Covanta’s (CVA) “Buy” Rating Reiterated at Oppenheimer

Oppenheimer restated their buy rating on shares of Covanta (NYSE:CVA) in a research note issued to investors on Tuesday. They currently have a $19.00 price target on the energy company’s stock.

A number of other analysts have also weighed in on CVA. Robert W. Baird restated a buy rating and set a $17.00 target price on shares of Covanta in a research note on Friday, September 1st. Stifel Nicolaus reissued a buy rating and issued a $17.00 price objective on shares of Covanta in a report on Tuesday, September 5th. Zacks Investment Research raised Covanta from a sell rating to a hold rating in a report on Monday, September 18th. Finally, BMO Capital Markets increased their price objective on Covanta from $17.00 to $20.00 and gave the stock an outperform rating in a research report on Monday, October 30th. Two research analysts have rated the stock with a sell rating, one has issued a hold rating and six have assigned a buy rating to the stock. Covanta presently has a consensus rating of Hold and a consensus target price of $17.56.

Covanta (CVA) opened at $17.10 on Tuesday. The company has a debt-to-equity ratio of 8.39, a quick ratio of 1.21 and a current ratio of 1.21. Covanta has a 1 year low of $13.00 and a 1 year high of $17.30.

Covanta (NYSE:CVA) last announced its quarterly earnings results on Thursday, October 26th. The energy company reported $0.12 earnings per share for the quarter, beating the consensus estimate of $0.08 by $0.04. The firm had revenue of $429.00 million for the quarter, compared to analysts’ expectations of $421.87 million. Covanta had a negative net margin of 3.68% and a negative return on equity of 12.66%. The company’s revenue was up 1.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.18 EPS. sell-side analysts expect that Covanta will post -0.26 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 5th. Shareholders of record on Friday, December 29th will be issued a dividend of $0.25 per share. The ex-dividend date is Thursday, December 28th. This represents a $1.00 annualized dividend and a yield of 5.85%. Covanta’s dividend payout ratio is presently -200.00%.

In other news, Director John Vincent Hickey sold 90,000 shares of the business’s stock in a transaction that occurred on Friday, October 20th. The stock was sold at an average price of $0.29, for a total value of $26,100.00. 11.60% of the stock is owned by insiders.

A number of hedge funds have recently made changes to their positions in the business. Nationwide Fund Advisors raised its stake in shares of Covanta by 326.4% in the 2nd quarter. Nationwide Fund Advisors now owns 68,021 shares of the energy company’s stock worth $898,000 after buying an additional 52,068 shares in the last quarter. Pinnacle Associates Ltd. raised its stake in shares of Covanta by 91.9% in the 2nd quarter. Pinnacle Associates Ltd. now owns 197,474 shares of the energy company’s stock worth $2,607,000 after buying an additional 94,548 shares in the last quarter. Bank of New York Mellon Corp raised its stake in shares of Covanta by 3.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 2,248,100 shares of the energy company’s stock worth $29,675,000 after buying an additional 78,047 shares in the last quarter. The Manufacturers Life Insurance Company raised its stake in shares of Covanta by 2,256.8% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 89,368 shares of the energy company’s stock worth $1,180,000 after buying an additional 85,576 shares in the last quarter. Finally, Marathon Capital Management acquired a new stake in shares of Covanta during the second quarter worth $1,328,000. Institutional investors own 94.77% of the company’s stock.

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About Covanta

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.

Analyst Recommendations for Covanta (NYSE:CVA)

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