Brokerages Set Covanta Holding Corp (NYSE:CVA) Price Target at $17.00

Shares of Covanta Holding Corp (NYSE:CVA) have earned an average rating of “Buy” from the nine research firms that are currently covering the stock, Marketbeat.com reports. Four investment analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. The average 1-year price target among brokerages that have issued ratings on the stock in the last year is $17.00.

A number of analysts have issued reports on CVA shares. Zacks Investment Research upgraded shares of Covanta from a “strong sell” rating to a “hold” rating and set a $14.00 price target on the stock in a research note on Wednesday, July 31st. ValuEngine lowered shares of Covanta from a “buy” rating to a “hold” rating in a research note on Wednesday, October 2nd.

NYSE:CVA traded up $0.14 on Monday, reaching $16.18. 373,306 shares of the company’s stock were exchanged, compared to its average volume of 605,730. The company has a quick ratio of 1.30, a current ratio of 1.30 and a debt-to-equity ratio of 6.19. The firm has a market capitalization of $2.16 billion, a price-to-earnings ratio of -161.80, a price-to-earnings-growth ratio of 20.52 and a beta of 1.33. The business has a fifty day moving average of $17.24 and a 200-day moving average of $17.41. Covanta has a 52-week low of $12.92 and a 52-week high of $18.38.

Covanta (NYSE:CVA) last issued its quarterly earnings results on Thursday, July 25th. The energy company reported ($0.16) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.09) by ($0.07). The business had revenue of $467.00 million for the quarter, compared to analysts’ expectations of $467.05 million. Covanta had a negative return on equity of 3.22% and a negative net margin of 1.81%. The firm’s revenue for the quarter was up 2.9% on a year-over-year basis. During the same quarter last year, the company earned ($0.01) earnings per share. As a group, equities analysts anticipate that Covanta will post 0.05 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 4th. Stockholders of record on Friday, September 27th were given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 6.18%. The ex-dividend date of this dividend was Thursday, September 26th. Covanta’s dividend payout ratio is presently -1,000.00%.

In other news, EVP Castro Michael Joseph De sold 10,000 shares of the business’s stock in a transaction dated Tuesday, July 30th. The stock was sold at an average price of $17.08, for a total transaction of $170,800.00. Following the completion of the transaction, the executive vice president now directly owns 90,203 shares of the company’s stock, valued at $1,540,667.24. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Linda J. Fisher sold 12,000 shares of the business’s stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $17.14, for a total value of $205,680.00. Following the transaction, the director now directly owns 34,736 shares of the company’s stock, valued at $595,375.04. The disclosure for this sale can be found here. Over the last three months, insiders have sold 24,996 shares of company stock valued at $428,161. Corporate insiders own 11.00% of the company’s stock.

Several institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. boosted its holdings in Covanta by 2.5% in the second quarter. Vanguard Group Inc. now owns 11,325,851 shares of the energy company’s stock valued at $202,846,000 after purchasing an additional 272,574 shares in the last quarter. BlackRock Inc. boosted its holdings in Covanta by 2.2% in the second quarter. BlackRock Inc. now owns 9,191,975 shares of the energy company’s stock valued at $164,629,000 after purchasing an additional 201,212 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in Covanta by 1.5% in the second quarter. Bank of New York Mellon Corp now owns 5,561,262 shares of the energy company’s stock valued at $99,602,000 after purchasing an additional 80,008 shares in the last quarter. Northern Trust Corp boosted its holdings in Covanta by 1.0% in the second quarter. Northern Trust Corp now owns 1,557,434 shares of the energy company’s stock valued at $27,894,000 after purchasing an additional 16,030 shares in the last quarter. Finally, Renaissance Technologies LLC boosted its holdings in Covanta by 31.5% in the second quarter. Renaissance Technologies LLC now owns 1,351,016 shares of the energy company’s stock valued at $24,197,000 after purchasing an additional 323,416 shares in the last quarter. 78.25% of the stock is owned by institutional investors and hedge funds.

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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Analyst Recommendations for Covanta (NYSE:CVA)

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