Covanta Holding Corporation (CVA) Forecasted to Post FY2019 Earnings of $0.24 Per Share

Covanta Holding Corporation (NYSE:CVA) – Oppenheimer Holdings lifted their FY2019 earnings estimates for Covanta Holding Corporation in a research report issued on Friday. Oppenheimer Holdings analyst N. Kaye now anticipates that the energy company will post earnings of $0.24 per share for the year, up from their previous forecast of $0.21. Oppenheimer Holdings has a “Buy” rating on the stock. Oppenheimer Holdings also issued estimates for Covanta Holding Corporation’s FY2020 earnings at $0.28 EPS.

A number of other analysts have also issued reports on the company. BMO Capital Markets boosted their price target on Covanta Holding Corporation from $17.00 to $20.00 and gave the company an “outperform” rating in a report on Monday. Zacks Investment Research upgraded Covanta Holding Corporation from a “hold” rating to a “buy” rating and set a $17.00 price target for the company in a report on Monday, October 9th. Robert W. Baird reiterated a “buy” rating and issued a $17.00 price target on shares of Covanta Holding Corporation in a report on Friday, October 6th. Stifel Nicolaus reiterated a “buy” rating and issued a $17.00 price target on shares of Covanta Holding Corporation in a report on Tuesday, September 5th. Finally, BidaskClub lowered Covanta Holding Corporation from a “hold” rating to a “sell” rating in a report on Friday, August 11th. Two investment analysts have rated the stock with a sell rating and seven have issued a buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $17.44.

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Covanta Holding Corporation (NYSE:CVA) traded down 0.92% on Monday, reaching $16.10. The company’s stock had a trading volume of 1,444,232 shares. The firm has a 50-day moving average of $15.00 and a 200-day moving average of $14.37. The company’s market capitalization is $2.09 billion. Covanta Holding Corporation has a one year low of $13.00 and a one year high of $16.50.

Covanta Holding Corporation (NYSE:CVA) last released its quarterly 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. The business had revenue of $429.00 million during the quarter, compared to analyst estimates of $421.87 million. Covanta Holding Corporation had a negative return on equity of 12.12% and a negative net margin of 3.68%. Covanta Holding Corporation’s quarterly revenue was up 1.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.18 EPS.

A number of large investors have recently modified their holdings of CVA. Nationwide Fund Advisors increased its position in shares of Covanta Holding Corporation by 326.4% during the second quarter. Nationwide Fund Advisors now owns 68,021 shares of the energy company’s stock worth $898,000 after purchasing an additional 52,068 shares in the last quarter. Pinnacle Associates Ltd. increased its position in shares of Covanta Holding Corporation by 91.9% during the second quarter. Pinnacle Associates Ltd. now owns 197,474 shares of the energy company’s stock worth $2,607,000 after purchasing an additional 94,548 shares in the last quarter. Bank of New York Mellon Corp increased its position in shares of Covanta Holding Corporation by 3.6% during the second quarter. Bank of New York Mellon Corp now owns 2,248,100 shares of the energy company’s stock worth $29,675,000 after purchasing an additional 78,047 shares in the last quarter. Marathon Capital Management acquired a new position in shares of Covanta Holding Corporation during the second quarter worth $1,328,000. Finally, PARK CIRCLE Co increased its position in shares of Covanta Holding Corporation by 47.7% during the second quarter. PARK CIRCLE Co now owns 32,500 shares of the energy company’s stock worth $429,000 after purchasing an additional 10,500 shares in the last quarter. 96.57% of the stock is owned by institutional investors.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 6th. Investors of record on Thursday, September 28th were paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 6.21%. The ex-dividend date was Wednesday, September 27th. Covanta Holding Corporation’s dividend payout ratio (DPR) is -200.00%.

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.

Earnings History and Estimates for Covanta Holding Corporation (NYSE:CVA)

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