Covanta (CVA) Downgraded by Zacks Investment Research

Covanta (NYSE:CVA) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Friday.

According to Zacks, “Covanta Holding Corporation is an internationally recognized owner and operator of large-scale Energy-from-Waste and renewable energy projects and a recipient of the Energy Innovator Award from the U.S. Department of Energy’s Office of Energy Efficiency and Renewable Energy. Covanta’s Energy-from-Waste facilities provide communities with an environmentally sound solution to their solid waste disposal needs by using that municipal solid waste to generate clean, renewable energy. “

Other research analysts also recently issued reports about the company. BMO Capital Markets lifted their price target on Covanta from $17.00 to $20.00 and gave the company an “outperform” rating in a report on Monday, October 30th. Robert W. Baird reiterated a “buy” rating and issued a $17.00 price target on shares of Covanta in a report on Friday, October 6th. Finally, Oppenheimer reiterated a “buy” rating and issued a $19.00 price target on shares of Covanta in a report on Tuesday, December 19th. Three investment analysts have rated the stock with a sell rating and six have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $17.56.

Covanta (CVA) traded down $0.30 on Friday, reaching $16.55. The company’s stock had a trading volume of 711,346 shares, compared to its average volume of 702,475. The stock has a market cap of $2,170.00, a P/E ratio of -32.45, a P/E/G ratio of 14.93 and a beta of 0.76. Covanta has a one year low of $13.00 and a one year high of $17.30. The company has a debt-to-equity ratio of 8.39, a current ratio of 1.21 and a quick ratio of 1.21.

Covanta (NYSE:CVA) last released its quarterly earnings data on Thursday, October 26th. The energy company reported $0.12 EPS for the quarter, topping the consensus estimate of $0.08 by $0.04. The company had revenue of $429.00 million for the quarter, compared to the consensus estimate of $421.87 million. Covanta had a negative return on equity of 12.66% and a negative net margin of 3.68%. Covanta’s quarterly revenue was up 1.9% on a year-over-year basis. During the same period last year, the business posted $0.18 EPS. equities analysts anticipate that Covanta will post -0.26 EPS for the current year.

In other news, Director John Vincent Hickey sold 90,000 shares of Covanta stock in a transaction on Friday, October 20th. The stock was sold at an average price of $0.29, for a total value of $26,100.00. Company insiders own 11.60% of the company’s stock.

Large investors have recently made changes to their positions in the company. Nationwide Fund Advisors grew its stake in Covanta by 326.4% during the 2nd quarter. Nationwide Fund Advisors now owns 68,021 shares of the energy company’s stock worth $898,000 after buying an additional 52,068 shares during the last quarter. Bank of New York Mellon Corp grew its stake in Covanta by 3.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,248,100 shares of the energy company’s stock worth $29,675,000 after buying an additional 78,047 shares during the last quarter. The Manufacturers Life Insurance Company grew its stake in Covanta by 2,256.8% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 89,368 shares of the energy company’s stock worth $1,180,000 after buying an additional 85,576 shares during the last quarter. Raymond James Financial Services Advisors Inc. grew its stake in Covanta by 33.3% during the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 476,217 shares of the energy company’s stock worth $7,072,000 after buying an additional 119,049 shares during the last quarter. Finally, Marathon Capital Management purchased a new position in Covanta during the 2nd quarter worth $1,328,000. Institutional investors and hedge funds own 94.77% of the company’s stock.

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About Covanta

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.

Analyst Recommendations for Covanta (NYSE:CVA)

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