Zacks Investment Research upgraded shares of Covanta Holding Corporation (NYSE:CVA) from a sell rating to a hold rating in a report issued on Monday morning.
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. “
Several other equities analysts also recently issued reports on CVA. BidaskClub downgraded shares of Covanta Holding Corporation from a hold rating to a sell rating in a report on Friday, August 11th. Oppenheimer Holdings, Inc. reissued a buy rating on shares of Covanta Holding Corporation in a research note on Monday, July 17th. BMO Capital Markets raised shares of 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. Stifel Nicolaus raised shares of 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. Finally, Barclays PLC raised shares of Covanta Holding Corporation from an equal weight rating to an overweight rating and decreased their price target for the stock from $16.00 to $15.00 in a research note on Wednesday, July 12th. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and six have issued a buy rating to the company. Covanta Holding Corporation has a consensus rating of Hold and a consensus price target of $17.19.
Shares of Covanta Holding Corporation (NYSE:CVA) opened at 14.35 on Monday. Covanta Holding Corporation has a 52 week low of $13.00 and a 52 week high of $16.50. The stock’s market cap is $1.87 billion. The firm has a 50-day moving average of $14.23 and a 200 day moving average of $14.43.
Covanta Holding Corporation (NYSE:CVA) last posted its quarterly earnings data on Thursday, July 27th. The energy company reported ($0.22) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.18) by ($0.04). The company had revenue of $424.00 million for the quarter, compared to analysts’ expectations of $416.18 million. Covanta Holding Corporation had a negative net margin of 1.41% and a negative return on equity of 9.81%. The business’s revenue for the quarter was up 1.4% on a year-over-year basis. During the same period in the previous year, the business earned ($0.22) earnings per share. On average, equities analysts forecast that Covanta Holding Corporation will post ($0.23) EPS for the current fiscal year.
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The company also recently announced a quarterly dividend, which will be paid on Friday, October 6th. Shareholders of record on Thursday, September 28th will be paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 6.97%. The ex-dividend date of this dividend is Wednesday, September 27th. Covanta Holding Corporation’s dividend payout ratio (DPR) is presently -526.29%.
A number of hedge funds have recently modified their holdings of the business. Wellington Shields & Co. LLC raised its stake in Covanta Holding Corporation by 0.4% during the second quarter. Wellington Shields & Co. LLC now owns 16,110 shares of the energy company’s stock worth $213,000 after purchasing an additional 71 shares during the period. Citigroup Inc. raised its stake in Covanta Holding Corporation by 1.0% during the second quarter. Citigroup Inc. now owns 16,236 shares of the energy company’s stock worth $214,000 after purchasing an additional 159 shares during the period. Lee Financial Co raised its stake in Covanta Holding Corporation by 0.7% during the second quarter. Lee Financial Co now owns 66,756 shares of the energy company’s stock worth $881,000 after purchasing an additional 450 shares during the period. Van ECK Associates Corp raised its stake in Covanta Holding Corporation by 0.3% during the first quarter. Van ECK Associates Corp now owns 179,808 shares of the energy company’s stock worth $2,823,000 after purchasing an additional 509 shares during the period. Finally, M&T Bank Corp raised its stake in Covanta Holding Corporation by 1.9% during the first quarter. M&T Bank Corp now owns 35,137 shares of the energy company’s stock worth $552,000 after purchasing an additional 668 shares during the period. 96.22% of the stock is currently owned by institutional investors.
Covanta Holding Corporation 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. 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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