Enviva Partners LP (NYSE:EVA) announced a quarterly dividend on Thursday, November 1st, Wall Street Journal reports. Shareholders of record on Thursday, November 15th will be given a dividend of 0.635 per share by the energy company on Thursday, November 29th. This represents a $2.54 dividend on an annualized basis and a yield of 8.28%. The ex-dividend date is Wednesday, November 14th. This is an increase from Enviva Partners’s previous quarterly dividend of $0.63.
Enviva Partners has a dividend payout ratio of 498.0% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities analysts expect Enviva Partners to earn $1.87 per share next year, which means the company may not be able to cover its $2.54 annual dividend with an expected future payout ratio of 135.8%.
EVA opened at $30.66 on Friday. The company has a debt-to-equity ratio of 3.13, a current ratio of 1.18 and a quick ratio of 0.77. Enviva Partners has a 52 week low of $25.01 and a 52 week high of $33.20. The firm has a market cap of $816.05 million, a price-to-earnings ratio of 28.54 and a beta of 1.06.
EVA has been the subject of a number of analyst reports. TheStreet lowered shares of Enviva Partners from a “b” rating to a “c+” rating in a report on Tuesday, July 17th. Royal Bank of Canada reaffirmed a “buy” rating and set a $37.00 target price (up previously from $33.00) on shares of Enviva Partners in a report on Thursday, August 9th. Zacks Investment Research raised shares of Enviva Partners from a “hold” rating to a “buy” rating and set a $36.00 target price for the company in a report on Friday, August 10th. Finally, ValuEngine raised shares of Enviva Partners from a “hold” rating to a “buy” rating in a report on Thursday, August 23rd.
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About Enviva Partners
Enviva Partners, LP produces and supplies utility-grade wood pellets. It serves utilities and power generators in the United Kingdom and other European markets. Enviva Partners GP, LLC operates as the general partner of the company. Enviva Partners, LP was founded in 2013 and is based in Bethesda, Maryland.
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