TRUE Private Wealth Advisors Acquires New Position in Covanta Holding Corp (NYSE:CVA)

TRUE Private Wealth Advisors acquired a new stake in shares of Covanta Holding Corp (NYSE:CVA) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 3,175 shares of the energy company’s stock, valued at approximately $57,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in CVA. Strs Ohio purchased a new position in shares of Covanta during the 2nd quarter valued at about $48,000. Advisory Services Network LLC raised its holdings in shares of Covanta by 80.2% during the 2nd quarter. Advisory Services Network LLC now owns 2,795 shares of the energy company’s stock valued at $50,000 after buying an additional 1,244 shares in the last quarter. NumerixS Investment Technologies Inc raised its holdings in shares of Covanta by 34.5% during the 1st quarter. NumerixS Investment Technologies Inc now owns 9,600 shares of the energy company’s stock valued at $166,000 after buying an additional 2,464 shares in the last quarter. Steward Partners Investment Advisory LLC purchased a new position in shares of Covanta during the 2nd quarter valued at about $169,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Covanta by 42.2% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,429 shares of the energy company’s stock valued at $169,000 after buying an additional 2,800 shares in the last quarter. 78.57% of the stock is currently owned by institutional investors.

A number of equities analysts recently weighed in on CVA shares. Macquarie started coverage on Covanta in a report on Monday, April 29th. They set an “outperform” rating on the stock. TheStreet cut Covanta from a “b-” rating to a “c” rating in a report on Friday, April 26th. Finally, Zacks Investment Research upgraded Covanta from a “strong sell” rating to a “hold” rating and set a $14.00 price target on the stock in a research report on Wednesday, July 31st. Three investment analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $17.00.

In related news, EVP Castro Michael Joseph De sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, July 30th. The stock was sold at an average price of $17.08, for a total transaction of $170,800.00. Following the transaction, the executive vice president now directly owns 90,203 shares in the company, valued at approximately $1,540,667.24. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Paul E. Stauder sold 2,996 shares of the firm’s stock in a transaction that occurred on Wednesday, July 31st. The stock was sold at an average price of $17.25, for a total value of $51,681.00. Following the transaction, the insider now owns 51,599 shares in the company, valued at $890,082.75. The disclosure for this sale can be found here. 11.00% of the stock is owned by company insiders.

CVA traded up $0.36 on Friday, hitting $16.78. 546,200 shares of the company were exchanged, compared to its average volume of 766,735. The firm has a fifty day simple moving average of $17.33 and a two-hundred day simple moving average of $17.33. The company has a debt-to-equity ratio of 6.19, a quick ratio of 1.30 and a current ratio of 1.30. Covanta Holding Corp has a 12 month low of $12.92 and a 12 month high of $18.38. The stock has a market capitalization of $2.21 billion, a PE ratio of -167.80, a price-to-earnings-growth ratio of 20.39 and a beta of 1.31.

Covanta (NYSE:CVA) last posted its quarterly earnings results on Thursday, July 25th. The energy company reported ($0.16) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.07). Covanta had a negative return on equity of 3.22% and a negative net margin of 1.81%. The company had revenue of $467.00 million for the quarter, compared to the consensus estimate of $467.05 million. During the same quarter in the previous year, the business earned ($0.01) earnings per share. Covanta’s revenue was up 2.9% compared to the same quarter last year. On average, equities analysts expect that Covanta Holding Corp will post 0.05 earnings per share for the current year.

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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Institutional Ownership by Quarter for Covanta (NYSE:CVA)

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