Zacks Investment Research upgraded shares of Covanta Holding Corporation (NYSE:CVA) from a hold rating to a buy rating in a research report sent to investors on Monday. Zacks Investment Research currently has $17.00 target price on the energy company’s stock.
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 analysts have also recently weighed in on the stock. Robert W. Baird reiterated a buy rating and set a $17.00 price target on shares of Covanta Holding Corporation in a research note on Friday, September 1st. Stifel Nicolaus reiterated a buy rating and set a $17.00 price target on shares of Covanta Holding Corporation in a research note on Tuesday, September 5th. Barclays PLC upgraded 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. BMO Capital Markets initiated 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 target price for the company. Finally, BidaskClub cut shares of Covanta Holding Corporation from a sell rating to a strong sell rating in a research note on Wednesday, July 19th. Two investment analysts have rated the stock with a sell rating and seven have issued a buy rating to the company. The company currently has an average rating of Buy and a consensus target price of $17.06.
Covanta Holding Corporation (CVA) opened at 15.40 on Monday. The stock’s market cap is $2.00 billion. Covanta Holding Corporation has a 12-month low of $13.00 and a 12-month high of $16.50. The firm has a 50-day moving average of $14.61 and a 200-day moving average of $14.40.
Covanta Holding Corporation (NYSE:CVA) last issued its quarterly earnings results on Thursday, July 27th. The energy company reported ($0.22) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.18) by ($0.04). The business had revenue of $424.00 million for the quarter, compared to analyst estimates of $416.18 million. Covanta Holding Corporation had a negative return on equity of 9.81% and a negative net margin of 1.41%. The firm’s revenue for the quarter was up 1.4% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.22) EPS. Equities analysts predict that Covanta Holding Corporation will post ($0.22) earnings per share for the current fiscal year.
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The company also recently announced a quarterly dividend, which was paid on Friday, October 6th. Stockholders of record on Thursday, September 28th were paid a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 6.49%. The ex-dividend date was Wednesday, September 27th. Covanta Holding Corporation’s dividend payout ratio (DPR) is presently -526.29%.
Several hedge funds have recently added to or reduced their stakes in CVA. Swiss National Bank lifted its stake in shares of Covanta Holding Corporation by 1.3% in the 1st quarter. Swiss National Bank now owns 193,900 shares of the energy company’s stock worth $3,044,000 after acquiring an additional 2,500 shares during the period. Ameriprise Financial Inc. lifted its stake in shares of Covanta Holding Corporation by 4.2% in the 1st quarter. Ameriprise Financial Inc. now owns 117,530 shares of the energy company’s stock worth $1,847,000 after acquiring an additional 4,777 shares during the period. JPMorgan Chase & Co. lifted its stake in shares of Covanta Holding Corporation by 40.1% in the 1st quarter. JPMorgan Chase & Co. now owns 25,629 shares of the energy company’s stock worth $402,000 after acquiring an additional 7,338 shares during the period. SG Americas Securities LLC lifted its stake in shares of Covanta Holding Corporation by 14.2% in the 1st quarter. SG Americas Securities LLC now owns 57,075 shares of the energy company’s stock worth $896,000 after acquiring an additional 7,105 shares during the period. Finally, Alliancebernstein L.P. lifted its stake in shares of Covanta Holding Corporation by 3.9% in the 1st quarter. Alliancebernstein L.P. now owns 59,332 shares of the energy company’s stock worth $932,000 after acquiring an additional 2,230 shares during the period. Institutional investors own 96.22% of the company’s stock.
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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