Covanta Holding Corp. (NYSE:CVA) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a research report issued to clients and investors on Tuesday.
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. “
A number of other equities analysts have also recently issued reports on the stock. Macquarie initiated coverage on shares of Covanta Holding Corp. in a research note on Thursday, August 25th. They issued a “neutral” rating and a $18.00 price objective on the stock. Imperial Capital reduced their price target on shares of Covanta Holding Corp. from $18.50 to $18.00 and set an “outperform” rating on the stock in a research report on Thursday, July 28th. Barclays PLC reduced their price target on shares of Covanta Holding Corp. from $17.00 to $16.00 and set an “equal weight” rating on the stock in a research report on Tuesday, August 9th. Finally, Oppenheimer Holdings Inc. reissued an “outperform” rating and set a $20.00 price target on shares of Covanta Holding Corp. in a research report on Friday, September 23rd. Five analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $18.00.
Shares of Covanta Holding Corp. (NYSE:CVA) opened at 15.26 on Tuesday. The company has a market capitalization of $1.97 billion, a PE ratio of 44.23 and a beta of 0.61. Covanta Holding Corp. has a one year low of $12.48 and a one year high of $18.36. The company has a 50-day moving average of $14.94 and a 200-day moving average of $16.12.
Covanta Holding Corp. (NYSE:CVA) last announced its quarterly earnings data on Tuesday, July 26th. The company reported ($0.22) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.05) by $0.17. Covanta Holding Corp. had a net margin of 2.69% and a negative return on equity of 3.48%. The business earned $418 million during the quarter, compared to the consensus estimate of $410.38 million. During the same period in the previous year, the business posted ($0.06) earnings per share. Covanta Holding Corp.’s revenue was up 2.5% compared to the same quarter last year. On average, analysts anticipate that Covanta Holding Corp. will post ($0.11) earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 7th. Investors of record on Monday, October 3rd will be issued a dividend of $0.25 per share. The ex-dividend date of this dividend is Thursday, September 29th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 6.55%. Covanta Holding Corp.’s payout ratio is 322.58%.
In related news, Director Ronald J. Broglio sold 4,500 shares of the firm’s stock in a transaction on Thursday, July 28th. The shares were sold at an average price of $15.78, for a total transaction of $71,010.00. Following the sale, the director now directly owns 4,529 shares in the company, valued at $71,467.62. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 11.80% of the company’s stock.
Several large investors have recently modified their holdings of CVA. IFP Advisors Inc raised its stake in shares of Covanta Holding Corp. by 54.5% in the second quarter. IFP Advisors Inc now owns 6,521 shares of the company’s stock worth $107,000 after buying an additional 2,301 shares during the last quarter. Sei Investments Co. raised its stake in shares of Covanta Holding Corp. by 56.8% in the second quarter. Sei Investments Co. now owns 8,617 shares of the company’s stock valued at $142,000 after buying an additional 3,120 shares during the last quarter. Metropolitan Life Insurance Co. NY raised its stake in shares of Covanta Holding Corp. by 2.2% in the second quarter. Metropolitan Life Insurance Co. NY now owns 8,763 shares of the company’s stock valued at $144,000 after buying an additional 185 shares during the last quarter. JPMorgan Chase & Co. raised its stake in shares of Covanta Holding Corp. by 13.6% in the second quarter. JPMorgan Chase & Co. now owns 8,806 shares of the company’s stock valued at $145,000 after buying an additional 1,054 shares during the last quarter. Finally, Glenmede Trust Co. NA raised its stake in shares of Covanta Holding Corp. by 5.5% in the second quarter. Glenmede Trust Co. NA now owns 9,507 shares of the company’s stock valued at $156,000 after buying an additional 496 shares during the last quarter. Institutional investors and hedge funds own 80.15% of the company’s stock.
Covanta Holding Corp. 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. It 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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