Covanta Holding Corporation (CVA) Receives Consensus Rating of “Hold” from Brokerages
Covanta Holding Corporation (NYSE:CVA) has been assigned a consensus rating of “Hold” from the eleven analysts that are currently covering the company, Marketbeat Ratings reports. Three analysts have rated the stock with a sell rating, three have assigned a hold rating and five have issued a buy rating on the company. The average 12-month price objective among brokerages that have issued ratings on the stock in the last year is $17.22.
CVA has been the topic of several recent analyst reports. Zacks Investment Research downgraded Covanta Holding Corporation from a “hold” rating to a “strong sell” rating in a report on Tuesday, June 27th. Wedbush reaffirmed an “outperform” rating and set a $21.00 price objective on shares of Covanta Holding Corporation in a report on Tuesday, March 14th. BMO Capital Markets began coverage on Covanta Holding Corporation in a report on Thursday, June 29th. They set a “market perform” rating and a $16.00 price objective on the stock. BidaskClub raised Covanta Holding Corporation from a “sell” rating to a “hold” rating in a report on Wednesday, June 14th. Finally, Robert W. Baird raised Covanta Holding Corporation from a “neutral” rating to an “outperform” rating and set a $17.00 price objective on the stock in a report on Monday, May 15th.
In other news, Director Michael W. Ranger acquired 40,000 shares of the stock in a transaction that occurred on Thursday, April 27th. The stock was acquired at an average price of $14.56 per share, for a total transaction of $582,400.00. Following the transaction, the director now directly owns 40,000 shares in the company, valued at $582,400. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Stephen J. Jones acquired 10,000 shares of the stock in a transaction that occurred on Thursday, April 27th. The stock was purchased at an average price of $14.48 per share, with a total value of $144,800.00. Following the transaction, the insider now owns 167,232 shares in the company, valued at $2,421,519.36. The disclosure for this purchase can be found here. Insiders own 11.60% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the stock. Clearbridge Investments LLC boosted its stake in Covanta Holding Corporation by 26.7% in the first quarter. Clearbridge Investments LLC now owns 11,989 shares of the energy company’s stock worth $188,000 after buying an additional 2,528 shares in the last quarter. CNA Financial Corp boosted its stake in Covanta Holding Corporation by 5.3% in the first quarter. CNA Financial Corp now owns 554,768 shares of the energy company’s stock worth $8,710,000 after buying an additional 27,768 shares in the last quarter. Caxton Associates LP purchased a new stake in Covanta Holding Corporation during the first quarter worth approximately $510,000. Tudor Investment Corp ET AL purchased a new stake in Covanta Holding Corporation during the first quarter worth approximately $197,000. Finally, Paloma Partners Management Co purchased a new stake in Covanta Holding Corporation during the first quarter worth approximately $329,000. Institutional investors and hedge funds own 90.02% of the company’s stock.
Shares of Covanta Holding Corporation (CVA) opened at 13.30 on Monday. The company has a 50-day moving average price of $14.26 and a 200 day moving average price of $15.16. Covanta Holding Corporation has a 52-week low of $13.00 and a 52-week high of $17.16. The firm’s market capitalization is $1.72 billion.
Covanta Holding Corporation (NYSE:CVA) last announced its earnings results on Tuesday, April 25th. The energy company reported ($0.37) EPS for the quarter, missing the consensus estimate of ($0.21) by $0.16. The business had revenue of $404 million during the quarter, compared to analyst estimates of $399.69 million. Covanta Holding Corporation had a negative return on equity of 8.88% and a negative net margin of 0.94%. The firm’s revenue was up .2% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.19) earnings per share. Analysts expect that Covanta Holding Corporation will post ($0.10) EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Friday, July 7th. Shareholders of record on Thursday, June 29th were given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 7.52%. The ex-dividend date of this dividend was Tuesday, June 27th. Covanta Holding Corporation’s payout ratio is -714.23%.
Covanta Holding Corporation 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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