Covanta Holding Corp. (CVA) Receives Consensus Rating of “Buy” from Brokerages
Covanta Holding Corp. (NYSE:CVA) has earned a consensus recommendation of “Buy” from the eleven analysts that are covering the firm. Five investment analysts have rated the stock with a hold recommendation and five have given a buy recommendation to the company. The average 12-month price objective among brokers that have issued a report on the stock in the last year is $17.56.
Several brokerages have recently weighed in on CVA. Barclays PLC decreased their price target on Covanta Holding Corp. from $17.00 to $16.00 and set an “equal weight” rating on the stock in a research report on Tuesday, August 9th. Zacks Investment Research upgraded Covanta Holding Corp. from a “strong sell” rating to a “hold” rating in a research report on Tuesday, July 26th. Imperial Capital decreased their price target on Covanta Holding Corp. from $18.50 to $18.00 and set an “outperform” rating on the stock in a research report on Thursday, July 28th. Macquarie initiated coverage on Covanta Holding Corp. in a research report on Thursday, August 25th. They set a “neutral” rating and a $18.00 price target on the stock. Finally, Oppenheimer Holdings Inc. restated an “outperform” rating and issued a $20.00 price objective on shares of Covanta Holding Corp. in a research report on Friday, September 23rd.
In other news, Director Ronald J. Broglio sold 4,500 shares of the stock in a transaction that occurred on Thursday, July 28th. The stock was sold at an average price of $15.78, for a total transaction of $71,010.00. Following the completion of the sale, the director now owns 4,529 shares of the company’s stock, valued at $71,467.62. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 11.80% of the company’s stock.
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Several hedge funds have recently added to or reduced their stakes in CVA. Nisa Investment Advisors LLC raised its stake in Covanta Holding Corp. by 441.6% in the third quarter. Nisa Investment Advisors LLC now owns 20,200 shares of the company’s stock worth $311,000 after buying an additional 16,470 shares during the period. Daiwa SB Investments Ltd. bought a new stake in Covanta Holding Corp. during the third quarter worth $1,597,000. Grassi Investment Management raised its stake in Covanta Holding Corp. by 11.8% in the third quarter. Grassi Investment Management now owns 45,079 shares of the company’s stock worth $694,000 after buying an additional 4,756 shares during the period. Raymond James Trust N.A. raised its stake in Covanta Holding Corp. by 11.7% in the third quarter. Raymond James Trust N.A. now owns 12,148 shares of the company’s stock worth $187,000 after buying an additional 1,271 shares during the period. Finally, BNP Paribas Arbitrage SA raised its stake in Covanta Holding Corp. by 51.9% in the third quarter. BNP Paribas Arbitrage SA now owns 21,914 shares of the company’s stock worth $337,000 after buying an additional 7,483 shares during the period. 80.14% of the stock is owned by hedge funds and other institutional investors.
Covanta Holding Corp. (NYSE:CVA) traded down 1.159% on Thursday, hitting $14.925. 150,193 shares of the stock traded hands. The stock has a 50-day moving average price of $15.01 and a 200 day moving average price of $16.00. The company has a market cap of $1.93 billion, a price-to-earnings ratio of 43.261 and a beta of 0.57. Covanta Holding Corp. has a 1-year low of $12.48 and a 1-year high of $18.17.
Covanta Holding Corp. (NYSE:CVA) last posted its quarterly earnings data on Tuesday, July 26th. The company reported ($0.22) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.05) by $0.17. The firm had revenue of $418 million for the quarter, compared to analysts’ expectations of $410.38 million. Covanta Holding Corp. had a negative return on equity of 3.48% and a net margin of 2.69%. Covanta Holding Corp.’s revenue was up 2.5% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.06) earnings per share. On average, analysts anticipate that Covanta Holding Corp. will post ($0.11) EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, October 7th. Stockholders of record on Monday, October 3rd were paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 6.62%. The ex-dividend date of this dividend was Thursday, September 29th. Covanta Holding Corp.’s dividend payout ratio (DPR) is presently 322.58%.
Covanta Holding Corp. 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. It 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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