Covanta Holding Corporation (NYSE:CVA) was upgraded by stock analysts at Robert W. Baird from a “neutral” rating to an “outperform” rating in a note issued to investors on Monday, May 15th, MarketBeat reports. The brokerage presently has a $17.00 target price on the energy company’s stock. Robert W. Baird’s price objective would suggest a potential upside of 18.88% from the company’s previous close.
A number of other equities research analysts have also commented on the stock. Wedbush reiterated an “outperform” rating and set a $21.00 price target on shares of Covanta Holding Corporation in a report on Tuesday, March 14th. Goldman Sachs Group, Inc. (The) began coverage on shares of Covanta Holding Corporation in a report on Friday, March 3rd. They set a “sell” rating and a $12.50 price target for the company. Zacks Investment Research lowered shares of Covanta Holding Corporation from a “buy” rating to a “hold” rating in a report on Wednesday, February 22nd. Oppenheimer Holdings, Inc. set a $20.00 price target on shares of Covanta Holding Corporation and gave the company a “buy” rating in a report on Saturday, February 18th. Finally, Stifel Nicolaus lowered shares of Covanta Holding Corporation from a “buy” rating to a “hold” rating and set a $16.50 price target for the company. in a report on Monday, February 13th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and five have issued a buy rating to the company. Covanta Holding Corporation has an average rating of “Hold” and a consensus target price of $17.44.
Covanta Holding Corporation (NYSE CVA) traded down 1.38% during trading on Monday, hitting $14.30. 1,085,645 shares of the stock traded hands. The company has a 50-day moving average price of $14.40 and a 200-day moving average price of $15.21. Covanta Holding Corporation has a 12 month low of $13.45 and a 12 month high of $17.16. The stock’s market cap is $1.84 billion.
Covanta Holding Corporation (NYSE:CVA) last posted its quarterly earnings results on Tuesday, April 25th. The energy company reported ($0.37) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.21) by $0.16. Covanta Holding Corporation had a negative net margin of 0.94% and a negative return on equity of 8.88%. The firm had revenue of $404 million for the quarter, compared to the consensus estimate of $399.69 million. During the same quarter in the prior year, the company earned ($0.19) earnings per share. The company’s quarterly revenue was up .2% compared to the same quarter last year. Equities research analysts expect that Covanta Holding Corporation will post ($0.11) EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 7th. Shareholders of record on Thursday, June 29th will be issued a $0.25 dividend. The ex-dividend date is Tuesday, June 27th. This represents a $1.00 annualized dividend and a yield of 6.99%. Covanta Holding Corporation’s dividend payout ratio (DPR) is presently -714.23%.
In related news, Director Ronald J. Broglio sold 3,000 shares of the stock in a transaction dated Wednesday, May 10th. The shares were sold at an average price of $14.33, for a total value of $42,990.00. Following the completion of the transaction, the director now directly owns 8,672 shares in the company, valued at approximately $124,269.76. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Michael W. Ranger purchased 40,000 shares of the firm’s stock in a transaction that occurred on Thursday, April 27th. The stock was acquired at an average price of $14.56 per share, with a total value of $582,400.00. Following the completion of the purchase, the director now owns 40,000 shares in the company, valued at $582,400. The disclosure for this purchase can be found here. 11.60% of the stock is currently owned by corporate insiders.
Several hedge funds and other institutional investors have recently modified their holdings of the company. PNC Financial Services Group Inc. raised its position in shares of Covanta Holding Corporation by 15.2% in the first quarter. PNC Financial Services Group Inc. now owns 11,380 shares of the energy company’s stock valued at $178,000 after buying an additional 1,500 shares during the last quarter. Stephens Inc. AR raised its position in shares of Covanta Holding Corporation by 4.0% in the third quarter. Stephens Inc. AR now owns 11,541 shares of the energy company’s stock valued at $178,000 after buying an additional 444 shares during the last quarter. Clearbridge Investments LLC raised its position in shares of Covanta Holding Corporation by 26.7% in the first quarter. Clearbridge Investments LLC now owns 11,989 shares of the energy company’s stock valued at $188,000 after buying an additional 2,528 shares during the last quarter. Dynamic Technology Lab Private Ltd acquired a new position in shares of Covanta Holding Corporation during the fourth quarter valued at about $187,000. Finally, Menta Capital LLC acquired a new position in shares of Covanta Holding Corporation during the fourth quarter valued at about $190,000. Institutional investors own 90.10% of the company’s stock.
Covanta Holding Corporation Company Profile
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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