Equities research analysts expect that Covanta Holding Corporation (NYSE:CVA) will report sales of $419.63 million for the current quarter, Zacks reports. Four analysts have made estimates for Covanta Holding Corporation’s earnings. The highest sales estimate is $425.80 million and the lowest is $415.00 million. Covanta Holding Corporation posted sales of $418.00 million in the same quarter last year, which suggests a positive year over year growth rate of 0.4%. The firm is expected to report its next earnings report on Tuesday, July 25th.
According to Zacks, analysts expect that Covanta Holding Corporation will report full year sales of $419.63 million for the current fiscal year, with estimates ranging from $1.70 billion to $1.75 billion. For the next fiscal year, analysts forecast that the business will post sales of $1.84 billion per share, with estimates ranging from $1.77 billion to $1.92 billion. Zacks’ sales averages are an average based on a survey of sell-side research firms that follow Covanta Holding Corporation.
Covanta Holding Corporation (NYSE:CVA) last released its quarterly earnings results on Tuesday, April 25th. The energy company reported ($0.37) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.21) by $0.16. Covanta Holding Corporation had a negative return on equity of 8.88% and a negative net margin of 0.94%. The company had revenue of $404 million for the quarter, compared to analysts’ expectations of $399.69 million. During the same quarter last year, the company earned ($0.19) EPS. Covanta Holding Corporation’s revenue for the quarter was up .2% compared to the same quarter last year.
CVA has been the topic of several recent analyst reports. Oppenheimer Holdings, Inc. set a $20.00 target price on Covanta Holding Corporation and gave the company a “buy” rating in a research note on Saturday, February 18th. Zacks Investment Research raised Covanta Holding Corporation from a “hold” rating to a “buy” rating and set a $18.00 target price on the stock in a research note on Monday, February 20th. Goldman Sachs Group, Inc. (The) initiated coverage on Covanta Holding Corporation in a research note on Friday, March 3rd. They set a “sell” rating and a $12.50 target price on the stock. Wedbush reaffirmed an “outperform” rating and set a $21.00 target price on shares of Covanta Holding Corporation in a research note on Tuesday, March 14th. Finally, Robert W. Baird raised Covanta Holding Corporation from a “neutral” rating to an “outperform” rating and set a $17.00 target price on the stock in a research note on Monday, May 15th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and five have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $17.44.
Covanta Holding Corporation (NYSE:CVA) traded down 1.38% during midday trading on Friday, hitting $14.30. The stock had a trading volume of 1,085,645 shares. The firm’s market cap is $1.84 billion. Covanta Holding Corporation has a one year low of $13.45 and a one year high of $17.16. The stock has a 50-day moving average price of $14.40 and a 200 day moving average price of $15.21.
The firm also recently announced a quarterly dividend, which will be paid on Friday, July 7th. Shareholders of record on Thursday, June 29th will be paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 6.99%. The ex-dividend date is Tuesday, June 27th. Covanta Holding Corporation’s payout ratio is currently -714.23%.
In other Covanta Holding Corporation news, insider Stephen J. Jones bought 10,000 shares of the business’s stock in a transaction on Thursday, April 27th. The shares were purchased at an average price of $14.48 per share, with a total value of $144,800.00. Following the purchase, the insider now directly owns 167,232 shares of the company’s stock, valued at $2,421,519.36. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Ronald J. Broglio sold 3,000 shares of Covanta Holding Corporation stock in a transaction on Wednesday, May 10th. The shares were sold at an average price of $14.33, for a total value of $42,990.00. Following the sale, the director now directly owns 8,672 shares in the company, valued at approximately $124,269.76. The disclosure for this sale can be found here. 11.60% of the stock is owned by insiders.
Several hedge funds have recently bought and sold shares of CVA. PNC Financial Services Group Inc. increased its stake in Covanta Holding Corporation by 15.2% in the first quarter. PNC Financial Services Group Inc. now owns 11,380 shares of the energy company’s stock worth $178,000 after buying an additional 1,500 shares in the last quarter. Dynamic Technology Lab Private Ltd purchased a new stake in Covanta Holding Corporation during the fourth quarter worth approximately $187,000. Clearbridge Investments LLC increased its stake in Covanta Holding Corporation by 26.7% in the first quarter. Clearbridge Investments LLC now owns 11,989 shares of the energy company’s stock worth $188,000 after buying an additional 2,528 shares in the last quarter. Menta Capital LLC purchased a new stake in Covanta Holding Corporation during the fourth quarter worth approximately $190,000. Finally, Tudor Investment Corp ET AL purchased a new stake in Covanta Holding Corporation during the first quarter worth approximately $197,000. 90.10% of the stock is currently owned by institutional investors.
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About Covanta Holding Corporation
Covanta Holding Corporation is a holding company. The Company, through its subsidiaries, owns and operates infrastructure for the conversion of waste to energy, as well as other waste disposal and renewable energy production businesses. The Company operates through North America segment, which consists of waste and energy services operations located primarily in the United States and Canada.
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