Covanta Holding Corporation (NYSE:CVA) was upgraded by equities researchers at BMO Capital Markets from a “market perform” rating to an “outperform” rating in a report issued on Monday, MarketBeat Ratings reports. The firm presently has a $17.00 target price on the energy company’s stock, up from their prior target price of $16.00. BMO Capital Markets’ target price points to a potential upside of 12.96% from the company’s current price.
A number of other research firms also recently issued reports on CVA. Zacks Investment Research downgraded shares of Covanta Holding Corporation from a “hold” rating to a “strong sell” rating in a report on Tuesday, June 27th. Robert W. Baird raised shares of Covanta Holding Corporation from a “neutral” rating to an “outperform” rating and set a $17.00 price objective on the stock in a report on Monday, May 15th. BidaskClub raised shares of Covanta Holding Corporation from a “sell” rating to a “hold” rating in a report on Wednesday, June 14th. Oppenheimer Holdings, Inc. reaffirmed a “buy” rating on shares of Covanta Holding Corporation in a report on Monday, July 17th. 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 stock from $16.00 to $15.00 in a report on Wednesday, July 12th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and six have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $17.28.
Shares of Covanta Holding Corporation (CVA) opened at 15.05 on Monday. Covanta Holding Corporation has a 52-week low of $13.00 and a 52-week high of $16.50. The firm’s 50-day moving average is $13.75 and its 200 day moving average is $14.83. The company’s market capitalization is $1.96 billion.
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 Zacks’ consensus estimate of ($0.18) by $0.04. The firm had revenue of $424 million for the quarter, compared to analysts’ expectations of $416.18 million. Covanta Holding Corporation had a negative return on equity of 9.22% and a negative net margin of 1.41%. Covanta Holding Corporation’s revenue was up 1.4% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.22) earnings per share. On average, equities research analysts anticipate that Covanta Holding Corporation will post ($0.10) earnings per share for the current year.
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In other news, insider Paul E. Stauder sold 2,500 shares of Covanta Holding Corporation stock in a transaction on Wednesday, May 24th. The stock was sold at an average price of $14.50, for a total transaction of $36,250.00. Following the sale, the insider now directly owns 30,639 shares in the company, valued at approximately $444,265.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Ronald J. Broglio sold 3,000 shares of Covanta Holding Corporation stock in a transaction on Wednesday, May 10th. The stock was sold at an average price of $14.33, for a total value of $42,990.00. Following the sale, the director now owns 8,672 shares in the company, valued at $124,269.76. The disclosure for this sale can be found here. Insiders own 11.60% of the company’s stock.
Several large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake in Covanta Holding Corporation by 4.4% in the first quarter. Vanguard Group Inc. now owns 9,452,767 shares of the energy company’s stock worth $148,408,000 after buying an additional 395,551 shares during the last quarter. BlackRock Inc. boosted its stake in Covanta Holding Corporation by 17,486.2% in the first quarter. BlackRock Inc. now owns 5,904,931 shares of the energy company’s stock worth $92,706,000 after buying an additional 5,871,354 shares during the last quarter. RidgeWorth Capital Management LLC boosted its stake in Covanta Holding Corporation by 42.9% in the first quarter. RidgeWorth Capital Management LLC now owns 4,087,721 shares of the energy company’s stock worth $65,195,000 after buying an additional 1,226,577 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in Covanta Holding Corporation by 3.6% in the first quarter. Bank of New York Mellon Corp now owns 2,170,053 shares of the energy company’s stock worth $34,069,000 after buying an additional 75,707 shares during the last quarter. Finally, Snyder Capital Management L P boosted its stake in Covanta Holding Corporation by 4.4% in the first quarter. Snyder Capital Management L P now owns 2,155,550 shares of the energy company’s stock worth $33,842,000 after buying an additional 90,307 shares during the last quarter. Institutional investors own 90.13% of the company’s stock.
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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