Covanta Holding Corporation (CVA) Bonds Trading 2.4% Higher Earnings

An issue of Covanta Holding Corporation (NYSE:CVA) bonds rose 2.4% against their face value during trading on Friday following a dissappointing earnings announcement. The high-yield issue of debt has a 5.875% coupon and will mature on July 1, 2025. The bonds in the issue are now trading at $97.88 and were trading at $95.00 one week ago. Price changes in a company’s bonds in credit markets often anticipate parallel changes in its share price. The energy company reported ($0.22) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.18) by $0.04. Covanta Holding Corporation had a negative return on equity of 9.81% and a negative net margin of 1.41%. The business had revenue of $424 million during the quarter, compared to analyst estimates of $416.18 million. During the same period in the previous year, the business posted ($0.22) earnings per share. The firm’s quarterly revenue was up 1.4% on a year-over-year basis.

A number of analysts have issued reports on the company. BidaskClub raised Covanta Holding Corporation from a “sell” rating to a “hold” rating in a research note on Tuesday, August 1st. Stifel Nicolaus raised Covanta Holding Corporation from a “hold” rating to a “buy” rating and raised their price target for the stock from $15.50 to $17.00 in a research note on Monday, July 31st. BMO Capital Markets raised Covanta Holding Corporation from a “market perform” rating to an “outperform” rating and raised their price target for the stock from $16.00 to $17.00 in a research note on Monday, July 31st. Robert W. Baird raised Covanta Holding Corporation from a “neutral” rating to an “outperform” rating and set a $17.00 price target on the stock in a research note on Monday, May 15th. Finally, Zacks Investment Research lowered Covanta Holding Corporation from a “hold” rating to a “strong sell” rating in a research note on Tuesday, June 27th. Two analysts have rated the stock with a sell rating, two have issued a hold rating and six have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $17.28.

In other news, insider Paul E. Stauder sold 2,500 shares of the firm’s stock in a transaction dated Wednesday, May 24th. The stock was sold at an average price of $14.50, for a total value of $36,250.00. Following the transaction, the insider now directly owns 30,639 shares in the company, valued at approximately $444,265.50. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 11.60% of the company’s stock.

Several institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. increased its position in Covanta Holding Corporation by 17,486.2% in the first quarter. BlackRock Inc. now owns 5,904,931 shares of the energy company’s stock worth $92,706,000 after buying an additional 5,871,354 shares during the period. RidgeWorth Capital Management LLC increased its position in Covanta Holding Corporation by 42.9% in the first quarter. RidgeWorth Capital Management LLC now owns 4,087,721 shares of the energy company’s stock worth $65,195,000 after buying an additional 1,226,577 shares during the period. Neuberger Berman Group LLC increased its stake in shares of Covanta Holding Corporation by 11.9% in the second quarter. Neuberger Berman Group LLC now owns 5,817,457 shares of the energy company’s stock valued at $76,790,000 after buying an additional 616,425 shares during the last quarter. Bank of America Corp DE increased its stake in shares of Covanta Holding Corporation by 125.4% in the first quarter. Bank of America Corp DE now owns 1,017,315 shares of the energy company’s stock valued at $15,971,000 after buying an additional 565,920 shares during the last quarter. Finally, GW&K Investment Management LLC increased its stake in shares of Covanta Holding Corporation by 36.5% in the first quarter. GW&K Investment Management LLC now owns 1,858,196 shares of the energy company’s stock valued at $29,174,000 after buying an additional 497,292 shares during the last quarter. Institutional investors own 90.04% of the company’s stock.

The company’s 50 day moving average is $13.76 and its 200 day moving average is $14.83. The company’s market cap is $1.89 billion.

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About Covanta Holding Corporation

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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