Covanta Holding Corporation (CVA) Receives $17.22 Average PT from Analysts
Covanta Holding Corporation (NYSE:CVA) has received an average recommendation of “Hold” from the ten research firms that are currently covering the company, MarketBeat reports. Two investment analysts have rated the stock with a sell recommendation, two have assigned a hold recommendation and six have given a buy recommendation to the company. The average 1 year price objective among brokerages that have covered the stock in the last year is $16.79.
CVA has been the topic of a number of research analyst reports. Zacks Investment Research lowered Covanta Holding Corporation from a “hold” rating to a “strong sell” rating in a report on Tuesday, June 27th. BidaskClub lowered Covanta Holding Corporation from a “sell” rating to a “strong sell” rating in a report on Wednesday, July 19th. BMO Capital Markets began coverage on Covanta Holding Corporation in a report on Thursday, June 29th. They set a “market perform” rating and a $16.00 price objective on the stock. Oppenheimer Holdings, Inc. reissued a “buy” rating on shares of Covanta Holding Corporation in a report on Monday, July 17th. Finally, Robert W. Baird raised Covanta Holding Corporation from a “neutral” rating to an “outperform” rating and set a $17.00 price objective on the stock in a report on Monday, May 15th.
In related news, insider Paul E. Stauder sold 2,500 shares of the firm’s stock in a transaction that occurred on Wednesday, May 24th. The stock was sold at an average price of $14.50, for a total transaction of $36,250.00. Following the completion of the transaction, the insider now owns 30,639 shares in the company, valued at approximately $444,265.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Ronald J. Broglio sold 3,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 10th. The stock was sold at an average price of $14.33, for a total value of $42,990.00. Following the transaction, the director now owns 8,672 shares of the company’s stock, valued at approximately $124,269.76. The disclosure for this sale can be found here. 11.60% of the stock is owned by company insiders.
Several institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. increased its position in Covanta Holding Corporation by 4.4% in the first quarter. Vanguard Group Inc. now owns 9,452,767 shares of the energy company’s stock valued at $148,408,000 after buying an additional 395,551 shares during the period. BlackRock Inc. increased its position in shares of Covanta Holding Corporation by 17,486.2% in the first quarter. BlackRock Inc. now owns 5,904,931 shares of the energy company’s stock valued at $92,706,000 after buying an additional 5,871,354 shares during the last quarter. RidgeWorth Capital Management LLC increased its position in shares of Covanta Holding Corporation by 42.9% in the first quarter. RidgeWorth Capital Management LLC now owns 4,087,721 shares of the energy company’s stock valued at $65,195,000 after buying an additional 1,226,577 shares during the last quarter. Norges Bank acquired a new position in shares of Covanta Holding Corporation during the fourth quarter valued at about $45,446,000. Finally, Bank of New York Mellon Corp increased its position in shares of Covanta Holding Corporation by 3.6% in the second quarter. Bank of New York Mellon Corp now owns 2,248,100 shares of the energy company’s stock valued at $29,675,000 after buying an additional 78,047 shares during the last quarter. Institutional investors and hedge funds own 90.13% of the company’s stock.
Shares of Covanta Holding Corporation (NYSE CVA) traded down 1.37% during trading on Monday, hitting $14.40. The company’s stock had a trading volume of 2,923,793 shares. The company’s market capitalization is $1.87 billion. Covanta Holding Corporation has a 1-year low of $13.00 and a 1-year high of $16.50. The firm’s 50 day moving average is $13.75 and its 200-day moving average is $14.83.
Covanta Holding Corporation (NYSE:CVA) last released its earnings results on Thursday, July 27th. The energy company reported ($0.22) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.18) by $0.04. The business had revenue of $424 million during the quarter, compared to analyst estimates of $416.18 million. Covanta Holding Corporation had a negative net margin of 1.41% and a negative return on equity of 9.81%. The business’s quarterly revenue was up 1.4% compared to the same quarter last year. During the same period last year, the business earned ($0.22) EPS. Analysts forecast that Covanta Holding Corporation will post ($0.23) EPS for the current fiscal year.
About Covanta Holding Corporation
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. The Company 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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