Equities research analysts forecast that Covanta Holding Corp (NYSE:CVA) will report $465.68 million in sales for the current quarter, according to Zacks. Four analysts have issued estimates for Covanta’s earnings, with the lowest sales estimate coming in at $456.10 million and the highest estimate coming in at $489.60 million. Covanta posted sales of $457.00 million in the same quarter last year, which would indicate a positive year over year growth rate of 1.9%. The company is expected to announce its next quarterly earnings results after the market closes on Wednesday, February 21st.
According to Zacks, 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 anticipate that the business will post sales of $1.82 billion per share, with estimates ranging from $1.78 billion to $1.85 billion. Zacks’ sales averages are a mean average based on a survey of research firms that that provide coverage for Covanta.
A number of equities analysts have recently commented on CVA shares. Zacks Investment Research upgraded shares of Covanta from a “hold” rating to a “buy” rating and set a $17.00 price objective for the company in a research note on Monday, October 9th. Robert W. Baird reiterated a “buy” rating and issued a $19.00 target price on shares of Covanta in a research note on Wednesday, November 1st. Oppenheimer reiterated a “buy” rating and issued a $19.00 target price on shares of Covanta in a research note on Tuesday, December 19th. Goldman Sachs Group upgraded shares of Covanta from a “sell” rating to a “neutral” rating and set a $16.00 target price for the company in a research note on Sunday, January 7th. Finally, BMO Capital Markets raised their target price on shares of Covanta from $17.00 to $20.00 and gave the company an “outperform” rating in a research note on Monday, October 30th. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating and six have assigned a buy rating to the company’s stock. Covanta currently has an average rating of “Hold” and a consensus price target of $18.00.
A number of large investors have recently modified their holdings of the stock. Citigroup Inc. lifted its stake in Covanta by 1.0% in the 2nd quarter. Citigroup Inc. now owns 16,236 shares of the energy company’s stock valued at $214,000 after purchasing an additional 159 shares during the last quarter. Verition Fund Management LLC raised its holdings in Covanta 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 period. Ameriprise Financial Inc. raised its holdings in Covanta by 3.0% in the 3rd quarter. Ameriprise Financial Inc. now owns 114,120 shares of the energy company’s stock valued at $1,695,000 after acquiring an additional 3,354 shares during the period. Sei Investments Co. raised its holdings in Covanta by 8.8% in the 3rd quarter. Sei Investments Co. now owns 46,137 shares of the energy company’s stock valued at $686,000 after acquiring an additional 3,740 shares during the period. Finally, KBC Group NV raised its holdings in Covanta by 10.3% in the 3rd quarter. KBC Group NV now owns 40,244 shares of the energy company’s stock valued at $598,000 after acquiring an additional 3,763 shares during the period. Institutional investors and hedge funds own 95.29% of the company’s stock.
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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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