Covanta (CVA) Trading Up 9.7%

Shares of Covanta Holding Corp (NYSE:CVA) were up 9.7% during mid-day trading on Tuesday . The company traded as high as $16.85 and last traded at $16.45. Approximately 3,126,800 shares changed hands during trading, an increase of 177% from the average daily volume of 1,128,155 shares. The stock had previously closed at $15.00.

A number of analysts recently issued reports on CVA shares. Zacks Investment Research raised Covanta from a “hold” rating to a “buy” rating and set a $17.00 price objective for the company in a research report on Monday, October 9th. Stifel Nicolaus restated a “buy” rating and set a $17.00 target price on shares of Covanta in a report on Tuesday, September 5th. Robert W. Baird restated a “buy” rating and set a $17.00 target price on shares of Covanta in a report on Friday, September 1st. BMO Capital Markets raised their target price on Covanta from $17.00 to $20.00 and gave the company an “outperform” rating in a report on Monday, October 30th. Finally, Oppenheimer restated a “buy” rating and set a $19.00 target price on shares of Covanta in a report on Tuesday. Two analysts have rated the stock with a sell rating, one has given a hold rating and six have issued a buy rating to the company. Covanta currently has a consensus rating of “Hold” and an average price target of $17.56.

The company has a quick ratio of 1.21, a current ratio of 1.21 and a debt-to-equity ratio of 8.39.

Covanta (NYSE:CVA) last announced its earnings results on Thursday, October 26th. The energy company reported $0.12 EPS for the quarter, beating analysts’ consensus estimates of $0.08 by $0.04. Covanta had a negative return on equity of 12.66% and a negative net margin of 3.68%. The company had revenue of $429.00 million during the quarter, compared to analysts’ expectations of $421.87 million. During the same period last year, the business posted $0.18 EPS. Covanta’s revenue for the quarter was up 1.9% on a year-over-year basis. equities research analysts anticipate that Covanta Holding Corp will post -0.26 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, January 5th. Investors of record on Friday, December 29th will be issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 5.97%. The ex-dividend date is Thursday, December 28th. Covanta’s dividend payout ratio (DPR) is -200.00%.

In other news, Director John Vincent Hickey sold 90,000 shares of Covanta stock in a transaction dated Friday, October 20th. The stock was sold at an average price of $0.29, for a total value of $26,100.00. Company insiders own 11.60% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in CVA. IFP Advisors Inc boosted its stake in shares of Covanta by 42.1% in the 2nd quarter. IFP Advisors Inc now owns 8,927 shares of the energy company’s stock valued at $118,000 after buying an additional 2,647 shares during the period. Trexquant Investment LP purchased a new position in shares of Covanta in the 2nd quarter valued at about $196,000. Schwab Charles Investment Management Inc. boosted its stake in shares of Covanta by 32.4% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 888,040 shares of the energy company’s stock valued at $11,723,000 after buying an additional 217,409 shares during the period. Bank of New York Mellon Corp boosted its stake in shares of Covanta by 3.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 2,248,100 shares of the energy company’s stock valued at $29,675,000 after buying an additional 78,047 shares during the period. Finally, Comerica Bank boosted its stake in shares of Covanta by 26.7% in the 2nd quarter. Comerica Bank now owns 223,658 shares of the energy company’s stock valued at $2,974,000 after buying an additional 47,146 shares during the period. Institutional investors and hedge funds own 94.77% of the company’s stock.

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About Covanta

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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