Covanta Holding Corp (CVA) Expected to Announce Quarterly Sales of $474.57 Million

Brokerages predict that Covanta Holding Corp (NYSE:CVA) will report $474.57 million in sales for the current fiscal quarter, according to Zacks. Three analysts have issued estimates for Covanta’s earnings. The highest sales estimate is $482.70 million and the lowest is $463.00 million. Covanta posted sales of $495.00 million in the same quarter last year, which would indicate a negative year over year growth rate of 4.1%. The firm is expected to issue its next earnings report on Thursday, February 28th.

On average, analysts expect that Covanta will report full-year sales of $1.84 billion for the current financial year, with estimates ranging from $1.83 billion to $1.85 billion. For the next year, analysts expect that the business will post sales of $1.90 billion, with estimates ranging from $1.87 billion to $1.92 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research analysts that follow Covanta.

Covanta (NYSE:CVA) last announced its quarterly earnings data on Thursday, October 25th. The energy company reported ($0.04) earnings per share for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.11). The firm had revenue of $456.00 million during the quarter, compared to analyst estimates of $449.75 million. Covanta had a net margin of 14.71% and a negative return on equity of 1.30%.

A number of analysts have recently commented on the company. ValuEngine downgraded Covanta from a “buy” rating to a “hold” rating in a research note on Saturday, October 27th. Raymond James lowered their target price on Covanta from $19.00 to $17.00 and set a “strong-buy” rating on the stock in a research note on Monday, October 29th. Zacks Investment Research downgraded Covanta from a “hold” rating to a “sell” rating in a research note on Thursday, July 26th. Credit Suisse Group upped their target price on Covanta from $16.00 to $17.00 and gave the stock a “neutral” rating in a research note on Monday, July 30th. Finally, BMO Capital Markets restated a “buy” rating and issued a $20.00 target price (up previously from $19.00) on shares of Covanta in a research note on Friday, July 27th. One analyst has rated the stock with a sell rating, three have issued a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Covanta presently has an average rating of “Buy” and a consensus target price of $17.33.

Shares of CVA stock traded down $0.02 during mid-day trading on Friday, reaching $15.78. The stock had a trading volume of 318,093 shares, compared to its average volume of 747,494. The company has a debt-to-equity ratio of 4.87, a quick ratio of 1.20 and a current ratio of 1.20. The firm has a market capitalization of $2.07 billion, a PE ratio of -42.65 and a beta of 0.99. Covanta has a 1-year low of $14.15 and a 1-year high of $18.05.

In other news, insider Paul E. Stauder sold 2,000 shares of the company’s stock in a transaction dated Monday, August 27th. The stock was sold at an average price of $17.53, for a total value of $35,060.00. Following the sale, the insider now owns 42,025 shares in the company, valued at $736,698.25. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 11.60% of the stock is owned by corporate insiders.

Several institutional investors and hedge funds have recently modified their holdings of the company. Vanguard Group Inc. boosted its position in Covanta by 1.2% during the third quarter. Vanguard Group Inc. now owns 10,979,079 shares of the energy company’s stock worth $178,410,000 after purchasing an additional 133,161 shares in the last quarter. BlackRock Inc. boosted its position in Covanta by 7.0% during the second quarter. BlackRock Inc. now owns 9,926,475 shares of the energy company’s stock worth $163,786,000 after purchasing an additional 651,772 shares in the last quarter. Schroder Investment Management Group boosted its position in Covanta by 776.1% during the second quarter. Schroder Investment Management Group now owns 6,354,739 shares of the energy company’s stock worth $91,890,000 after purchasing an additional 5,629,420 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in Covanta by 0.5% during the third quarter. Dimensional Fund Advisors LP now owns 4,005,001 shares of the energy company’s stock worth $65,082,000 after purchasing an additional 20,762 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its position in Covanta by 6.5% during the third quarter. Bank of New York Mellon Corp now owns 2,146,449 shares of the energy company’s stock worth $34,880,000 after purchasing an additional 130,657 shares in the last quarter. Hedge funds and other institutional investors own 81.51% 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.

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Earnings History and Estimates for Covanta (NYSE:CVA)

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