Covanta (NYSE:CVA) was downgraded by research analysts at ValuEngine from a “buy” rating to a “hold” rating in a report issued on Wednesday.
Other research analysts also recently issued reports about the company. BMO Capital Markets reaffirmed a “buy” rating and set a $20.00 target price (up from $19.00) on shares of Covanta in a research note on Friday, July 27th. Credit Suisse Group upped their target price on Covanta from $16.00 to $17.00 and gave the stock a “neutral” rating in a research note on Monday, July 30th. Zacks Investment Research cut Covanta from a “hold” rating to a “sell” rating in a research report on Thursday, July 26th. Finally, Raymond James boosted their price target on Covanta from $17.50 to $19.00 and gave the stock a “strong-buy” rating in a research report on Monday, July 30th. One investment analyst has rated the stock with a sell rating, four have given a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. The company currently has an average rating of “Buy” and a consensus target price of $17.67.
Shares of CVA stock opened at $17.45 on Wednesday. The company has a debt-to-equity ratio of 4.26, a current ratio of 1.20 and a quick ratio of 1.20. The company has a market cap of $2.29 billion, a PE ratio of -46.62, a price-to-earnings-growth ratio of 19.44 and a beta of 0.74. Covanta has a 1-year low of $14.00 and a 1-year high of $18.05.
Covanta (NYSE:CVA) last announced its earnings results on Thursday, July 26th. The energy company reported ($0.01) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.10) by $0.09. The business had revenue of $454.00 million during the quarter, compared to the consensus estimate of $451.63 million. Covanta had a return on equity of 2.63% and a net margin of 17.21%. The business’s quarterly revenue was up 7.1% on a year-over-year basis. During the same period in the prior year, the company posted ($0.22) EPS. sell-side analysts forecast that Covanta will post 0.06 earnings per share for the current fiscal year.
In related news, insider Paul E. Stauder sold 2,000 shares of the business’s stock in a transaction that occurred on Monday, August 27th. The stock was sold at an average price of $17.53, for a total transaction of $35,060.00. Following the completion of the sale, the insider now directly owns 42,025 shares in the company, valued at $736,698.25. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 11.60% of the stock is currently owned by insiders.
Several institutional investors and hedge funds have recently modified their holdings of the stock. BlackRock Inc. increased its position in shares of 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 in the last quarter. Schroder Investment Management Group grew its holdings in Covanta by 776.1% in the 2nd quarter. Schroder Investment Management Group now owns 6,354,739 shares of the energy company’s stock valued at $91,890,000 after buying an additional 5,629,420 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in Covanta by 0.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,984,239 shares of the energy company’s stock valued at $65,740,000 after buying an additional 33,851 shares in the last quarter. Thompson Siegel & Walmsley LLC grew its holdings in Covanta by 1.0% in the 1st quarter. Thompson Siegel & Walmsley LLC now owns 1,617,978 shares of the energy company’s stock valued at $23,461,000 after buying an additional 15,437 shares in the last quarter. Finally, Frontier Capital Management Co. LLC grew its holdings in Covanta by 61.1% in the 1st quarter. Frontier Capital Management Co. LLC now owns 1,238,933 shares of the energy company’s stock valued at $17,965,000 after buying an additional 470,072 shares in the last quarter. Hedge funds and other institutional investors own 87.54% 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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