Analysts Offer Predictions for Covanta Holding Corp.’s Q3 2016 Earnings (CVA)
Covanta Holding Corp. (NYSE:CVA) – Equities researchers at Avondale Partners issued their Q3 2016 earnings per share estimates for shares of Covanta Holding Corp. in a research note issued to investors on Wednesday. Avondale Partners analyst D. Mannes expects that the brokerage will post earnings of $0.15 per share for the quarter.
A number of other equities research analysts also recently weighed in on the company. Zacks Investment Research upgraded Covanta Holding Corp. from a “strong sell” rating to a “hold” rating in a report on Tuesday, September 27th. Oppenheimer Holdings Inc. reissued an “outperform” rating and issued a $20.00 price objective on shares of Covanta Holding Corp. in a research note on Friday, September 23rd. Macquarie started coverage on Covanta Holding Corp. in a research note on Thursday, August 25th. They issued a “neutral” rating and a $18.00 price objective for the company. Barclays PLC reduced their price objective on Covanta Holding Corp. from $17.00 to $16.00 and set an “equal weight” rating for the company in a research note on Tuesday, August 9th. Finally, Imperial Capital reduced their price objective on Covanta Holding Corp. from $18.50 to $18.00 and set an “outperform” rating for the company in a research note on Thursday, July 28th. Five analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average price target of $18.00.
Shares of Covanta Holding Corp. (NYSE:CVA) opened at 15.05 on Friday. Covanta Holding Corp. has a 1-year low of $12.48 and a 1-year high of $18.17. The company has a market cap of $1.94 billion, a PE ratio of 43.62 and a beta of 0.57. The company has a 50-day moving average price of $15.02 and a 200-day moving average price of $15.98.
Covanta Holding Corp. (NYSE:CVA) last posted 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 business earned $418 million during the quarter, compared to the consensus estimate of $410.38 million. During the same quarter last year, the company posted ($0.06) EPS. The firm’s revenue was up 2.5% on a year-over-year basis.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 7th. Shareholders of record on Monday, October 3rd were given a $0.25 dividend. The ex-dividend date was Thursday, September 29th. This represents a $1.00 annualized dividend and a yield of 6.64%. Covanta Holding Corp.’s dividend payout ratio is currently 322.58%.
In other Covanta Holding Corp. news, Director Ronald J. Broglio sold 4,500 shares of the business’s stock in a transaction on Thursday, July 28th. The stock was sold at an average price of $15.78, for a total value of $71,010.00. Following the transaction, the director now owns 4,529 shares of the company’s stock, valued at $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 owned by company insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of CVA. Makaira Partners LLC acquired a new position in Covanta Holding Corp. during the first quarter valued at $37,215,000. Capital International Investors raised its stake in shares of 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 last quarter. Massachusetts Financial Services Co. MA raised its stake in shares of 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 last quarter. Kleinwort Benson Investors Dublin Ltd purchased a new stake in shares of Covanta Holding Corp. during the second quarter valued at about $11,771,000. Finally, Bank of Montreal Can purchased a new stake in shares of Covanta Holding Corp. during the second quarter valued at about $11,701,000. 80.14% of the stock is currently owned by institutional investors and hedge funds.
Covanta Holding Corp. Company Profile
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.
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