on Nov 4 (1.08M), then faded to 487K on Nov 10, while the stock rebounded to $290.04 over the last two sessions. The news flow does not explain the post-earnings decline. Other items to weigh are the $600M 6.25% senior notes due 2034 issued Oct 1 to fund the EnviroServe acquisition, which closed Oct 2, and the ES&H acquisition, which closed Sep 18. Leadership also changes, with co-CEO Mike Battles retiring Dec 31. Current prices sit well below the $338 to $395 broker targets.
News behind the analysis
- Citigroup Maintains Buy Rating and Raises Price Target on Clean HarborsCitigroup kept its Buy rating and raised its price target from $378 to $379.
- Barclays Maintains Equal-Weight on Clean Harbors, Raises Price Target to $338Barclays kept its Equal-Weight rating and lifted its price target from $335 to $338.
- Oppenheimer Maintains Outperform on Clean Harbors, Raises Price Target to $362Oppenheimer kept its Outperform rating and raised its price target to $362 from $361.
- TD Cowen Maintains Buy on Clean Harbors, Raises Price Target to $395TD Cowen kept its Buy rating and set a $395 price target after the third-quarter results.
- Clean Harbors Reports Record Third-Quarter 2026 Financial Results and Announces Executive TransitionRevenue rose 21% to $1.87 billion and net income rose 75% in Q3 2026, and Eric Gerstenberg becomes sole CEO on January 1, 2027.
- Clean Harbors Q3 EPS $3.93 Beats $3.15 Estimate, Sales $1.869B Beat $1.727B EstimateThird-quarter earnings per share and revenue both came in above analyst estimates.
- Clean Harbors Co-CEO Mike Battles To Retire, Effective Dec. 31; Eric Gerstenberg To Remain Sole CEOCo-CEO Mike Battles retires on December 31, leaving Eric Gerstenberg as sole CEO.
- Clean Harbors Q3 2026 Earnings Call TranscriptTranscript of the third-quarter 2026 earnings call, held the same day as the results release.
About Clean Harbors, Inc
Clean Harbors, based in Norwell, Massachusetts, calls itself North America's leading provider of environmental and industrial services, and most Fortune 500 companies are among its customers. What sets it apart is its large network of hazardous-waste incinerators, landfills and treatment sites, plus Safety-Kleen, its business that re-refines used motor oil.
How it makes money
Most of its revenue, very roughly 75–80%, comes from the Environmental Services segment. This covers collecting, treating, incinerating and landfilling hazardous waste, emergency spill response, and industrial cleaning and field services. The rest comes from Safety-Kleen Sustainability Solutions, which collects used oil and re-refines it into base oil and lubricants, and also sells parts-washer and other branch services. Annual revenue is roughly $6–7 billion. Revenue in the third quarter of 2026 was a record of about $1.87 billion, up about 21% from a year earlier.
What usually moves CLH
- Industrial and chemical activity, which drives hazardous-waste volumes and pricing
- Base oil and lubricant prices, plus the spread between those prices and what it pays for used oil (Safety-Kleen)
- Large emergency-response jobs and PFAS ('forever chemical') cleanup demand
- Acquisitions, share buybacks and incinerator capacity additions
- Environmental regulation and government spending on cleanups