Wall Street brokerages forecast that Covanta Holding Corp (NYSE:CVA) will post ($0.20) earnings per share for the current quarter, Zacks Investment Research reports. Three analysts have made estimates for Covanta’s earnings. The highest EPS estimate is ($0.17) and the lowest is ($0.23). Covanta posted earnings of ($0.37) per share in the same quarter last year, which would indicate a positive year over year growth rate of 45.9%. The company is scheduled to announce its next earnings report on Tuesday, April 24th.
On average, analysts expect that Covanta will report full-year earnings of $0.07 per share for the current year, with EPS estimates ranging from $0.01 to $0.13. For the next year, analysts anticipate that the firm will report earnings of $0.12 per share, with EPS estimates ranging from $0.05 to $0.18. Zacks Investment Research’s EPS averages are a mean average based on a survey of sell-side research analysts that that provide coverage for Covanta.
Covanta (NYSE:CVA) last issued its quarterly earnings results on Thursday, February 22nd. The energy company reported $0.09 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.20 by ($0.11). The company had revenue of $495.00 million during the quarter, compared to analysts’ expectations of $462.71 million. Covanta had a negative return on equity of 13.02% and a net margin of 3.25%. The company’s revenue for the quarter was up 8.3% compared to the same quarter last year. During the same period in the prior year, the business posted $0.17 EPS.
A number of equities analysts recently weighed in on the company. 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 note on Sunday, January 7th. Zacks Investment Research cut Covanta from a “hold” rating to a “sell” rating in a research note on Friday, January 5th. Oppenheimer reissued a “buy” rating and issued a $19.00 price target on shares of Covanta in a research note on Tuesday, December 19th. Finally, ValuEngine raised Covanta from a “sell” rating to a “hold” rating in a research note on Tuesday. One analyst has rated the stock with a sell rating, three have assigned a hold rating and six have issued a buy rating to the company’s stock. Covanta has a consensus rating of “Buy” and a consensus target price of $18.00.
In other Covanta news, insider Paul E. Stauder sold 3,000 shares of the firm’s stock in a transaction dated Monday, March 5th. The stock was sold at an average price of $14.90, for a total transaction of $44,700.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 11.60% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in CVA. State Street Corp boosted its position in Covanta by 46.7% during the 2nd quarter. State Street Corp now owns 2,510,700 shares of the energy company’s stock worth $33,146,000 after acquiring an additional 799,767 shares during the period. The Manufacturers Life Insurance Company boosted its position in Covanta by 2,256.8% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 89,368 shares of the energy company’s stock worth $1,180,000 after acquiring an additional 85,576 shares during the period. First Trust Advisors LP boosted its position in Covanta by 1.8% during the 3rd quarter. First Trust Advisors LP now owns 392,220 shares of the energy company’s stock worth $5,824,000 after acquiring an additional 6,986 shares during the period. Raymond James Financial Services Advisors Inc. boosted its position in Covanta by 33.3% during the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 476,217 shares of the energy company’s stock worth $7,072,000 after acquiring an additional 119,049 shares during the period. Finally, Suffolk Capital Management LLC acquired a new stake in Covanta during the 3rd quarter worth about $1,508,000. Hedge funds and other institutional investors own 91.51% of the company’s stock.
Shares of Covanta (NYSE CVA) traded up $0.20 on Friday, reaching $15.55. The company had a trading volume of 138,890 shares, compared to its average volume of 916,608. The stock has a market cap of $1,938.69, a PE ratio of 35.91, a P/E/G ratio of 14.62 and a beta of 0.71. Covanta has a 1 year low of $13.00 and a 1 year high of $17.30. The company has a debt-to-equity ratio of 5.83, a current ratio of 1.11 and a quick ratio of 1.11.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 6th. Shareholders of record on Thursday, March 29th will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Wednesday, March 28th. This represents a $1.00 dividend on an annualized basis and a yield of 6.43%. Covanta’s payout ratio is presently 232.56%.
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Covanta 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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