Covanta Holding Corporation (CVA) Downgraded by BidaskClub to “Sell”

Covanta Holding Corporation (NYSE:CVA) was downgraded by analysts at BidaskClub from a “hold” rating to a “sell” rating in a report issued on Friday.

Other equities analysts have also issued reports about the stock. Stifel Nicolaus raised shares of Covanta Holding Corporation from a “hold” rating to a “buy” rating and raised their target price for the stock from $15.50 to $17.00 in a research report on Monday, July 31st. BMO Capital Markets upgraded shares of Covanta Holding Corporation from a “market perform” rating to an “outperform” rating and increased their price objective for the company from $16.00 to $17.00 in a research note on Monday, July 31st. Robert W. Baird upgraded shares of Covanta Holding Corporation from a “neutral” rating to an “outperform” rating and set a $17.00 price objective on the stock in a research note on Monday, May 15th. Barclays PLC upgraded shares of Covanta Holding Corporation from an “equal weight” rating to an “overweight” rating and dropped their price objective for the company from $16.00 to $15.00 in a research note on Wednesday, July 12th. Finally, Oppenheimer Holdings, Inc. reiterated a “buy” rating on shares of Covanta Holding Corporation in a research note on Monday, July 17th. Three equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and six have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $17.28.

Covanta Holding Corporation (NYSE:CVA) traded down 1.06% on Friday, hitting $14.00. The stock had a trading volume of 161,226 shares. The firm’s market cap is $1.82 billion. The company’s 50 day moving average price is $13.79 and its 200 day moving average price is $14.78. Covanta Holding Corporation has a 52-week low of $13.00 and a 52-week high of $16.50.

Covanta Holding Corporation (NYSE:CVA) last issued its earnings results on Thursday, July 27th. The energy company reported ($0.22) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.18) by $0.04. The company had revenue of $424 million for the quarter, compared to analysts’ expectations of $416.18 million. Covanta Holding Corporation had a negative return on equity of 9.81% and a negative net margin of 1.41%. The business’s revenue was up 1.4% compared to the same quarter last year. During the same period last year, the business posted ($0.22) earnings per share. Analysts expect that Covanta Holding Corporation will post ($0.23) EPS for the current year.

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In other news, insider Paul E. Stauder sold 2,500 shares of the stock in a transaction that occurred on Wednesday, May 24th. The shares were sold at an average price of $14.50, for a total transaction of $36,250.00. Following the transaction, the insider now directly owns 30,639 shares in the company, valued at $444,265.50. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 11.60% of the stock is currently owned by company insiders.

A number of large investors have recently made changes to their positions in the stock. Lee Financial Co increased its stake in shares of Covanta Holding Corporation by 19.9% in the first quarter. Lee Financial Co now owns 66,306 shares of the energy company’s stock valued at $1,041,000 after buying an additional 11,005 shares during the period. OLD National Bancorp IN increased its stake in shares of Covanta Holding Corporation by 46.1% in the first quarter. OLD National Bancorp IN now owns 30,668 shares of the energy company’s stock valued at $481,000 after buying an additional 9,677 shares during the period. Quantitative Investment Management LLC purchased a new stake in shares of Covanta Holding Corporation during the first quarter valued at $653,000. Huntington National Bank increased its stake in shares of Covanta Holding Corporation by 3.2% in the first quarter. Huntington National Bank now owns 16,442 shares of the energy company’s stock valued at $258,000 after buying an additional 515 shares during the period. Finally, Loews Corp increased its stake in shares of Covanta Holding Corporation by 5.7% in the first quarter. Loews Corp now owns 66,534 shares of the energy company’s stock valued at $1,045,000 after buying an additional 3,584 shares during the period. Institutional investors own 90.04% of the company’s stock.

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.

Analyst Recommendations for Covanta Holding Corporation (NYSE:CVA)

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