Wall Street analysts predict that Covanta Holding Corp (NYSE:CVA) will post $462.03 million in sales for the current quarter, according to Zacks Investment Research. Four analysts have provided estimates for Covanta’s earnings. The lowest sales estimate is $456.60 million and the highest is $470.00 million. Covanta posted sales of $454.00 million during the same quarter last year, which suggests a positive year over year growth rate of 1.8%. The company is scheduled to report its next quarterly earnings report on Thursday, July 25th.
According to Zacks, analysts expect that Covanta will report full-year sales of $1.88 billion for the current financial year, with estimates ranging from $1.86 billion to $1.90 billion. For the next financial year, analysts forecast that the business will report sales of $1.93 billion, with estimates ranging from $1.91 billion to $1.96 billion. Zacks’ sales calculations are a mean average based on a survey of sell-side research firms that cover Covanta.
Covanta (NYSE:CVA) last announced its quarterly earnings results on Thursday, April 25th. The energy company reported $0.03 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.18) by $0.21. The firm had revenue of $453.00 million for the quarter, compared to the consensus estimate of $453.72 million. Covanta had a negative net margin of 2.36% and a positive return on equity of 0.79%. The business’s quarterly revenue was down 1.1% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.09) EPS.
A number of brokerages have recently issued reports on CVA. Macquarie began coverage on shares of Covanta in a report on Monday, April 29th. They set an “outperform” rating on the stock. Zacks Investment Research downgraded shares of Covanta from a “hold” rating to a “strong sell” rating in a report on Tuesday, April 23rd. TheStreet downgraded shares of Covanta from a “b-” rating to a “c” rating in a report on Friday, April 26th. UBS Group raised their price target on shares of Covanta from $16.00 to $17.00 and gave the company a “neutral” rating in a report on Thursday, April 4th. Finally, BMO Capital Markets increased their price objective on shares of Covanta from $18.00 to $19.00 and gave the stock an “outperform” rating in a research note on Tuesday, March 19th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $17.50.
Shares of NYSE CVA traded up $0.04 during trading on Wednesday, reaching $17.96. 43,268 shares of the company traded hands, compared to its average volume of 707,041. The firm’s 50 day moving average price is $17.65. The company has a debt-to-equity ratio of 5.56, a current ratio of 1.23 and a quick ratio of 1.23. The stock has a market capitalization of $2.36 billion, a PE ratio of -179.90, a PEG ratio of 5.82 and a beta of 1.31. Covanta has a 52-week low of $12.92 and a 52-week high of $18.38.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 12th. Stockholders of record on Friday, June 28th will be paid a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 5.57%. The ex-dividend date of this dividend is Thursday, June 27th. Covanta’s dividend payout ratio (DPR) is presently -1,000.00%.
In other Covanta news, Director Ronald J. Broglio sold 6,500 shares of the firm’s stock in a transaction that occurred on Friday, May 17th. The shares were sold at an average price of $17.72, for a total transaction of $115,180.00. Following the sale, the director now owns 6,487 shares in the company, valued at approximately $114,949.64. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Timothy Simpson sold 44,116 shares of the firm’s stock in a transaction that occurred on Wednesday, May 15th. The stock was sold at an average price of $17.78, for a total transaction of $784,382.48. Following the sale, the vice president now owns 133,582 shares in the company, valued at approximately $2,375,087.96. The disclosure for this sale can be found here. 11.00% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CVA. Norges Bank bought a new stake in Covanta during the 4th quarter worth approximately $38,627,000. Bank of New York Mellon Corp raised its position in shares of Covanta by 73.0% during the fourth quarter. Bank of New York Mellon Corp now owns 3,713,902 shares of the energy company’s stock valued at $49,839,000 after buying an additional 1,567,453 shares during the last quarter. Squarepoint Ops LLC raised its position in shares of Covanta by 445.7% during the fourth quarter. Squarepoint Ops LLC now owns 379,832 shares of the energy company’s stock valued at $5,097,000 after buying an additional 310,232 shares during the last quarter. Nuveen Asset Management LLC raised its position in shares of Covanta by 107.8% during the fourth quarter. Nuveen Asset Management LLC now owns 596,140 shares of the energy company’s stock valued at $8,000,000 after buying an additional 309,266 shares during the last quarter. Finally, Neuberger Berman Group LLC raised its position in shares of Covanta by 6.8% during the first quarter. Neuberger Berman Group LLC now owns 3,234,397 shares of the energy company’s stock valued at $55,987,000 after buying an additional 206,568 shares during the last quarter. Institutional investors own 79.44% of the company’s stock.
Covanta Company Profile
Covanta Holding Corporation, through its subsidiaries, provides waste and energy services to municipal entities primarily in the United States and Canada. It owns and operates infrastructure for the conversion of waste to energy, as well as engages in related waste transport and disposal, and other renewable energy production businesses.
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