Equities analysts predict that Covanta Holding Corp (NYSE:CVA) will report $474.57 million in sales for the current fiscal quarter, Zacks Investment Research reports. Three analysts have made estimates for Covanta’s earnings. The highest sales estimate is $482.70 million and the lowest is $463.00 million. Covanta reported sales of $495.00 million during the same quarter last year, which would suggest a negative year over year growth rate of 4.1%. The business is expected to announce its next quarterly earnings results on Thursday, February 28th.
On average, analysts expect that Covanta will report full year sales of $1.84 billion for the current year, with estimates ranging from $1.83 billion to $1.85 billion. For the next fiscal year, analysts forecast that the business will report sales of $1.90 billion, with estimates ranging from $1.87 billion to $1.92 billion. Zacks Investment Research’s sales calculations are an average based on a survey of research analysts that follow Covanta.
Covanta (NYSE:CVA) last issued its earnings results on Thursday, October 25th. The energy company reported ($0.04) EPS for the quarter, missing the consensus estimate of $0.07 by ($0.11). Covanta had a negative return on equity of 1.30% and a net margin of 14.71%. The company had revenue of $456.00 million during the quarter, compared to the consensus estimate of $449.75 million.
A number of brokerages have recently issued reports on CVA. ValuEngine upgraded Covanta from a “hold” rating to a “buy” rating in a research report on Tuesday, November 6th. Raymond James dropped their price target on Covanta from $19.00 to $17.00 and set a “strong-buy” rating for the company in a research report on Monday, October 29th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. Covanta presently has a consensus rating of “Buy” and a consensus target price of $17.33.
Shares of NYSE CVA opened at $15.62 on Friday. Covanta has a 52 week low of $14.15 and a 52 week high of $18.05. The company has a quick ratio of 1.20, a current ratio of 1.20 and a debt-to-equity ratio of 4.87. The stock has a market capitalization of $2.05 billion, a price-to-earnings ratio of -42.22 and a beta of 1.01.
The firm also recently declared a quarterly dividend, which will be paid on Friday, January 4th. Stockholders of record on Friday, December 28th will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Thursday, December 27th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 6.40%. Covanta’s dividend payout ratio (DPR) is presently -270.27%.
In other news, EVP Matthew Mulcahy sold 13,000 shares of Covanta stock in a transaction dated Thursday, November 29th. The stock was sold at an average price of $16.53, for a total transaction of $214,890.00. Following the completion of the sale, the executive vice president now owns 88,094 shares in the company, valued at approximately $1,456,193.82. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 11.60% of the company’s stock.
Several institutional investors and hedge funds have recently modified their holdings of the company. Great Lakes Advisors LLC bought a new stake in shares of Covanta during the 3rd quarter valued at about $193,000. Vanguard Group Inc. lifted its position in Covanta by 1.2% in the 3rd quarter. Vanguard Group Inc. now owns 10,979,079 shares of the energy company’s stock worth $178,410,000 after buying an additional 133,161 shares during the last quarter. Morgan Stanley lifted its position in Covanta by 28.4% in the 3rd quarter. Morgan Stanley now owns 939,557 shares of the energy company’s stock worth $15,268,000 after buying an additional 208,020 shares during the last quarter. Legal & General Group Plc lifted its position in Covanta by 3.8% in the 3rd quarter. Legal & General Group Plc now owns 94,856 shares of the energy company’s stock worth $1,541,000 after buying an additional 3,487 shares during the last quarter. Finally, Teachers Advisors LLC lifted its position in Covanta by 3.6% in the 3rd quarter. Teachers Advisors LLC now owns 228,928 shares of the energy company’s stock worth $3,720,000 after buying an additional 7,864 shares during the last quarter. Hedge funds and other institutional investors own 81.83% of the company’s stock.
Covanta Holding Corporation, through its subsidiaries, provides waste and energy services to municipal entities primarily in the United States and Canada. It owns and operates infrastructure for the conversion of waste to energy, as well as engages in related waste transport and disposal, and other renewable energy production businesses.
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