Zacks Investment Research lowered shares of Covanta Holding Corporation (NYSE:CVA) from a hold rating to a sell rating in a report released on Wednesday.

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. “

Other equities analysts have also recently issued reports about the stock. Stifel Nicolaus upgraded shares of Covanta Holding Corporation from a hold rating to a buy rating and upped their target price for the company from $15.50 to $17.00 in a research note on Monday, July 31st. BMO Capital Markets upgraded shares of Covanta Holding Corporation from a market perform rating to an outperform rating and upped their target price for the company from $16.00 to $17.00 in a research note on Monday, July 31st. BidaskClub cut shares of Covanta Holding Corporation from a hold rating to a sell rating in a research note on Friday, June 23rd. Barclays PLC upgraded shares of Covanta Holding Corporation from an equal weight rating to an overweight rating and cut their target price for the company from $16.00 to $15.00 in a research note on Wednesday, July 12th. Finally, Oppenheimer Holdings, Inc. reiterated a buy rating on shares of Covanta Holding Corporation in a research note on Monday, July 17th. Three equities research analysts have rated the stock with a sell rating and six have issued a buy rating to the stock. Covanta Holding Corporation currently has an average rating of Hold and a consensus price target of $17.19.

Shares of Covanta Holding Corporation (CVA) traded down 0.167% on Wednesday, reaching $14.975. 485,044 shares of the company’s stock traded hands. The company’s 50-day moving average is $14.23 and its 200-day moving average is $14.43. The firm’s market capitalization is $1.95 billion. Covanta Holding Corporation has a 52 week low of $13.00 and a 52 week high of $16.50.

Covanta Holding Corporation (NYSE:CVA) last released its earnings results on Thursday, July 27th. The energy company reported ($0.22) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.18) by ($0.04). The company had revenue of $424.00 million for 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%. Covanta Holding Corporation’s revenue for the quarter was up 1.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.22) earnings per share. Equities research analysts anticipate that Covanta Holding Corporation will post ($0.23) earnings per share for the current fiscal year.

TRADEMARK VIOLATION WARNING: “Covanta Holding Corporation (CVA) Downgraded by Zacks Investment Research to “Sell”” was originally posted by The Cerbat Gem and is owned by of The Cerbat Gem. If you are reading this report on another site, it was illegally copied and reposted in violation of United States & international copyright laws. The original version of this report can be viewed at https://www.thecerbatgem.com/2017/09/28/covanta-holding-corporation-cva-downgraded-by-zacks-investment-research-to-sell.html.

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 6th. Shareholders of record on Thursday, September 28th will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 6.90%. The ex-dividend date of this dividend is Wednesday, September 27th. Covanta Holding Corporation’s dividend payout ratio (DPR) is presently -526.29%.

A number of institutional investors have recently made changes to their positions in CVA. BlackRock Inc. increased its holdings in Covanta Holding Corporation by 17,486.2% in the 1st 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 period. Thompson Siegel & Walmsley LLC grew its holdings in shares of Covanta Holding Corporation by 41.7% in the 2nd quarter. Thompson Siegel & Walmsley LLC now owns 3,179,991 shares of the energy company’s stock worth $41,976,000 after purchasing an additional 936,309 shares during the last quarter. State Street Corp grew its holdings in shares of Covanta Holding Corporation by 46.7% in the 2nd quarter. State Street Corp now owns 2,510,700 shares of the energy company’s stock worth $33,146,000 after purchasing an additional 799,767 shares during the last quarter. Wells Fargo & Company MN grew its holdings in shares of Covanta Holding Corporation by 112.9% in the 2nd quarter. Wells Fargo & Company MN now owns 1,206,528 shares of the energy company’s stock worth $15,927,000 after purchasing an additional 639,789 shares during the last quarter. Finally, Neuberger Berman Group LLC grew its holdings in shares of Covanta Holding Corporation by 11.9% in the 2nd quarter. Neuberger Berman Group LLC now owns 5,817,457 shares of the energy company’s stock worth $76,790,000 after purchasing an additional 616,425 shares during the last quarter. 96.22% of the stock is currently owned by hedge funds and other institutional investors.

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.

Analyst Recommendations for Covanta Holding Corporation (NYSE:CVA)

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