UBS started coverage on shares of Covanta (NYSE:CVA) in a research report sent to investors on Wednesday, March 14th, www.benzinga.com reports. The brokerage issued a neutral rating and a $15.00 price objective on the energy company’s stock.
A number of other equities research analysts also recently issued reports on the stock. Oppenheimer reaffirmed a buy rating and set a $19.00 price target on shares of Covanta in a research note on Tuesday, December 19th. Zacks Investment Research downgraded shares of Covanta from a hold rating to a sell rating in a research note on Friday, January 5th. Goldman Sachs upgraded shares of Covanta from a sell rating to a neutral rating and set a $16.00 price target on the stock in a report on Sunday, January 7th. Finally, ValuEngine cut shares of Covanta from a hold rating to a sell rating in a report on Friday, February 23rd. One analyst has rated the stock with a sell rating, four have given a hold rating and five have given a buy rating to the stock. The company presently has a consensus rating of Hold and an average target price of $17.25.
Shares of Covanta (CVA) traded down $0.13 during midday trading on Wednesday, reaching $15.07. 85,995 shares of the company traded hands, compared to its average volume of 904,750. The company has a market capitalization of $1,971.44, a price-to-earnings ratio of 35.35, a price-to-earnings-growth ratio of 14.86 and a beta of 0.71. Covanta has a 12 month low of $13.00 and a 12 month high of $17.30. The company has a debt-to-equity ratio of 5.83, a current ratio of 1.11 and a quick ratio of 1.11.
Covanta (NYSE:CVA) last posted its quarterly earnings results on Thursday, February 22nd. The energy company reported $0.09 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.20 by ($0.11). Covanta had a negative return on equity of 13.02% and a net margin of 3.25%. The firm had revenue of $495.00 million during the quarter, compared to the consensus estimate of $462.71 million. During the same quarter in the previous year, the company earned $0.17 earnings per share. The business’s revenue for the quarter was up 8.3% compared to the same quarter last year. analysts predict that Covanta will post 0.07 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, April 6th. Investors of record on Thursday, March 29th will be paid a $0.25 dividend. The ex-dividend date of this dividend is Wednesday, March 28th. This represents a $1.00 dividend on an annualized basis and a yield of 6.64%. Covanta’s dividend payout ratio is currently 232.56%.
In related news, insider Paul E. Stauder sold 3,000 shares of Covanta stock in a transaction on Monday, March 5th. The shares were sold at an average price of $14.90, for a total value of $44,700.00. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 11.60% of the stock is currently owned by company insiders.
A number of institutional investors and hedge funds have recently made changes to their positions in CVA. First Trust Advisors LP boosted its stake in Covanta by 1.8% during the 3rd quarter. First Trust Advisors LP now owns 392,220 shares of the energy company’s stock worth $5,824,000 after purchasing an additional 6,986 shares during the last quarter. Raymond James Financial Services Advisors Inc. boosted its stake in Covanta by 33.3% during the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 476,217 shares of the energy company’s stock worth $7,072,000 after purchasing an additional 119,049 shares during the last quarter. Sei Investments Co. boosted its stake in Covanta by 8.8% during the 3rd quarter. Sei Investments Co. now owns 46,137 shares of the energy company’s stock worth $686,000 after purchasing an additional 3,740 shares during the last quarter. Gilder Gagnon Howe & Co. LLC purchased a new position in shares of Covanta during the 3rd quarter worth $7,996,000. Finally, Comerica Bank raised its holdings in shares of Covanta by 2.2% during the 3rd quarter. Comerica Bank now owns 228,590 shares of the energy company’s stock worth $3,715,000 after acquiring an additional 4,932 shares during the period. 91.66% of the stock is currently owned by institutional investors.
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Covanta 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. 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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