Covanta Holding Corp (CVA) Receives $17.50 Consensus Price Target from Brokerages

Covanta Holding Corp (NYSE:CVA) has received an average rating of “Buy” from the ten analysts that are currently covering the stock, MarketBeat.com reports. One analyst has rated the stock with a sell recommendation, three have issued a hold recommendation, four have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month price target among brokerages that have covered the stock in the last year is $17.50.

CVA has been the subject of several recent research reports. Goldman Sachs Group raised Covanta from a “neutral” rating to a “buy” rating and upped their price objective for the company from $16.50 to $19.00 in a research note on Monday, February 4th. Zacks Investment Research cut Covanta from a “buy” rating to a “hold” rating in a research note on Wednesday, February 13th. TheStreet raised Covanta from a “c” rating to a “b-” rating in a research note on Thursday, February 14th. BMO Capital Markets upped their price target on Covanta from $18.00 to $19.00 and gave the stock an “outperform” rating in a research note on Tuesday, March 19th. Finally, UBS Group upped their price target on Covanta from $16.00 to $17.00 and gave the stock a “neutral” rating in a research note on Thursday, April 4th.

In other Covanta news, VP Timothy Simpson sold 44,116 shares of the business’s stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $17.78, for a total value of $784,382.48. Following the sale, the vice president now directly owns 133,582 shares of the company’s stock, valued at $2,375,087.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Ronald J. Broglio sold 6,500 shares of the business’s stock in a transaction on Friday, May 17th. The stock was sold at an average price of $17.72, for a total value of $115,180.00. Following the completion of the sale, the director now directly owns 6,487 shares in the company, valued at $114,949.64. The disclosure for this sale can be found here. Insiders own 11.00% of the company’s stock.

Institutional investors have recently added to or reduced their stakes in the business. Weiss Multi Strategy Advisers LLC bought a new stake in Covanta in the fourth quarter worth $336,000. Bank of New York Mellon Corp boosted its holdings in Covanta by 6.5% in 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 acquiring an additional 130,657 shares in the last quarter. Sit Investment Associates Inc. boosted its holdings in Covanta by 70.3% in the fourth quarter. Sit Investment Associates Inc. now owns 41,900 shares of the energy company’s stock worth $562,000 after acquiring an additional 17,300 shares in the last quarter. Oppenheimer & Co. Inc. boosted its holdings in Covanta by 4.5% in the fourth quarter. Oppenheimer & Co. Inc. now owns 37,503 shares of the energy company’s stock worth $503,000 after acquiring an additional 1,601 shares in the last quarter. Finally, Morgan Stanley boosted its holdings in Covanta by 28.4% in the third quarter. Morgan Stanley now owns 939,557 shares of the energy company’s stock worth $15,268,000 after acquiring an additional 208,020 shares in the last quarter. 80.28% of the stock is currently owned by institutional investors and hedge funds.

Shares of CVA stock traded down $0.14 on Friday, reaching $17.45. The company had a trading volume of 346,357 shares, compared to its average volume of 750,211. The stock has a market capitalization of $2.31 billion, a P/E ratio of -174.50, a price-to-earnings-growth ratio of 5.65 and a beta of 1.36. The company has a current ratio of 1.23, a quick ratio of 1.23 and a debt-to-equity ratio of 5.56. Covanta has a one year low of $12.92 and a one year high of $18.25.

Covanta (NYSE:CVA) last posted its earnings results on Thursday, April 25th. The energy company reported $0.03 EPS for the quarter, topping analysts’ consensus estimates of ($0.18) by $0.21. The firm had revenue of $453.00 million during the quarter, compared to analysts’ expectations of $453.72 million. Covanta had a negative net margin of 2.36% and a positive return on equity of 0.79%. The business’s revenue for the quarter was down 1.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.09) earnings per share. As a group, equities analysts predict that Covanta will post 0.21 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Friday, July 12th. Shareholders of record on Friday, June 28th will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 5.73%. The ex-dividend date of this dividend is Thursday, June 27th. Covanta’s dividend payout ratio (DPR) is -1,000.00%.

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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