Viking Fund Management LLC boosted its position in Covanta Holding Corporation (NYSE:CVA) by 1.3% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 52,600 shares of the energy company’s stock after buying an additional 700 shares during the period. Viking Fund Management LLC’s holdings in Covanta Holding Corporation were worth $694,000 at the end of the most recent quarter.
Several other hedge funds also recently bought and sold shares of the company. PNC Financial Services Group Inc. boosted its position in Covanta Holding Corporation by 15.2% in the first quarter. PNC Financial Services Group Inc. now owns 11,380 shares of the energy company’s stock valued at $178,000 after buying an additional 1,500 shares during the period. Clearbridge Investments LLC boosted its position in Covanta Holding Corporation by 26.7% in the first quarter. Clearbridge Investments LLC now owns 11,989 shares of the energy company’s stock valued at $188,000 after buying an additional 2,528 shares during the period. Tudor Investment Corp ET AL purchased a new position in Covanta Holding Corporation during the first quarter valued at $197,000. FMR LLC purchased a new position in Covanta Holding Corporation during the first quarter valued at $229,000. Finally, Tiedemann Wealth Management LLC purchased a new position in Covanta Holding Corporation during the first quarter valued at $239,000. Institutional investors own 90.91% of the company’s stock.
Covanta Holding Corporation (NYSE:CVA) traded up 1.09% during mid-day trading on Wednesday, hitting $13.85. 1,194,687 shares of the stock were exchanged. Covanta Holding Corporation has a one year low of $13.00 and a one year high of $16.50. The company’s market cap is $1.80 billion. The company has a 50-day moving average price of $13.80 and a 200-day moving average price of $14.72.
Covanta Holding Corporation (NYSE:CVA) last posted its quarterly earnings data on Thursday, July 27th. The energy company reported ($0.22) earnings per share for the quarter, missing the consensus estimate of ($0.18) by $0.04. Covanta Holding Corporation had a negative net margin of 1.41% and a negative return on equity of 9.81%. The business had revenue of $424 million during the quarter, compared to the consensus estimate of $416.18 million. During the same period in the prior year, the company posted ($0.22) earnings per share. The firm’s revenue was up 1.4% compared to the same quarter last year. Analysts forecast that Covanta Holding Corporation will post ($0.23) earnings per share for the current fiscal year.
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CVA has been the subject of a number of research analyst reports. Robert W. Baird upgraded Covanta Holding Corporation from a “neutral” rating to an “outperform” rating and set a $17.00 price objective for the company in a research report on Monday, May 15th. Barclays PLC raised shares of Covanta Holding Corporation from an “equal weight” rating to an “overweight” rating and lowered their price target for the company from $16.00 to $15.00 in a report on Wednesday, July 12th. BMO Capital Markets started coverage on shares of Covanta Holding Corporation in a research note on Thursday, June 29th. They issued a “market perform” rating and a $16.00 price objective for the company. Zacks Investment Research downgraded shares of Covanta Holding Corporation from a “hold” rating to a “strong sell” rating in a research note on Tuesday, June 27th. Finally, BidaskClub raised shares of Covanta Holding Corporation from a “sell” rating to a “hold” rating in a research note on Wednesday, June 14th. Three research analysts have rated the stock with a sell rating, one has given a hold rating and six have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $17.28.
In related news, insider Paul E. Stauder sold 2,500 shares of the firm’s stock in a transaction on Wednesday, May 24th. The stock was sold at an average price of $14.50, for a total value of $36,250.00. Following the completion of the transaction, the insider now directly owns 30,639 shares of the company’s stock, valued at $444,265.50. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 11.60% of the stock is owned by company insiders.
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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