Shares of Covanta Holding Corp (NYSE:CVA) have received a consensus recommendation of “Buy” from the ten analysts that are presently covering the firm, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation, three have given a hold recommendation, five have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price target among analysts that have issued ratings on the stock in the last year is $17.75.
A number of equities analysts recently weighed in on the stock. ValuEngine upgraded shares of Covanta from a “hold” rating to a “buy” rating in a research report on Tuesday, June 26th. BMO Capital Markets restated a “buy” rating and set a $20.00 price target (up from $19.00) on shares of Covanta in a research report on Friday, July 27th. Raymond James boosted their price target on shares of Covanta from $17.50 to $19.00 and gave the stock a “strong-buy” rating in a research report on Monday, July 30th. Credit Suisse Group boosted their price target on shares of Covanta from $16.00 to $17.00 and gave the stock a “neutral” rating in a research report on Monday, July 30th. Finally, Zacks Investment Research lowered shares of Covanta from a “hold” rating to a “sell” rating in a research report on Thursday, July 26th.
A number of hedge funds have recently modified their holdings of CVA. Schroder Investment Management Group raised its stake in Covanta by 776.1% during the second quarter. Schroder Investment Management Group now owns 6,354,739 shares of the energy company’s stock worth $91,890,000 after purchasing an additional 5,629,420 shares during the period. BlackRock Inc. raised its stake in Covanta by 7.0% during the second quarter. BlackRock Inc. now owns 9,926,475 shares of the energy company’s stock worth $163,786,000 after purchasing an additional 651,772 shares during the period. Canada Pension Plan Investment Board purchased a new position in Covanta during the second quarter worth about $8,720,000. Frontier Capital Management Co. LLC raised its stake in Covanta by 61.1% during the first quarter. Frontier Capital Management Co. LLC now owns 1,238,933 shares of the energy company’s stock worth $17,965,000 after purchasing an additional 470,072 shares during the period. Finally, Daiwa SB Investments Ltd. raised its stake in Covanta by 78.7% during the second quarter. Daiwa SB Investments Ltd. now owns 324,072 shares of the energy company’s stock worth $5,347,000 after purchasing an additional 142,676 shares during the period. 85.26% of the stock is currently owned by institutional investors.
CVA traded up $0.10 on Wednesday, reaching $17.45. 435,578 shares of the company’s stock were exchanged, compared to its average volume of 780,550. The firm has a market capitalization of $2.26 billion, a PE ratio of -47.16, a PEG ratio of 19.22 and a beta of 0.74. Covanta has a twelve month low of $13.50 and a twelve month high of $18.05. The company has a current ratio of 1.20, a quick ratio of 1.20 and a debt-to-equity ratio of 4.26.
Covanta (NYSE:CVA) last posted its quarterly earnings results on Thursday, July 26th. The energy company reported ($0.01) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.09. The firm had revenue of $454.00 million for the quarter, compared to analyst estimates of $451.63 million. Covanta had a net margin of 17.21% and a return on equity of 2.63%. Covanta’s quarterly revenue was up 7.1% on a year-over-year basis. During the same period in the previous year, the business posted ($0.22) earnings per share. analysts predict that Covanta will post 0.06 earnings per share for the current fiscal year.
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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