Covanta Holding Corp. (CVA) Upgraded to Hold at Zacks Investment Research
According to Zacks, “Covanta Holding Corporation is an internationally recognized owner and operator of large-scale Energy-from-Waste and renewable energy projects and a recipient of the Energy Innovator Award from the U.S. Department of Energy’s Office of Energy Efficiency and Renewable Energy. Covanta’s Energy-from-Waste facilities provide communities with an environmentally sound solution to their solid waste disposal needs by using that municipal solid waste to generate clean, renewable energy. “
A number of other brokerages have also recently weighed in on CVA. Imperial Capital dropped their price target on shares of Covanta Holding Corp. from $18.50 to $18.00 and set an outperform rating for the company in a research report on Thursday, July 28th. Oppenheimer Holdings Inc. restated an outperform rating and issued a $20.00 price objective on shares of Covanta Holding Corp. in a report on Friday, September 23rd. Barclays PLC dropped their price objective on shares of Covanta Holding Corp. from $17.00 to $16.00 and set an equal weight rating for the company in a report on Tuesday, August 9th. Finally, Macquarie initiated coverage on shares of Covanta Holding Corp. in a report on Thursday, August 25th. They issued a neutral rating and a $18.00 price objective for the company. Five equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The stock currently has a consensus rating of Buy and an average target price of $18.00.
Covanta Holding Corp. (NYSE:CVA) traded down 0.72% during midday trading on Tuesday, reaching $15.12. 170,911 shares of the company’s stock traded hands. The company has a market capitalization of $1.95 billion, a price-to-earnings ratio of 43.83 and a beta of 0.61. The firm’s 50-day moving average is $14.93 and its 200-day moving average is $16.12. Covanta Holding Corp. has a 1-year low of $12.48 and a 1-year high of $18.36.
Covanta Holding Corp. (NYSE:CVA) last announced its quarterly earnings results on Tuesday, July 26th. The company reported ($0.22) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.05) by $0.17. Covanta Holding Corp. had a net margin of 2.69% and a negative return on equity of 3.48%. The company had revenue of $418 million for the quarter, compared to analyst estimates of $410.38 million. During the same quarter in the prior year, the business earned ($0.06) earnings per share. Covanta Holding Corp.’s revenue was up 2.5% on a year-over-year basis. Analysts forecast that Covanta Holding Corp. will post ($0.11) earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, October 7th. Investors of record on Monday, October 3rd will be given a $0.25 dividend. The ex-dividend date is Thursday, September 29th. This represents a $1.00 annualized dividend and a yield of 6.57%. Covanta Holding Corp.’s dividend payout ratio (DPR) is 322.58%.
In related news, Director Ronald J. Broglio sold 4,500 shares of the company’s stock in a transaction on Thursday, July 28th. The shares were sold at an average price of $15.78, for a total value of $71,010.00. Following the completion of the sale, the director now owns 4,529 shares in the company, valued at approximately $71,467.62. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 11.80% of the stock is currently owned by corporate insiders.
A number of hedge funds have recently added to or reduced their stakes in CVA. Norges Bank acquired a new stake in Covanta Holding Corp. during the fourth quarter valued at approximately $36,620,000. Makaira Partners LLC acquired a new stake in Covanta Holding Corp. during the first quarter valued at approximately $37,215,000. Capital International Investors increased its stake in Covanta Holding Corp. by 11.3% in the second quarter. Capital International Investors now owns 13,127,185 shares of the company’s stock valued at $215,942,000 after buying an additional 1,335,132 shares during the period. Massachusetts Financial Services Co. MA increased its stake in Covanta Holding Corp. by 548.9% in the second quarter. Massachusetts Financial Services Co. MA now owns 1,503,407 shares of the company’s stock valued at $24,731,000 after buying an additional 1,271,724 shares during the period. Finally, Kleinwort Benson Investors Dublin Ltd acquired a new stake in Covanta Holding Corp. during the second quarter valued at approximately $11,771,000. Hedge funds and other institutional investors own 80.15% of the company’s stock.
About Covanta Holding Corp.
Covanta Holding Corporation is a holding company. The Company, through its subsidiaries, owns and operates infrastructure for the conversion of waste to energy, as well as other waste disposal and renewable energy production businesses. It operates through North America segment, which consists of waste and energy services operations located primarily in the United States and Canada.
Receive News & Stock Ratings for Covanta Holding Corp. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Covanta Holding Corp. and related stocks with our FREE daily email newsletter.