An issue of Covanta Holding Corporation (NYSE:CVA) debt rose 0.9% against its face value during trading on Tuesday. The debt issue has a 5.875% coupon and is set to mature on July 1, 2025. The debt is now trading at $99.63 and was trading at $98.63 one week ago. Price changes in a company’s debt in credit markets sometimes predict parallel changes in its stock price.
A number of equities research analysts have recently issued reports on the stock. Stifel Nicolaus raised shares of Covanta Holding Corporation from a “hold” rating to a “buy” rating and upped their price objective for the company from $15.50 to $17.00 in a research note on Monday, July 31st. BMO Capital Markets raised shares of Covanta Holding Corporation from a “market perform” rating to an “outperform” rating and upped their price objective for the company from $16.00 to $17.00 in a research note on Monday, July 31st. BidaskClub raised shares of Covanta Holding Corporation from a “sell” rating to a “hold” rating in a research note on Tuesday, August 1st. Robert W. Baird raised shares of Covanta Holding Corporation from a “neutral” rating to an “outperform” rating and set a $17.00 price objective for the company in a research note on Monday, May 15th. Finally, Barclays PLC raised shares of Covanta Holding Corporation from an “equal weight” rating to an “overweight” rating and cut their price objective for the company from $16.00 to $15.00 in a research note on Wednesday, July 12th. Two analysts have rated the stock with a sell rating, two have issued a hold rating and six have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $17.28.
Shares of Covanta Holding Corporation (CVA) traded down 0.868% during midday trading on Thursday, reaching $14.275. 205,062 shares of the company’s stock traded hands. The company’s market capitalization is $1.86 billion. Covanta Holding Corporation has a one year low of $13.00 and a one year high of $16.50. The company has a 50-day moving average of $13.78 and a 200-day moving average of $14.79.
Covanta Holding Corporation (NYSE:CVA) last posted its quarterly earnings data on Thursday, July 27th. The energy company reported ($0.22) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.18) by $0.04. Covanta Holding Corporation had a negative net margin of 1.41% and a negative return on equity of 9.81%. The company had revenue of $424 million for the quarter, compared to analyst estimates of $416.18 million. During the same quarter last year, the company earned ($0.22) EPS. The business’s revenue was up 1.4% compared to the same quarter last year. Equities research analysts anticipate that Covanta Holding Corporation will post ($0.23) EPS for the current year.
In other news, insider Paul E. Stauder sold 2,500 shares of the company’s stock in a transaction dated 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 owns 30,639 shares in the company, valued at $444,265.50. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 11.60% of the company’s stock.
Several institutional investors have recently bought and sold shares of CVA. Quadrature Capital Ltd bought a new position in Covanta Holding Corporation during the fourth quarter valued at about $318,000. Teachers Advisors LLC increased its position in Covanta Holding Corporation by 46.6% in the fourth quarter. Teachers Advisors LLC now owns 156,632 shares of the energy company’s stock valued at $2,443,000 after buying an additional 49,777 shares during the period. Raymond James Trust N.A. increased its position in Covanta Holding Corporation by 39.5% in the first quarter. Raymond James Trust N.A. now owns 22,310 shares of the energy company’s stock valued at $351,000 after buying an additional 6,312 shares during the period. GW&K Investment Management LLC increased its position in Covanta Holding Corporation by 36.5% in the first quarter. GW&K Investment Management LLC now owns 1,858,196 shares of the energy company’s stock valued at $29,174,000 after buying an additional 497,292 shares during the period. Finally, Nisa Investment Advisors LLC increased its position in Covanta Holding Corporation by 49.7% in the first quarter. Nisa Investment Advisors LLC now owns 29,500 shares of the energy company’s stock valued at $463,000 after buying an additional 9,800 shares during the period. Hedge funds and other institutional investors own 90.04% of the company’s stock.
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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.
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