Brokerages forecast that Covanta Holding Corp (NYSE:CVA) will announce earnings per share (EPS) of $0.08 for the current quarter, Zacks Investment Research reports. Four analysts have issued estimates for Covanta’s earnings, with the lowest EPS estimate coming in at $0.03 and the highest estimate coming in at $0.10. Covanta posted earnings of $0.12 per share in the same quarter last year, which suggests a negative year-over-year growth rate of 33.3%. The business is scheduled to announce its next quarterly earnings report on Thursday, October 25th.
According to Zacks, analysts expect that Covanta will report full year earnings of $0.06 per share for the current year, with EPS estimates ranging from $0.04 to $0.09. For the next fiscal year, analysts anticipate that the firm will report earnings of $0.07 per share, with EPS estimates ranging from $0.01 to $0.12. Zacks’ earnings per share averages are an average based on a survey of research firms that follow Covanta.
Covanta (NYSE:CVA) last issued its quarterly earnings data on Thursday, July 26th. The energy company reported ($0.01) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.10) by $0.09. The firm had revenue of $454.00 million for the quarter, compared to analyst estimates of $451.63 million. Covanta had a net margin of 17.21% and a return on equity of 2.63%. Covanta’s revenue was up 7.1% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.22) EPS.
Several analysts recently issued reports on CVA shares. ValuEngine upgraded shares of Covanta from a “hold” rating to a “buy” rating in a report on Tuesday, June 26th. Zacks Investment Research lowered shares of Covanta from a “hold” rating to a “sell” rating in a report on Thursday, July 26th. BMO Capital Markets reaffirmed a “buy” rating and issued a $20.00 target price (up from $19.00) on shares of Covanta in a research report on Friday, July 27th. Credit Suisse Group lifted their target price on Covanta from $16.00 to $17.00 and gave the company a “neutral” rating in a research report on Monday, July 30th. Finally, Raymond James lifted their target price on Covanta from $17.50 to $19.00 and gave the company a “strong-buy” rating in a research report on Monday, July 30th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, three have given a buy rating and one has given a strong buy rating to the company. Covanta presently has a consensus rating of “Hold” and an average target price of $17.75.
In other Covanta news, insider Paul E. Stauder sold 2,000 shares of Covanta stock in a transaction dated Monday, August 27th. The stock was sold at an average price of $17.53, for a total value of $35,060.00. Following the completion of the transaction, the insider now directly owns 42,025 shares of the company’s stock, valued at approximately $736,698.25. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 10.90% of the company’s stock.
Several institutional investors have recently made changes to their positions in CVA. Quad Cities Investment Group LLC acquired a new position in shares of Covanta during the first quarter worth about $150,000. Trexquant Investment LP acquired a new position in shares of Covanta during the second quarter worth about $191,000. Tower Research Capital LLC TRC acquired a new position in shares of Covanta during the second quarter worth about $206,000. Paloma Partners Management Co acquired a new position in shares of Covanta during the second quarter worth about $253,000. Finally, Stephens Inc. AR acquired a new position in shares of Covanta during the second quarter worth about $280,000. 84.09% of the stock is owned by institutional investors and hedge funds.
CVA traded up $0.11 on Wednesday, hitting $15.99. The company had a trading volume of 30,979 shares, compared to its average volume of 755,278. The firm has a market cap of $2.13 billion, a P/E ratio of -43.43, a price-to-earnings-growth ratio of 18.06 and a beta of 0.77. Covanta has a 1 year low of $14.15 and a 1 year high of $18.05. The company has a current ratio of 1.20, a quick ratio of 1.20 and a debt-to-equity ratio of 4.26.
The company also recently announced a quarterly dividend, which was paid on Friday, October 5th. Shareholders of record on Friday, September 28th were given a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 6.25%. The ex-dividend date of this dividend was Thursday, September 27th. Covanta’s dividend payout ratio is currently -270.27%.
Covanta Holding Corporation, through its subsidiaries, provides waste and energy services to municipal entities primarily in the United States and Canada. It owns and operates infrastructure for the conversion of waste to energy, as well as engages in related waste transport and disposal, and other renewable energy production businesses.
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