Covanta (NYSE:CVA) Releases Quarterly Earnings Results, Beats Expectations By $0.09 EPS

Covanta (NYSE:CVA) issued its quarterly earnings results on Thursday. The energy company reported ($0.10) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.19) by $0.09, Fidelity Earnings reports. Covanta had a negative return on equity of 5.40% and a negative net margin of 1.01%. The business had revenue of $454.00 million during the quarter, compared to analyst estimates of $450.27 million.

Shares of NYSE:CVA traded up $0.30 on Friday, reaching $9.84. The company’s stock had a trading volume of 891,145 shares, compared to its average volume of 643,388. The company has a 50-day simple moving average of $9.40 and a 200 day simple moving average of $10.64. Covanta has a 52-week low of $6.57 and a 52-week high of $17.97. The company has a debt-to-equity ratio of 8.35, a quick ratio of 1.12 and a current ratio of 1.12. The company has a market cap of $1.30 billion, a P/E ratio of -65.60 and a beta of 1.24.

The firm also recently declared a quarterly dividend, which was paid on Friday, July 10th. Investors of record on Friday, June 26th were paid a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 3.25%. The ex-dividend date of this dividend was Thursday, June 25th. Covanta’s payout ratio is 457.14%.

CVA has been the subject of a number of recent analyst reports. Stifel Nicolaus raised Covanta from a “sell” rating to a “hold” rating and set a $9.50 price objective for the company in a research note on Sunday, May 10th. UBS Group raised shares of Covanta from a “neutral” rating to a “buy” rating and cut their price objective for the company from $14.00 to $13.00 in a report on Wednesday, May 13th. Oppenheimer reissued a “buy” rating and issued a $10.00 target price on shares of Covanta in a report on Thursday. Zacks Investment Research cut shares of Covanta from a “hold” rating to a “sell” rating and set a $10.00 target price for the company. in a research note on Thursday, June 11th. Finally, BMO Capital Markets decreased their price target on shares of Covanta to $7.00 and set a “market perform” rating on the stock in a research note on Sunday, April 19th. One analyst has rated the stock with a sell rating, six have given a hold rating and three have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $11.44.

In other news, Director Ronald J. Broglio sold 6,000 shares of the company’s stock in a transaction dated Tuesday, June 9th. The shares were sold at an average price of $9.78, for a total transaction of $58,680.00. Following the sale, the director now directly owns 13,567 shares in the company, valued at approximately $132,685.26. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 11.10% of the company’s stock.

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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Earnings History for Covanta (NYSE:CVA)

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