Analysts Issue Forecasts for Covanta Holding Corporation’s Q3 2017 Earnings (CVA)
Covanta Holding Corporation (NYSE:CVA) – Equities research analysts at Oppenheimer Holdings lifted their Q3 2017 earnings per share estimates for Covanta Holding Corporation in a research note issued to investors on Thursday. Oppenheimer Holdings analyst N. Kaye now forecasts that the energy company will post earnings of $0.02 per share for the quarter, up from their previous estimate of $0.01. Oppenheimer Holdings currently has a “Buy” rating on the stock. Oppenheimer Holdings also issued estimates for Covanta Holding Corporation’s FY2017 earnings at ($0.28) EPS and FY2018 earnings at $0.09 EPS.
Covanta Holding Corporation (NYSE:CVA) last posted its earnings results on Thursday, July 27th. The energy company reported ($0.22) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.18) by ($0.04). The firm had revenue of $424.00 million for the quarter, compared to analyst estimates of $416.18 million. Covanta Holding Corporation had a negative net margin of 1.41% and a negative return on equity of 9.81%. The company’s revenue for the quarter was up 1.4% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.22) earnings per share.
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A number of other equities research analysts have also recently issued reports on the stock. Robert W. Baird reiterated a “buy” rating and set a $17.00 target price on shares of Covanta Holding Corporation in a research report on Friday, September 1st. Stifel Nicolaus reissued a “buy” rating and set a $17.00 price objective on shares of Covanta Holding Corporation in a report on Tuesday, September 5th. Zacks Investment Research raised shares of Covanta Holding Corporation from a “sell” rating to a “hold” rating in a report on Monday, September 18th. Barclays PLC raised shares of Covanta Holding Corporation from an “equal weight” rating to an “overweight” rating and decreased their price objective for the stock from $16.00 to $15.00 in a report on Wednesday, July 12th. Finally, BMO Capital Markets started coverage on shares of 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. Two equities research analysts have rated the stock with a sell rating and seven have assigned a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $17.06.
Covanta Holding Corporation (NYSE:CVA) opened at 15.35 on Monday. Covanta Holding Corporation has a 1-year low of $13.00 and a 1-year high of $16.50. The firm’s 50-day moving average is $14.81 and its 200-day moving average is $14.39. The firm’s market capitalization is $2.00 billion.
Hedge funds and other institutional investors have recently modified their holdings of the company. Quantbot Technologies LP bought a new position in shares of Covanta Holding Corporation in the 2nd quarter valued at about $107,000. IFP Advisors Inc boosted its stake in shares of Covanta Holding Corporation by 42.1% in the 2nd quarter. IFP Advisors Inc now owns 8,927 shares of the energy company’s stock valued at $118,000 after purchasing an additional 2,647 shares during the last quarter. Connable Office Inc. bought a new position in shares of Covanta Holding Corporation in the 2nd quarter valued at about $133,000. ProShare Advisors LLC bought a new position in shares of Covanta Holding Corporation in the 2nd quarter valued at about $147,000. Finally, PNC Financial Services Group Inc. boosted its stake in shares of Covanta Holding Corporation by 15.2% in the 1st quarter. PNC Financial Services Group Inc. now owns 11,380 shares of the energy company’s stock valued at $178,000 after purchasing an additional 1,500 shares during the last quarter. 96.25% of the stock is currently owned by institutional investors.
The firm also recently announced a quarterly dividend, which was paid on Friday, October 6th. Stockholders of record on Thursday, September 28th were paid a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 6.51%. The ex-dividend date of this dividend was Wednesday, September 27th. Covanta Holding Corporation’s dividend payout ratio (DPR) is presently -526.29%.
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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