Covanta Holding Corp Sees Unusually-High Trading Volume on Better-Than-Expected Earnings (CVA)
Covanta Holding Corp (NYSE:CVA) shares saw strong trading volume on Wednesday following a better than expected earnings announcement, Analyst Ratings Net reports. 2,058,358 shares changed hands during trading, an increase of 46% from the previous session’s volume of 1,413,125 shares.The stock last traded at $20.82 and had previously closed at $20.45.
The company reported $0.06 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.02 by $0.04. The company had revenue of $432.00 million for the quarter, compared to the consensus estimate of $401.44 million. During the same quarter last year, the company posted $0.10 earnings per share. Covanta Holding Corp’s revenue was up 5.1% compared to the same quarter last year.
Several analysts have recently commented on the stock. Analysts at Zacks downgraded shares of Covanta Holding Corp from an “outperform” rating to a “neutral” rating in a research note on Wednesday. They now have a $21.80 price target on the stock. Separately, analysts at Imperial Capital raised their price target on shares of Covanta Holding Corp from $19.00 to $22.00 in a research note on Wednesday, June 11th. They now have an “in-line” rating on the stock. Finally, analysts at Macquarie reiterated an “outperform” rating on shares of Covanta Holding Corp in a research note on Wednesday, June 11th. They now have a $25.00 price target on the stock, up previously from $21.00. Seven equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target of $22.71.
The stock’s 50-day moving average is $20.19 and its 200-day moving average is $18.54. The company has a market cap of $2.661 billion and a P/E ratio of 309.85.
Covanta Holding Corporation (NYSE:CVA) is a holding company.
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