Covanta Holding Corp (NYSE:CVA) has earned a consensus recommendation of “Buy” from the nine analysts that are currently covering the firm, Marketbeat.com reports. Four analysts have rated the stock with a hold recommendation, three have given a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month price objective among brokers that have covered the stock in the last year is $17.00.
A number of analysts have weighed in on CVA shares. Zacks Investment Research upgraded Covanta from a “strong sell” rating to a “hold” rating and set a $14.00 price target on the stock in a research note on Wednesday, July 31st. ValuEngine lowered Covanta from a “buy” rating to a “hold” rating in a report on Wednesday, October 2nd.
In other Covanta news, Director Linda J. Fisher sold 12,000 shares of the firm’s stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $17.14, for a total transaction of $205,680.00. Following the transaction, the director now owns 34,736 shares of the company’s stock, valued at $595,375.04. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Castro Michael Joseph De sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, July 30th. The stock was sold at an average price of $17.08, for a total value of $170,800.00. Following the transaction, the executive vice president now directly owns 90,203 shares in the company, valued at approximately $1,540,667.24. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 24,996 shares of company stock worth $428,161. Corporate insiders own 11.00% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Price T Rowe Associates Inc. MD grew its holdings in shares of Covanta by 0.6% during the second quarter. Price T Rowe Associates Inc. MD now owns 111,780 shares of the energy company’s stock worth $2,002,000 after buying an additional 628 shares during the last quarter. Oppenheimer & Co. Inc. grew its holdings in shares of Covanta by 2.1% during the second quarter. Oppenheimer & Co. Inc. now owns 57,144 shares of the energy company’s stock worth $1,023,000 after buying an additional 1,165 shares during the last quarter. Advisory Services Network LLC grew its holdings in shares of Covanta by 80.2% during the second quarter. Advisory Services Network LLC now owns 2,795 shares of the energy company’s stock worth $50,000 after buying an additional 1,244 shares during the last quarter. Commonwealth Equity Services LLC boosted its holdings in Covanta by 2.2% in the 2nd quarter. Commonwealth Equity Services LLC now owns 73,386 shares of the energy company’s stock valued at $1,314,000 after purchasing an additional 1,565 shares in the last quarter. Finally, LPL Financial LLC boosted its holdings in Covanta by 8.4% in the 2nd quarter. LPL Financial LLC now owns 20,610 shares of the energy company’s stock valued at $369,000 after purchasing an additional 1,593 shares in the last quarter. 78.25% of the stock is currently owned by hedge funds and other institutional investors.
Covanta stock traded up $0.32 during midday trading on Monday, reaching $17.07. The company’s stock had a trading volume of 577,924 shares, compared to its average volume of 691,972. Covanta has a fifty-two week low of $12.92 and a fifty-two week high of $18.38. The company has a quick ratio of 1.30, a current ratio of 1.30 and a debt-to-equity ratio of 6.19. The company has a market cap of $2.14 billion, a P/E ratio of -170.70, a P/E/G ratio of 23.23 and a beta of 1.33. The business has a 50-day simple moving average of $17.21 and a 200-day simple moving average of $17.39.
Covanta (NYSE:CVA) last posted its quarterly earnings results on Thursday, July 25th. The energy company reported ($0.16) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.09) by ($0.07). Covanta had a negative net margin of 1.81% and a negative return on equity of 3.22%. The business had revenue of $467.00 million during the quarter, compared to analyst estimates of $467.05 million. During the same quarter in the prior year, the business earned ($0.01) earnings per share. The firm’s quarterly revenue was up 2.9% on a year-over-year basis. As a group, equities analysts forecast that Covanta will post 0.05 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, October 4th. Shareholders of record on Friday, September 27th were issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 5.86%. The ex-dividend date was Thursday, September 26th. Covanta’s payout ratio is -1,000.00%.
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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