Enviva Partners (EVA) Cut to Hold at Zacks Investment Research

Zacks Investment Research downgraded shares of Enviva Partners (NYSE:EVA) from a strong-buy rating to a hold rating in a research note issued to investors on Tuesday.

According to Zacks, “Enviva Partners, LP is a master limited partnership which owns and operates wood pellet production plants. It serves primarily in the United States and Europe. Enviva Partners, LP is based in Bethesa, United States. “

Several other brokerages also recently issued reports on EVA. TheStreet upgraded Enviva Partners from a c+ rating to a b rating in a research report on Monday, September 17th. ValuEngine upgraded Enviva Partners from a hold rating to a buy rating in a research report on Thursday, August 23rd. Finally, Royal Bank of Canada restated a buy rating and issued a $37.00 price objective (up from $33.00) on shares of Enviva Partners in a research report on Thursday, August 9th.

Enviva Partners stock traded down $0.23 during trading hours on Tuesday, hitting $30.37. The stock had a trading volume of 50,683 shares, compared to its average volume of 44,048. The company has a debt-to-equity ratio of 3.13, a quick ratio of 0.77 and a current ratio of 1.18. The firm has a market capitalization of $842.00 million, a price-to-earnings ratio of 49.79 and a beta of 1.08. Enviva Partners has a 1-year low of $25.01 and a 1-year high of $33.20.

Enviva Partners (NYSE:EVA) last posted its earnings results on Wednesday, August 8th. The energy company reported $0.08 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.02) by $0.10. Enviva Partners had a positive return on equity of 8.77% and a negative net margin of 0.30%. The company had revenue of $132.10 million for the quarter, compared to analyst estimates of $148.60 million. As a group, sell-side analysts forecast that Enviva Partners will post 0.51 EPS for the current fiscal year.

Several large investors have recently modified their holdings of EVA. Riverstone Holdings LLC lifted its position in shares of Enviva Partners by 840.8% in the second quarter. Riverstone Holdings LLC now owns 11,905,138 shares of the energy company’s stock valued at $346,440,000 after acquiring an additional 10,639,685 shares in the last quarter. ValueAct Holdings L.P. purchased a new stake in shares of Enviva Partners in the second quarter valued at $19,947,000. HITE Hedge Asset Management LLC purchased a new stake in shares of Enviva Partners in the second quarter valued at $10,395,000. Kayne Anderson Capital Advisors LP lifted its position in shares of Enviva Partners by 94.2% in the second quarter. Kayne Anderson Capital Advisors LP now owns 445,600 shares of the energy company’s stock valued at $12,960,000 after acquiring an additional 216,168 shares in the last quarter. Finally, Federated Investors Inc. PA purchased a new stake in shares of Enviva Partners in the second quarter valued at $3,586,000.

About Enviva Partners

Enviva Partners, LP produces and supplies utility-grade wood pellets. It serves utilities and power generators in the United Kingdom and other European markets. Enviva Partners GP, LLC operates as the general partner of the company. Enviva Partners, LP was founded in 2013 and is based in Bethesda, Maryland.

Further Reading: How to calculate the intrinsic value of a stock

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