ValuEngine upgraded shares of Covanta (NYSE:CVA) from a hold rating to a buy rating in a research report report published on Friday morning.

Other equities analysts have also recently issued research reports about the stock. Credit Suisse Group lifted their target price 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. BMO Capital Markets reissued a buy rating and set a $20.00 target price (up previously from $19.00) on shares of Covanta in a research report on Friday, July 27th. Zacks Investment Research lowered shares of Covanta from a hold rating to a sell rating in a research note on Thursday, July 26th. Finally, Raymond James raised their price target on shares of Covanta from $17.50 to $19.00 and gave the stock a strong-buy rating in a research note on Monday, July 30th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. The stock presently has a consensus rating of Buy and an average target price of $17.86.

Shares of Covanta stock traded down $0.46 during mid-day trading on Friday, hitting $15.73. 1,202,015 shares of the stock were exchanged, compared to its average volume of 757,795. Covanta has a 12 month low of $14.15 and a 12 month high of $18.05. The company has a quick ratio of 1.20, a current ratio of 1.20 and a debt-to-equity ratio of 4.26. The stock has a market cap of $2.13 billion, a P/E ratio of -42.51, a P/E/G ratio of 18.06 and a beta of 0.77.

Covanta (NYSE:CVA) last posted its earnings results on Thursday, July 26th. The energy company reported ($0.01) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.10) by $0.09. Covanta had a net margin of 17.21% and a return on equity of 2.63%. The firm had revenue of $454.00 million for the quarter, compared to analysts’ expectations of $451.63 million. During the same quarter last year, the firm earned ($0.22) EPS. The company’s quarterly revenue was up 7.1% compared to the same quarter last year. On average, equities analysts anticipate that Covanta will post 0.06 EPS for the current year.

The business also recently declared a quarterly dividend, which was paid on Friday, October 5th. Stockholders of record on Friday, September 28th were paid a dividend of $0.25 per share. The ex-dividend date of this dividend was Thursday, September 27th. This represents a $1.00 annualized dividend and a dividend yield of 6.36%. Covanta’s payout ratio is currently -270.27%.

In other news, insider Paul E. Stauder sold 2,000 shares of the firm’s stock in a transaction that occurred on Monday, August 27th. The shares were 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 owns 42,025 shares in the company, valued at approximately $736,698.25. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 10.90% of the company’s stock.

Several hedge funds have recently modified their holdings of CVA. Quad Cities Investment Group LLC purchased a new position in Covanta in the 1st quarter valued at approximately $150,000. Suntrust Banks Inc. grew its position in shares of Covanta by 3.7% during the 1st quarter. Suntrust Banks Inc. now owns 427,914 shares of the energy company’s stock valued at $6,203,000 after purchasing an additional 15,308 shares in the last quarter. Raymond James Trust N.A. grew its position in shares of Covanta by 10.7% during the 2nd quarter. Raymond James Trust N.A. now owns 40,978 shares of the energy company’s stock valued at $676,000 after purchasing an additional 3,971 shares in the last quarter. Daiwa SB Investments Ltd. grew its position in shares of Covanta by 78.7% during the 2nd quarter. Daiwa SB Investments Ltd. now owns 324,072 shares of the energy company’s stock valued at $5,347,000 after purchasing an additional 142,676 shares in the last quarter. Finally, Atria Investments LLC grew its position in shares of Covanta by 57.9% during the 2nd quarter. Atria Investments LLC now owns 17,444 shares of the energy company’s stock valued at $288,000 after purchasing an additional 6,397 shares in the last quarter. Institutional investors own 84.09% 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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Analyst Recommendations for Covanta (NYSE:CVA)

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