Goldman Sachs Group upgraded shares of Covanta (NYSE:CVA) from a sell rating to a neutral rating in a report released on Sunday, MarketBeat.com reports. The firm currently has $16.00 price objective on the energy company’s stock.
Several other equities analysts also recently commented on the company. Zacks Investment Research downgraded Covanta from a buy rating to a hold rating in a research note on Wednesday, November 1st. BMO Capital Markets boosted their target price on shares of Covanta from $17.00 to $20.00 and gave the company an outperform rating in a report on Monday, October 30th. Robert W. Baird reissued a buy rating and set a $17.00 target price on shares of Covanta in a report on Friday, October 6th. Finally, Oppenheimer reissued a buy rating and set a $19.00 target price on shares of Covanta in a report on Tuesday, December 19th. Two investment analysts have rated the stock with a sell rating, one has given a hold rating and six have assigned a buy rating to the company’s stock. Covanta presently has a consensus rating of Hold and an average target price of $18.00.
Covanta (NYSE:CVA) traded up $0.65 during trading on Friday, reaching $17.20. The company had a trading volume of 1,158,000 shares, compared to its average volume of 959,149. Covanta has a fifty-two week low of $13.00 and a fifty-two week high of $17.30. The company has a current ratio of 1.21, a quick ratio of 1.21 and a debt-to-equity ratio of 8.39. The stock has a market capitalization of $2,250.00, a P/E ratio of -33.73, a price-to-earnings-growth ratio of 16.35 and a beta of 0.76.
Covanta (NYSE:CVA) last posted its quarterly earnings data on Thursday, October 26th. The energy company reported $0.12 EPS for the quarter, beating the consensus estimate of $0.08 by $0.04. Covanta had a negative return on equity of 12.66% and a negative net margin of 3.68%. The business had revenue of $429.00 million for the quarter, compared to the consensus estimate of $421.87 million. During the same quarter in the prior year, the business earned $0.18 earnings per share. Covanta’s revenue for the quarter was up 1.9% on a year-over-year basis. equities analysts anticipate that Covanta will post -0.26 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Friday, January 5th. Shareholders of record on Friday, December 29th were issued a dividend of $0.25 per share. The ex-dividend date was Thursday, December 28th. This represents a $1.00 dividend on an annualized basis and a yield of 5.81%. Covanta’s payout ratio is -196.08%.
In other Covanta news, Director John Vincent Hickey sold 90,000 shares of the business’s stock in a transaction on Friday, October 20th. The shares were sold at an average price of $0.29, for a total transaction of $26,100.00. Insiders own 11.60% of the company’s stock.
A number of hedge funds have recently modified their holdings of CVA. Schwab Charles Investment Management Inc. raised its holdings in Covanta by 32.4% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 888,040 shares of the energy company’s stock valued at $11,723,000 after acquiring an additional 217,409 shares during the period. Bank of New York Mellon Corp increased its holdings in shares of Covanta by 3.6% in the second quarter. Bank of New York Mellon Corp now owns 2,248,100 shares of the energy company’s stock worth $29,675,000 after purchasing an additional 78,047 shares during the period. BNP Paribas Arbitrage SA increased its holdings in shares of Covanta by 86.6% in the second quarter. BNP Paribas Arbitrage SA now owns 51,746 shares of the energy company’s stock worth $683,000 after purchasing an additional 24,015 shares during the period. Virginia Retirement Systems ET AL bought a new position in shares of Covanta in the second quarter worth $317,000. Finally, Prudential Financial Inc. bought a new position in shares of Covanta in the second quarter worth $164,000. 94.77% of the stock is currently owned by institutional investors and hedge funds.
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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. The Company 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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