Analysts Set Covanta Holding Corp (NYSE:CVA) Target Price at $17.50

Covanta Holding Corp (NYSE:CVA) has earned a consensus recommendation of “Buy” from the ten ratings firms that are presently covering the firm, MarketBeat.com reports. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. The average twelve-month target price among brokers that have issued a report on the stock in the last year is $17.50.

Several equities research analysts recently commented on CVA shares. BMO Capital Markets boosted their target price on Covanta from $18.00 to $19.00 and gave the stock an “outperform” rating in a report on Tuesday, March 19th. UBS Group upped their price target on Covanta from $16.00 to $17.00 and gave the company a “neutral” rating in a report on Thursday, April 4th. TheStreet cut Covanta from a “b-” rating to a “c” rating in a report on Friday, April 26th. Zacks Investment Research cut Covanta from a “hold” rating to a “strong sell” rating in a report on Tuesday, April 23rd. Finally, Macquarie began coverage on Covanta in a report on Monday, April 29th. They issued an “outperform” rating on the stock.

In other Covanta news, Director Ronald J. Broglio sold 6,500 shares of the business’s stock in a transaction on Friday, May 17th. The shares were sold at an average price of $17.72, for a total transaction of $115,180.00. Following the sale, the director now directly owns 6,487 shares of the company’s stock, valued at approximately $114,949.64. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Timothy Simpson sold 44,116 shares of the business’s stock in a transaction on Wednesday, May 15th. The shares were sold at an average price of $17.78, for a total transaction of $784,382.48. Following the sale, the vice president now directly owns 133,582 shares in the company, valued at $2,375,087.96. The disclosure for this sale can be found here. 11.00% of the stock is currently owned by corporate insiders.

A number of large investors have recently made changes to their positions in CVA. Coastal Investment Advisors Inc. acquired a new stake in Covanta during the 1st quarter valued at $44,000. IFP Advisors Inc raised its stake in Covanta by 79.6% during the 4th quarter. IFP Advisors Inc now owns 4,000 shares of the energy company’s stock valued at $53,000 after purchasing an additional 1,773 shares during the period. Oppenheimer Asset Management Inc. acquired a new stake in Covanta during the 4th quarter valued at $55,000. NumerixS Investment Technologies Inc raised its stake in Covanta by 197.3% during the 4th quarter. NumerixS Investment Technologies Inc now owns 7,136 shares of the energy company’s stock valued at $95,000 after purchasing an additional 4,736 shares during the period. Finally, Cipher Capital LP acquired a new stake in Covanta during the 4th quarter valued at $164,000. 79.49% of the stock is currently owned by institutional investors.

Shares of NYSE:CVA opened at $17.75 on Tuesday. Covanta has a 12 month low of $12.92 and a 12 month high of $18.25. The company has a market cap of $2.32 billion, a P/E ratio of -177.50, a PEG ratio of 5.67 and a beta of 1.33. 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 (NYSE:CVA) last announced its earnings results on Thursday, April 25th. The energy company reported $0.03 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.18) by $0.21. Covanta had a positive return on equity of 0.79% and a negative net margin of 2.36%. The firm had revenue of $453.00 million for the quarter, compared to analysts’ expectations of $453.72 million. During the same quarter in the previous year, the company earned ($0.09) earnings per share. The firm’s quarterly revenue was down 1.1% compared to the same quarter last year. As a group, analysts anticipate that Covanta will post 0.21 earnings per share for the current fiscal year.

The business also recently declared 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. The ex-dividend date of this dividend is Thursday, June 27th. This represents a $1.00 annualized dividend and a dividend yield of 5.63%. Covanta’s dividend payout ratio is currently -1,000.00%.

About Covanta

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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