Covanta Holding Corporation (NYSE:CVA) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Wednesday.

According to Zacks, “Covanta Holding Corporation is an internationally recognized owner and operator of large-scale Energy-from-Waste and renewable energy projects and a recipient of the Energy Innovator Award from the U.S. Department of Energy’s Office of Energy Efficiency and Renewable Energy. Covanta’s Energy-from-Waste facilities provide communities with an environmentally sound solution to their solid waste disposal needs by using that municipal solid waste to generate clean, renewable energy. “

Several other equities research analysts have also commented on CVA. Barclays PLC raised Covanta Holding Corporation from an “equal weight” rating to an “overweight” rating and decreased their price target for the stock from $16.00 to $15.00 in a research note on Wednesday, July 12th. Oppenheimer Holdings, Inc. restated a “buy” rating on shares of Covanta Holding Corporation in a research report on Monday, July 17th. BidaskClub downgraded Covanta Holding Corporation from a “sell” rating to a “strong sell” rating in a research report on Wednesday, July 19th. BMO Capital Markets upgraded Covanta Holding Corporation from a “market perform” rating to an “outperform” rating and lifted their price objective for the stock from $16.00 to $17.00 in a research report on Monday, July 31st. Finally, Stifel Nicolaus upgraded Covanta Holding Corporation from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $15.50 to $17.00 in a research report on Monday, July 31st. Two investment analysts have rated the stock with a sell rating, one has given a hold rating and six have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $17.69.

Covanta Holding Corporation (NYSE:CVA) last announced its quarterly earnings results on Thursday, October 26th. The energy company reported $0.12 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.08 by $0.04. The business had revenue of $429.00 million for the quarter, compared to analyst estimates of $421.87 million. Covanta Holding Corporation had a negative return on equity of 12.12% and a negative net margin of 3.68%. The company’s quarterly revenue was up 1.9% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.18 EPS.

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Several institutional investors have recently modified their holdings of CVA. Quantbot Technologies LP acquired a new position in shares of Covanta Holding Corporation during the 2nd quarter worth approximately $107,000. IFP Advisors Inc raised its holdings in 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 acquiring an additional 2,647 shares during the last quarter. Connable Office Inc. acquired a new position in Covanta Holding Corporation in the 2nd quarter valued at $133,000. ProShare Advisors LLC acquired a new position in Covanta Holding Corporation in the 2nd quarter valued at $147,000. Finally, Verition Fund Management LLC raised its holdings in Covanta Holding Corporation by 9.7% in the 2nd quarter. Verition Fund Management LLC now owns 11,779 shares of the energy company’s stock valued at $155,000 after acquiring an additional 1,039 shares during the last quarter. Hedge funds and other institutional investors own 96.57% of the company’s stock.

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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Analyst Recommendations for Covanta Holding Corporation (NYSE:CVA)

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