Enviva Partners (NYSE:EVA) Lowered to Neutral at Citigroup

Citigroup cut shares of Enviva Partners (NYSE:EVA) from a buy rating to a neutral rating in a report published on Thursday, BenzingaRatingsTable reports. Citigroup currently has $40.00 price target on the energy company’s stock, up from their previous price target of $34.00.

Several other brokerages have also recently issued reports on EVA. Zacks Investment Research cut shares of Enviva Partners from a hold rating to a strong sell rating in a report on Tuesday, January 7th. ValuEngine cut shares of Enviva Partners from a buy rating to a hold rating in a report on Tuesday, December 3rd. Finally, TheStreet cut shares of Enviva Partners from a b rating to a c rating in a report on Monday, February 3rd. One analyst has rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the company. The company currently has a consensus rating of Hold and a consensus target price of $38.75.

Shares of EVA traded up $0.02 on Thursday, hitting $38.34. 212,800 shares of the stock traded hands, compared to its average volume of 78,239. Enviva Partners has a one year low of $28.44 and a one year high of $39.30. The company has a debt-to-equity ratio of 2.29, a quick ratio of 0.41 and a current ratio of 0.72. The business has a 50 day simple moving average of $37.79 and a 200 day simple moving average of $33.83. The company has a market capitalization of $1.28 billion, a PE ratio of -201.79 and a beta of 0.88.

The business also recently announced a quarterly dividend, which will be paid on Friday, February 28th. Investors of record on Friday, February 14th will be issued a $0.675 dividend. The ex-dividend date is Thursday, February 13th. This represents a $2.70 annualized dividend and a yield of 7.04%. This is a boost from Enviva Partners’s previous quarterly dividend of $0.67. Enviva Partners’s dividend payout ratio (DPR) is currently 377.46%.

A number of hedge funds have recently modified their holdings of EVA. Venturi Wealth Management LLC purchased a new stake in Enviva Partners in the third quarter worth approximately $34,000. Quest Capital Management Inc. ADV purchased a new position in shares of Enviva Partners during the 3rd quarter worth $111,000. Inverness Counsel LLC NY purchased a new position in shares of Enviva Partners during the 4th quarter worth $201,000. Mechanics Bank Trust Department purchased a new position in shares of Enviva Partners during the 4th quarter worth $205,000. Finally, Morse Asset Management Inc purchased a new position in shares of Enviva Partners during the 3rd quarter worth $256,000.

Enviva Partners Company Profile

Enviva Partners, LP produces and supplies utility-grade wood pellets. It serves utilities and large-scale 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.

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