$460.67 Million in Sales Expected for Covanta Holding Corp (CVA) This Quarter

Equities research analysts expect Covanta Holding Corp (NYSE:CVA) to report $460.67 million in sales for the current quarter, Zacks reports. Three analysts have provided estimates for Covanta’s earnings. The lowest sales estimate is $457.00 million and the highest is $466.00 million. Covanta posted sales of $458.00 million during the same quarter last year, which suggests a positive year over year growth rate of 0.6%. The firm is expected to report its next earnings results on Thursday, April 25th.

On average, analysts expect that Covanta will report full-year sales of $1.90 billion for the current fiscal year, with estimates ranging from $1.87 billion to $1.92 billion. For the next fiscal year, analysts forecast that the company will report sales of $1.94 billion, with estimates ranging from $1.91 billion to $1.97 billion. Zacks’ sales averages are a mean average based on a survey of research firms that that provide coverage for Covanta.

Covanta (NYSE:CVA) last issued its earnings results on Thursday, February 14th. The energy company reported $0.04 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.09 by ($0.05). The business had revenue of $500.00 million during the quarter, compared to the consensus estimate of $485.25 million. Covanta had a net margin of 8.14% and a negative return on equity of 2.36%. The firm’s revenue for the quarter was up 1.0% compared to the same quarter last year. During the same period last year, the business posted $0.09 EPS.

A number of analysts recently weighed in on the stock. TheStreet upgraded shares of Covanta from a “c” rating to a “b-” rating in a research report on Thursday, February 14th. ValuEngine upgraded shares of Covanta from a “hold” rating to a “buy” rating in a research report on Saturday, January 19th. BMO Capital Markets restated a “buy” rating and set a $18.00 target price on shares of Covanta in a report on Tuesday, January 8th. Barclays started coverage on shares of Covanta in a report on Monday, January 7th. They set an “equal weight” rating and a $16.00 target price on the stock. Finally, Zacks Investment Research downgraded shares of Covanta from a “buy” rating to a “hold” rating in a report on Wednesday, February 13th. Four investment analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $17.00.

In related news, EVP Castro Michael Joseph De bought 10,000 shares of the company’s stock in a transaction on Friday, December 28th. The shares were purchased at an average cost of $13.36 per share, for a total transaction of $133,600.00. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 10.90% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of CVA. First Trust Advisors LP raised its holdings in shares of Covanta by 32.6% in the third quarter. First Trust Advisors LP now owns 539,239 shares of the energy company’s stock valued at $8,763,000 after purchasing an additional 132,621 shares during the last quarter. Gabelli Funds LLC raised its holdings in shares of Covanta by 2.2% in the third quarter. Gabelli Funds LLC now owns 185,000 shares of the energy company’s stock valued at $3,006,000 after purchasing an additional 4,000 shares during the last quarter. Janney Montgomery Scott LLC acquired a new stake in shares of Covanta in the third quarter valued at approximately $166,000. Commonwealth Equity Services LLC raised its holdings in shares of Covanta by 8.0% in the third quarter. Commonwealth Equity Services LLC now owns 57,428 shares of the energy company’s stock valued at $933,000 after purchasing an additional 4,269 shares during the last quarter. Finally, Fort Washington Investment Advisors Inc. OH acquired a new stake in shares of Covanta in the third quarter valued at approximately $172,000. Institutional investors own 77.50% of the company’s stock.

Shares of NYSE CVA traded up $0.02 during mid-day trading on Monday, hitting $17.08. The company’s stock had a trading volume of 427,146 shares, compared to its average volume of 816,057. The firm has a market capitalization of $2.24 billion, a PE ratio of -170.80, a price-to-earnings-growth ratio of 23.68 and a beta of 1.36. The company has a current ratio of 1.13, a quick ratio of 1.13 and a debt-to-equity ratio of 5.05. Covanta has a one year low of $12.92 and a one year high of $18.05.

The business also recently announced a quarterly dividend, which will be paid on Friday, April 5th. Shareholders of record on Friday, March 29th will be issued a dividend of $0.25 per share. The ex-dividend date is Thursday, March 28th. This represents a $1.00 annualized dividend and a yield of 5.85%. Covanta’s dividend payout ratio (DPR) is currently -1,000.00%.

About Covanta

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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