Zacks Investment Research cut shares of Enviva Partners LP (NYSE:EVA) from a hold rating to a strong sell rating in a research note published on Friday.
According to Zacks, “Enviva Partners, LP is a master limited partnership which owns and operates wood pellet production plants. It serves primarily in the United States and Europe. Enviva Partners, LP is based in Bethesa, United States. “
Separately, Royal Bank of Canada increased their target price on shares of Enviva Partners from $29.00 to $33.00 and gave the stock an outperform rating in a research note on Wednesday, March 8th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the company. The stock presently has a consensus rating of Hold and a consensus price target of $28.00.
Enviva Partners (NYSE:EVA) opened at 27.65 on Friday. The company has a 50-day moving average of $28.52 and a 200-day moving average of $27.71. Enviva Partners has a 52 week low of $19.31 and a 52 week high of $30.60. The company has a market capitalization of $726.75 million, a PE ratio of 34.82 and a beta of 1.17.
Enviva Partners (NYSE:EVA) last posted its earnings results on Wednesday, May 10th. The energy company reported $0.08 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.37 by $0.29. Enviva Partners had a return on equity of 12.79% and a net margin of 9.16%. The firm had revenue of $122.10 million during the quarter, compared to analysts’ expectations of $139.30 million. During the same quarter in the prior year, the company earned $0.29 earnings per share. The business’s revenue for the quarter was up 13.8% compared to the same quarter last year. On average, equities research analysts anticipate that Enviva Partners will post $1.32 EPS for the current year.
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The business also recently declared a quarterly dividend, which will be paid on Tuesday, May 30th. Stockholders of record on Thursday, May 18th will be issued a $0.555 dividend. This is a positive change from Enviva Partners’s previous quarterly dividend of $0.54. The ex-dividend date is Tuesday, May 16th. This represents a $2.22 dividend on an annualized basis and a dividend yield of 8.03%. Enviva Partners’s dividend payout ratio is presently 138.07%.
Several institutional investors have recently modified their holdings of the company. James Investment Research Inc. raised its position in shares of Enviva Partners by 0.4% in the first quarter. James Investment Research Inc. now owns 103,530 shares of the energy company’s stock worth $2,909,000 after buying an additional 420 shares during the last quarter. Navellier & Associates Inc bought a new position in shares of Enviva Partners during the first quarter worth approximately $623,000. Usca Ria LLC raised its position in shares of Enviva Partners by 12.9% in the third quarter. Usca Ria LLC now owns 69,900 shares of the energy company’s stock worth $1,887,000 after buying an additional 8,000 shares during the last quarter. Blackstone Group L.P. raised its position in shares of Enviva Partners by 66.5% in the third quarter. Blackstone Group L.P. now owns 1,075,939 shares of the energy company’s stock worth $29,039,000 after buying an additional 429,544 shares during the last quarter. Finally, Cetera Advisors LLC raised its position in shares of Enviva Partners by 91.8% in the third quarter. Cetera Advisors LLC now owns 20,265 shares of the energy company’s stock worth $548,000 after buying an additional 9,700 shares during the last quarter.
About Enviva Partners
Enviva Partners, LP is a supplier of utility-grade wood pellets to power generators. The Company procures wood fiber and processes it into utility-grade wood pellets and loads the finished wood pellets into railcars, trucks and barges that are transported to deep-water marine terminals, where they are received, stored and loaded onto oceangoing vessels for transport to the Company’s principally Northern European customers.
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