Covanta Holding Corp (NYSE:CVA) – Stock analysts at Oppenheimer increased their FY2018 earnings estimates for Covanta in a research note issued to investors on Tuesday. Oppenheimer analyst N. Kaye now anticipates that the energy company will post earnings of $0.11 per share for the year, up from their prior estimate of $0.06. Oppenheimer has a “Buy” rating and a $19.00 price target on the stock. Oppenheimer also issued estimates for Covanta’s FY2019 earnings at $0.26 EPS and FY2020 earnings at $0.34 EPS.
A number of other brokerages also recently issued reports on CVA. Zacks Investment Research downgraded Covanta from a “buy” rating to a “hold” rating in a research report on Wednesday, November 1st. Goldman Sachs Group raised Covanta from a “sell” rating to a “neutral” rating and set a $16.00 price target on the stock in a research report on Sunday, January 7th. Robert W. Baird reaffirmed a “buy” rating and set a $19.00 price target on shares of Covanta in a research report on Wednesday, November 1st. Finally, BMO Capital Markets upped their price target on Covanta from $17.00 to $20.00 and gave the stock an “outperform” rating in a research report on Monday, October 30th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and six have given a buy rating to the stock. Covanta currently has an average rating of “Buy” and a consensus target price of $18.00.
Shares of Covanta (CVA) remained flat at $$16.05 during mid-day trading on Wednesday. The company’s stock had a trading volume of 185,664 shares, compared to its average volume of 735,372. The firm has a market capitalization of $2,115.89, a price-to-earnings ratio of -32.10, a P/E/G ratio of 26.92 and a beta of 0.65. The company has a quick ratio of 1.21, a current ratio of 1.21 and a debt-to-equity ratio of 8.39. Covanta has a twelve month low of $13.00 and a twelve month high of $17.30.
Several institutional investors and hedge funds have recently made changes to their positions in CVA. Nationwide Fund Advisors grew its holdings in shares of Covanta by 326.4% during the second quarter. Nationwide Fund Advisors now owns 68,021 shares of the energy company’s stock valued at $898,000 after buying an additional 52,068 shares during the last quarter. PNC Financial Services Group Inc. boosted its holdings in Covanta by 43.5% in the second quarter. PNC Financial Services Group Inc. now owns 16,330 shares of the energy company’s stock valued at $216,000 after purchasing an additional 4,950 shares during the last quarter. Northern Trust Corp boosted its holdings in Covanta by 5.6% in the second quarter. Northern Trust Corp now owns 722,373 shares of the energy company’s stock valued at $9,535,000 after purchasing an additional 38,302 shares during the last quarter. Vanguard Group Inc. boosted its holdings in Covanta by 4.2% in the second quarter. Vanguard Group Inc. now owns 9,848,006 shares of the energy company’s stock valued at $129,993,000 after purchasing an additional 395,239 shares during the last quarter. Finally, Voya Investment Management LLC boosted its holdings in Covanta by 10.4% in the second quarter. Voya Investment Management LLC now owns 51,656 shares of the energy company’s stock valued at $682,000 after purchasing an additional 4,875 shares during the last quarter. 93.72% of the stock is currently owned by hedge funds and other institutional investors.
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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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