Covanta Holding Corp (CVA) Expected to Announce Quarterly Sales of $465.68 Million

Wall Street analysts expect Covanta Holding Corp (NYSE:CVA) to announce sales of $465.68 million for the current quarter, according to Zacks. Four analysts have made estimates for Covanta’s earnings. The highest sales estimate is $489.60 million and the lowest is $456.10 million. Covanta reported sales of $457.00 million in the same quarter last year, which would suggest a positive year-over-year growth rate of 1.9%. The business is expected to announce its next quarterly earnings report on Wednesday, February 21st.

On average, analysts expect that Covanta will report full-year sales of $465.68 million for the current fiscal year, with estimates ranging from $1.71 billion to $1.75 billion. For the next fiscal year, analysts forecast that the company will report sales of $1.84 billion per share, with estimates ranging from $1.81 billion to $1.85 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side analysts that that provide coverage for Covanta.

Covanta (NYSE:CVA) last issued its earnings results on Thursday, October 26th. The energy company reported $0.12 earnings per share 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 analysts’ expectations of $421.87 million. Covanta had a negative return on equity of 12.66% and a negative net margin of 3.68%. The business’s revenue for the quarter was up 1.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.18 EPS.

Several research analysts have recently weighed in on the company. Zacks Investment Research upgraded Covanta from a “sell” rating to a “hold” rating in a report on Monday, September 18th. Robert W. Baird reiterated a “buy” rating and issued a $19.00 price objective on shares of Covanta in a report on Wednesday, November 1st. BMO Capital Markets upped their price objective on Covanta from $17.00 to $20.00 and gave the company an “outperform” rating in a report on Monday, October 30th. Finally, Oppenheimer reiterated a “buy” rating and issued a $19.00 price objective on shares of Covanta in a report on Tuesday, December 19th. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and six have assigned a buy rating to the stock. Covanta has a consensus rating of “Hold” and a consensus price target of $17.56.

In related news, Director John Vincent Hickey sold 90,000 shares of the company’s 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. Corporate insiders own 11.60% of the company’s stock.

A number of large investors have recently added to or reduced their stakes in the business. Citigroup Inc. lifted its stake in Covanta by 1.0% during the second quarter. Citigroup Inc. now owns 16,236 shares of the energy company’s stock worth $214,000 after purchasing an additional 159 shares in the last quarter. Verition Fund Management LLC lifted its stake in Covanta by 9.7% during the second quarter. Verition Fund Management LLC now owns 11,779 shares of the energy company’s stock worth $155,000 after purchasing an additional 1,039 shares in the last quarter. KBC Group NV lifted its stake in Covanta by 5.2% during the second quarter. KBC Group NV now owns 36,481 shares of the energy company’s stock worth $482,000 after purchasing an additional 1,795 shares in the last quarter. Loews Corp lifted its stake in Covanta by 4.9% during the second quarter. Loews Corp now owns 69,804 shares of the energy company’s stock worth $921,000 after purchasing an additional 3,270 shares in the last quarter. Finally, Ameriprise Financial Inc. lifted its stake in Covanta by 3.0% during the third quarter. Ameriprise Financial Inc. now owns 114,120 shares of the energy company’s stock worth $1,695,000 after purchasing an additional 3,354 shares in the last quarter. Institutional investors own 94.77% of the company’s stock.

Shares of Covanta (NYSE CVA) traded down $0.05 during trading on Thursday, hitting $16.80. The stock had a trading volume of 699,000 shares, compared to its average volume of 654,350. The firm has a market cap of $2,210.00, a PE ratio of -32.94, a P/E/G ratio of 14.98 and a beta of 0.76. Covanta has a fifty-two week low of $13.00 and a fifty-two week high of $17.30. The company has a current ratio of 1.21, a quick ratio of 1.21 and a debt-to-equity ratio of 8.39.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 5th. Investors of record on Friday, December 29th will be issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 5.95%. The ex-dividend date of this dividend is Thursday, December 28th. Covanta’s dividend payout ratio is presently -196.08%.

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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.

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Earnings History and Estimates for Covanta (NYSE:CVA)

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