Covanta Holding Corporation (NYSE:CVA) announced a quarterly dividend on Thursday, December 7th, RTT News reports. Investors of record on Friday, December 29th will be paid a dividend of 0.25 per share by the energy company on Friday, January 5th. This represents a $1.00 annualized dividend and a yield of 6.78%.

Covanta has raised its dividend payment by an average of 26.4% annually over the last three years. Covanta has a payout ratio of -384.6% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities analysts expect Covanta to earn $0.07 per share next year, which means the company may not be able to cover its $1.00 annual dividend with an expected future payout ratio of 1,428.6%.

Shares of Covanta (NYSE CVA) traded down $0.10 on Thursday, reaching $14.75. The company had a trading volume of 671,900 shares, compared to its average volume of 1,126,526. Covanta has a 52 week low of $13.00 and a 52 week high of $16.50. The company has a debt-to-equity ratio of 8.39, a quick ratio of 1.21 and a current ratio of 1.21.

Covanta (NYSE:CVA) last issued its earnings results on Thursday, October 26th. The energy company reported $0.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.08 by $0.04. The company had revenue of $429.00 million for the quarter, compared to the consensus estimate of $421.87 million. Covanta had a negative return on equity of 12.66% and a negative net margin of 3.68%. The firm’s quarterly revenue was up 1.9% on a year-over-year basis. During the same quarter last year, the company earned $0.18 EPS. equities analysts expect that Covanta will post -0.26 EPS for the current year.

A number of analysts have issued reports on CVA shares. Stifel Nicolaus reaffirmed a “buy” rating and issued a $17.00 price objective on shares of Covanta in a research note on Tuesday, September 5th. Robert W. Baird reaffirmed a “buy” rating and issued a $17.00 price objective on shares of Covanta in a research note on Friday, September 1st. Zacks Investment Research raised Covanta from a “hold” rating to a “buy” rating and set a $17.00 price objective on the stock in a research note on Monday, October 9th. BMO Capital Markets lifted their price objective on Covanta from $17.00 to $20.00 and gave the stock an “outperform” rating in a research note on Monday, October 30th. Finally, BidaskClub downgraded Covanta from a “hold” rating to a “sell” rating in a research note on Friday, August 11th. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and six have given a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $17.69.

In other news, Director John Vincent Hickey sold 90,000 shares of Covanta stock in a transaction that occurred on Friday, October 20th. The stock was sold at an average price of $0.29, for a total value of $26,100.00. 11.60% of the stock is currently owned by insiders.

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Covanta 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.

Dividend History for Covanta (NYSE:CVA)

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