Covanta Holding Corp. (NYSE:CVA) – Analysts at Wedbush lifted their FY2016 earnings per share (EPS) estimates for shares of Covanta Holding Corp. in a research report issued to clients and investors on Thursday. Wedbush analyst A. Kaschalk now anticipates that the brokerage will post earnings of ($0.10) per share for the year, up from their prior forecast of ($0.12). Wedbush also issued estimates for Covanta Holding Corp.’s Q2 2017 earnings at ($0.06) EPS, Q3 2017 earnings at $0.16 EPS, Q1 2018 earnings at ($0.05) EPS, Q2 2018 earnings at $0.00 EPS, FY2018 earnings at $0.48 EPS and FY2019 earnings at $0.51 EPS.
Other research analysts have also issued reports about the company. Barclays PLC dropped their price objective on Covanta Holding Corp. from $17.00 to $16.00 and set an “equal weight” rating for the company in a research note on Tuesday, August 9th. Imperial Capital decreased their target price on Covanta Holding Corp. from $18.50 to $18.00 and set an “outperform” rating on the stock in a report on Thursday, July 28th. Zacks Investment Research upgraded Covanta Holding Corp. from a “strong sell” rating to a “hold” rating in a report on Tuesday, July 26th. Macquarie began coverage on Covanta Holding Corp. in a report on Thursday, August 25th. They set a “neutral” rating and a $18.00 target price on the stock. Finally, Oppenheimer Holdings Inc. restated an “outperform” rating and set a $20.00 target price on shares of Covanta Holding Corp. in a report on Friday, September 23rd. Five equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average price target of $18.00.
Shares of Covanta Holding Corp. (NYSE:CVA) opened at 15.19 on Monday. The firm’s 50-day moving average price is $14.97 and its 200 day moving average price is $16.06. The firm has a market cap of $1.96 billion, a P/E ratio of 44.03 and a beta of 0.57. Covanta Holding Corp. has a 12-month low of $12.48 and a 12-month high of $18.34.
Covanta Holding Corp. (NYSE:CVA) last posted its quarterly earnings data on Tuesday, July 26th. The company reported ($0.22) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.05) by $0.17. The company had revenue of $418 million for the quarter, compared to analyst estimates of $410.38 million. Covanta Holding Corp. had a negative return on equity of 3.48% and a net margin of 2.69%. Covanta Holding Corp.’s quarterly revenue was up 2.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.06) EPS.
The company also recently declared a quarterly dividend, which will be paid on Friday, October 7th. Investors of record on Monday, October 3rd will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 6.58%. The ex-dividend date is Thursday, September 29th. Covanta Holding Corp.’s dividend payout ratio is 322.58%.
In related news, Director Ronald J. Broglio sold 4,500 shares of the firm’s stock in a transaction dated Thursday, July 28th. The stock was sold at an average price of $15.78, for a total value of $71,010.00. Following the transaction, the director now owns 4,529 shares in the company, valued at $71,467.62. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 11.80% of the stock is owned by corporate insiders.
A number of institutional investors have recently bought and sold shares of the stock. Norges Bank purchased a new position in Covanta Holding Corp. during the fourth quarter valued at about $36,620,000. CIBC World Markets Inc. boosted its position in Covanta Holding Corp. by 31.7% in the first quarter. CIBC World Markets Inc. now owns 14,447 shares of the company’s stock valued at $244,000 after buying an additional 3,478 shares in the last quarter. Franklin Resources Inc. boosted its position in Covanta Holding Corp. by 3.8% in the first quarter. Franklin Resources Inc. now owns 27,100 shares of the company’s stock valued at $457,000 after buying an additional 1,000 shares in the last quarter. BlackRock Inc. boosted its position in Covanta Holding Corp. by 186.6% in the first quarter. BlackRock Inc. now owns 16,377 shares of the company’s stock valued at $276,000 after buying an additional 10,663 shares in the last quarter. Finally, BlackRock Group LTD boosted its position in Covanta Holding Corp. by 14.7% in the first quarter. BlackRock Group LTD now owns 435,803 shares of the company’s stock valued at $7,348,000 after buying an additional 55,699 shares in the last quarter. Institutional investors and hedge funds own 80.15% of the company’s stock.
Covanta Holding Corp. Company Profile
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. It 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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