Covanta Holding Corp. (NYSE:CVA) – Research analysts at Oppenheimer Holdings upped their Q3 2016 earnings estimates for Covanta Holding Corp. in a report released on Thursday. Oppenheimer Holdings analyst N. Kaye now forecasts that the firm will earn $0.14 per share for the quarter, up from their prior estimate of $0.11. Oppenheimer Holdings has a “Outperform” rating and a $20.00 price target on the stock. Oppenheimer Holdings also issued estimates for Covanta Holding Corp.’s Q4 2016 earnings at $0.17 EPS, FY2016 earnings at ($0.09) EPS, FY2017 earnings at $0.02 EPS and FY2018 earnings at $0.17 EPS.
CVA has been the topic of a number of other research reports. Zacks Investment Research downgraded Covanta Holding Corp. from a “hold” rating to a “strong sell” rating in a report on Wednesday, July 20th. Macquarie initiated coverage on Covanta Holding Corp. in a report on Thursday, August 25th. They set a “neutral” rating and a $18.00 price objective on the stock. Imperial Capital cut their price objective on Covanta Holding Corp. from $18.50 to $18.00 and set an “outperform” rating on the stock in a report on Thursday, July 28th. Finally, Barclays PLC cut their price objective on Covanta Holding Corp. from $17.00 to $16.00 and set an “equal weight” rating on the stock in a report on Tuesday, August 9th. Five research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average price target of $18.00.
Covanta Holding Corp. (NYSE:CVA) opened at 15.20 on Monday. Covanta Holding Corp. has a 1-year low of $12.48 and a 1-year high of $18.36. The firm has a 50-day moving average price of $14.92 and a 200-day moving average price of $16.13. The firm has a market capitalization of $1.96 billion, a PE ratio of 44.06 and a beta of 0.61.
Covanta Holding Corp. (NYSE:CVA) last posted its earnings results 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 analyst estimates of $410.38 million. During the same period in the previous year, the firm posted ($0.06) earnings per share. The firm’s revenue was up 2.5% on a year-over-year basis.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Capital International Investors raised its position in Covanta Holding Corp. by 11.3% in the second quarter. Capital International Investors now owns 13,127,185 shares of the company’s stock valued at $215,942,000 after buying an additional 1,335,132 shares during the period. Dimensional Fund Advisors LP raised its position in Covanta Holding Corp. by 2.9% in the second quarter. Dimensional Fund Advisors LP now owns 8,867,574 shares of the company’s stock valued at $145,870,000 after buying an additional 247,452 shares during the period. Vanguard Group Inc. raised its position in Covanta Holding Corp. by 1.5% in the second quarter. Vanguard Group Inc. now owns 8,675,038 shares of the company’s stock valued at $142,704,000 after buying an additional 131,190 shares during the period. BlackRock Institutional Trust Company N.A. raised its position in Covanta Holding Corp. by 7.3% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 3,298,175 shares of the company’s stock valued at $54,255,000 after buying an additional 224,743 shares during the period. Finally, Thompson Siegel & Walmsley LLC raised its position in Covanta Holding Corp. by 1.9% in the second quarter. Thompson Siegel & Walmsley LLC now owns 3,024,603 shares of the company’s stock valued at $49,755,000 after buying an additional 57,426 shares during the period. 80.15% of the stock is owned by hedge funds and other institutional investors.
In other news, Director Ronald J. Broglio sold 4,500 shares of Covanta Holding Corp. stock in a transaction dated Thursday, July 28th. The stock was sold at an average price of $15.78, for a total value of $71,010.00. Following the completion of the transaction, the director now directly owns 4,529 shares of the company’s stock, valued at approximately $71,467.62. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 11.80% of the stock is owned by insiders.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 7th. Stockholders of record on Monday, October 3rd will be given a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 6.58%. The ex-dividend date is Thursday, September 29th. Covanta Holding Corp.’s dividend payout ratio (DPR) is presently 322.58%.
About Covanta Holding Corp.
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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