Covanta Holding Corp. (CVA) Receives Consensus Recommendation of “Buy” from Brokerages
Covanta Holding Corp. (NYSE:CVA) has earned an average recommendation of “Buy” from the eleven research firms that are covering the firm. Five research analysts have rated the stock with a hold rating and five have given a buy rating to the company. The average 1-year target price among brokerages that have issued a report on the stock in the last year is $17.56.
A number of analysts have recently issued reports on the stock. Zacks Investment Research raised shares of Covanta Holding Corp. from a “strong sell” rating to a “hold” rating in a report on Tuesday, September 27th. Oppenheimer Holdings Inc. reaffirmed an “outperform” rating and set a $20.00 price objective on shares of Covanta Holding Corp. in a report on Friday, September 23rd. Macquarie assumed coverage on shares of Covanta Holding Corp. in a report on Thursday, August 25th. They set a “neutral” rating and a $18.00 price objective for the company. Barclays PLC dropped their price objective on shares of Covanta Holding Corp. from $17.00 to $16.00 and set an “equal weight” rating for the company in a report on Tuesday, August 9th. Finally, Imperial Capital dropped their price objective on shares of Covanta Holding Corp. from $18.50 to $18.00 and set an “outperform” rating for the company in a report on Thursday, July 28th.
In other news, Director Ronald J. Broglio sold 4,500 shares of the company’s stock in a transaction dated Thursday, July 28th. The shares were sold at an average price of $15.78, for a total transaction of $71,010.00. Following the completion of the transaction, the director now directly owns 4,529 shares of the company’s stock, valued at $71,467.62. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 11.80% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in CVA. CIBC World Markets Inc. increased its position in Covanta Holding Corp. by 31.7% in the first quarter. CIBC World Markets Inc. now owns 14,447 shares of the company’s stock worth $244,000 after buying an additional 3,478 shares during the last quarter. Franklin Resources Inc. increased its position in Covanta Holding Corp. by 3.8% in the first quarter. Franklin Resources Inc. now owns 27,100 shares of the company’s stock worth $457,000 after buying an additional 1,000 shares during the last quarter. BlackRock Inc. increased its position in Covanta Holding Corp. by 186.6% in the first quarter. BlackRock Inc. now owns 16,377 shares of the company’s stock worth $276,000 after buying an additional 10,663 shares during the last quarter. BlackRock Group LTD increased its position in Covanta Holding Corp. by 14.7% in the first quarter. BlackRock Group LTD now owns 435,803 shares of the company’s stock worth $7,348,000 after buying an additional 55,699 shares during the last quarter. Finally, BlackRock Fund Advisors increased its position in Covanta Holding Corp. by 1.5% in the first quarter. BlackRock Fund Advisors now owns 1,546,091 shares of the company’s stock worth $26,067,000 after buying an additional 23,468 shares during the last quarter. 80.14% of the stock is owned by institutional investors.
Shares of Covanta Holding Corp. (NYSE:CVA) opened at 15.00 on Thursday. Covanta Holding Corp. has a one year low of $12.48 and a one year high of $18.17. The firm has a market capitalization of $1.94 billion, a P/E ratio of 43.48 and a beta of 0.57. The firm’s 50-day moving average price is $15.03 and its 200-day moving average price is $15.96.
Covanta Holding Corp. (NYSE:CVA) last posted its quarterly earnings data on Tuesday, July 26th. The company reported ($0.22) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.05) by $0.17. Covanta Holding Corp. had a negative return on equity of 3.48% and a net margin of 2.69%. The company had revenue of $418 million for the quarter, compared to the consensus estimate of $410.38 million. During the same period in the prior year, the firm posted ($0.06) earnings per share. The business’s revenue was up 2.5% on a year-over-year basis. On average, equities analysts forecast that Covanta Holding Corp. will post ($0.11) earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, October 7th. Stockholders of record on Monday, October 3rd were paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 6.67%. The ex-dividend date of this dividend was Thursday, September 29th. Covanta Holding Corp.’s dividend payout ratio (DPR) is 322.58%.
About Covanta Holding Corp.
Covanta Holding Corporation is a holding company. The Company, through its subsidiaries, owns and operates infrastructure for the conversion of waste to energy, as well as other waste disposal and renewable energy production businesses. It operates through North America segment, which consists of waste and energy services operations located primarily in the United States and Canada.
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