Enviva Partners (NYSE:EVA) Cut to “Hold” at Zacks Investment Research

Enviva Partners (NYSE:EVA) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research report issued to clients and investors on Thursday, Zacks.com reports.

According to Zacks, “Enviva Partners, LP is a master limited partnership which owns and operates wood pellet production plants. It serves primarily in the United States and Europe. Enviva Partners, LP is based in Bethesa, United States. “

EVA has been the subject of several other reports. Raymond James boosted their target price on shares of Enviva Partners from $52.00 to $57.00 and gave the stock a “strong-buy” rating in a research report on Thursday, February 25th. Citigroup increased their price target on shares of Enviva Partners from $43.00 to $52.00 in a report on Tuesday, March 2nd. Barclays increased their price target on shares of Enviva Partners from $64.00 to $65.00 and gave the company an “overweight” rating in a report on Monday. Finally, Royal Bank of Canada increased their price target on shares of Enviva Partners from $51.00 to $60.00 and gave the company an “outperform” rating in a report on Friday, February 26th. One analyst has rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $58.20.

EVA stock traded up $0.01 on Thursday, hitting $48.60. 58,065 shares of the company’s stock traded hands, compared to its average volume of 98,194. Enviva Partners has a 1-year low of $33.14 and a 1-year high of $53.96. The stock’s fifty day moving average is $48.92. The company has a debt-to-equity ratio of 4.02, a quick ratio of 0.71 and a current ratio of 1.13. The firm has a market cap of $1.95 billion, a PE ratio of -70.43 and a beta of 1.00.

Enviva Partners (NYSE:EVA) last released its quarterly earnings results on Wednesday, April 28th. The energy company reported ($0.05) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.08) by $0.03. Enviva Partners had a net margin of 0.78% and a return on equity of 12.71%. On average, equities analysts expect that Enviva Partners will post 1.15 EPS for the current year.

In other news, Director John C. Bumgarner, Jr. bought 32,967 shares of the company’s stock in a transaction that occurred on Tuesday, June 8th. The stock was acquired at an average price of $45.50 per share, for a total transaction of $1,499,998.50. Following the transaction, the director now directly owns 56,897 shares of the company’s stock, valued at approximately $2,588,813.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Institutional investors have recently made changes to their positions in the stock. Commonwealth Equity Services LLC increased its position in shares of Enviva Partners by 5.5% during the 1st quarter. Commonwealth Equity Services LLC now owns 14,859 shares of the energy company’s stock worth $718,000 after purchasing an additional 780 shares in the last quarter. Advisors Asset Management Inc. increased its position in Enviva Partners by 361.2% in the 1st quarter. Advisors Asset Management Inc. now owns 16,025 shares of the energy company’s stock valued at $774,000 after acquiring an additional 12,550 shares in the last quarter. Guggenheim Capital LLC increased its position in Enviva Partners by 8.9% in the 4th quarter. Guggenheim Capital LLC now owns 6,757 shares of the energy company’s stock valued at $307,000 after acquiring an additional 550 shares in the last quarter. Janney Montgomery Scott LLC bought a new position in shares of Enviva Partners in the 4th quarter valued at about $236,000. Finally, Groesbeck Investment Management Corp NJ bought a new position in shares of Enviva Partners in the 4th quarter valued at about $327,000. Institutional investors and hedge funds own 67.19% of the company’s stock.

About Enviva Partners

Enviva Partners, LP produces and sells utility-grade wood pellets. The company's products are used as a substitute for coal in power generation, and combined heat and power plants. It serves power generators in the United Kingdom, Europe, and Japan. Enviva Partners GP, LLC operates as the general partner of the company.

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