Oppenheimer reaffirmed their buy rating on shares of Covanta (NYSE:CVA) in a report released on Thursday morning, AnalystRatings.com reports. Oppenheimer currently has a $10.00 target price on the energy company’s stock.
A number of other equities research analysts have also weighed in on CVA. Goldman Sachs Group lowered Covanta from a buy rating to a neutral rating and cut their price objective for the stock from $17.00 to $10.00 in a research report on Thursday, April 2nd. Zacks Investment Research lowered Covanta from a hold rating to a sell rating and set a $10.00 price target on the stock. in a research report on Thursday, June 11th. BMO Capital Markets dropped their price target on Covanta to $7.00 and set a market perform rating on the stock in a research report on Sunday, April 19th. Stifel Nicolaus upgraded Covanta from a sell rating to a hold rating and set a $9.50 price target on the stock in a research report on Sunday, May 10th. Finally, UBS Group upgraded Covanta from a neutral rating to a buy rating and dropped their price target for the company from $14.00 to $13.00 in a research report on Wednesday, May 13th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and three have assigned a buy rating to the company’s stock. The stock presently has an average rating of Hold and an average price target of $11.44.
Shares of CVA stock opened at $9.84 on Thursday. The firm has a market cap of $1.30 billion, a P/E ratio of -65.60 and a beta of 1.24. Covanta has a fifty-two week low of $6.57 and a fifty-two week high of $17.97. The business’s 50 day moving average price is $9.40 and its 200-day moving average price is $10.64. The company has a debt-to-equity ratio of 8.35, a quick ratio of 1.12 and a current ratio of 1.12.
Covanta (NYSE:CVA) last issued its quarterly earnings data on Thursday, July 30th. The energy company reported ($0.10) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.19) by $0.09. The firm had revenue of $454.00 million for the quarter, compared to analyst estimates of $450.27 million. Covanta had a negative return on equity of 5.40% and a negative net margin of 1.01%. As a group, equities analysts predict that Covanta will post -0.38 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, July 10th. Shareholders of record on Friday, June 26th were paid a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 3.25%. The ex-dividend date of this dividend was Thursday, June 25th. Covanta’s payout ratio is 457.14%.
In other Covanta news, Director Ronald J. Broglio sold 6,000 shares of Covanta stock in a transaction on Tuesday, June 9th. The stock was sold at an average price of $9.78, for a total transaction of $58,680.00. Following the completion of the transaction, the director now owns 13,567 shares in the company, valued at $132,685.26. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 11.10% of the stock is currently owned by insiders.
Several hedge funds have recently bought and sold shares of the company. Sunbelt Securities Inc. purchased a new position in shares of Covanta in the fourth quarter worth $2,597,000. Victory Capital Management Inc. raised its stake in shares of Covanta by 3.2% in the fourth quarter. Victory Capital Management Inc. now owns 22,962 shares of the energy company’s stock worth $341,000 after purchasing an additional 715 shares during the last quarter. Kingsview Wealth Management LLC raised its stake in shares of Covanta by 9.4% in the first quarter. Kingsview Wealth Management LLC now owns 20,079 shares of the energy company’s stock worth $172,000 after purchasing an additional 1,729 shares during the last quarter. Magnolia Capital Advisors LLC raised its stake in shares of Covanta by 14.7% in the first quarter. Magnolia Capital Advisors LLC now owns 14,574 shares of the energy company’s stock worth $125,000 after purchasing an additional 1,872 shares during the last quarter. Finally, Rothschild Investment Corp IL raised its stake in shares of Covanta by 1.4% in the second quarter. Rothschild Investment Corp IL now owns 145,344 shares of the energy company’s stock worth $1,394,000 after purchasing an additional 2,000 shares during the last quarter. Hedge funds and other institutional investors own 72.33% 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.
Featured Story: What is a Special Dividend?
Receive News & Ratings for Covanta Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Covanta and related companies with MarketBeat.com's FREE daily email newsletter.