Enviva Partners (NYSE:EVA) Downgraded by Zacks Investment Research

Zacks Investment Research lowered shares of Enviva Partners (NYSE:EVA) from a hold rating to a sell rating in a report issued on Wednesday morning, Zacks.com reports.

According to Zacks, “Enviva Partners, LP is a master limited partnership which owns and operates wood pellet production plants. It serves primarily in the United States and Europe. Enviva Partners, LP is based in Bethesa, United States. “

A number of other equities analysts have also recently commented on the company. Goldman Sachs Group raised Enviva Partners from a neutral rating to a buy rating and raised their target price for the stock from $32.00 to $37.00 in a report on Monday, June 24th. Royal Bank of Canada set a $39.00 target price on Enviva Partners and gave the stock a buy rating in a report on Monday, August 12th.

Shares of Enviva Partners stock opened at $30.53 on Wednesday. Enviva Partners has a one year low of $25.40 and a one year high of $33.48. The stock’s fifty day moving average is $30.32 and its 200 day moving average is $30.88. The stock has a market cap of $1.03 billion, a P/E ratio of 43.00 and a beta of 0.90. The company has a debt-to-equity ratio of 2.20, a quick ratio of 0.53 and a current ratio of 0.75.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 29th. Shareholders of record on Thursday, August 15th will be issued a dividend of $0.66 per share. The ex-dividend date of this dividend is Wednesday, August 14th. This is a boost from Enviva Partners’s previous quarterly dividend of $0.65. This represents a $2.64 dividend on an annualized basis and a yield of 8.65%. Enviva Partners’s dividend payout ratio (DPR) is currently 371.83%.

A number of large investors have recently bought and sold shares of the business. Riverstone Holdings LLC grew its position in shares of Enviva Partners by 14.1% during the second quarter. Riverstone Holdings LLC now owns 13,586,375 shares of the energy company’s stock valued at $426,884,000 after purchasing an additional 1,681,237 shares in the last quarter. Carlyle Group L.P. grew its position in shares of Enviva Partners by 0.3% during the first quarter. Carlyle Group L.P. now owns 11,155,725 shares of the energy company’s stock valued at $359,772,000 after purchasing an additional 30,860 shares in the last quarter. HITE Hedge Asset Management LLC grew its position in shares of Enviva Partners by 66.0% during the first quarter. HITE Hedge Asset Management LLC now owns 787,669 shares of the energy company’s stock valued at $25,402,000 after purchasing an additional 313,267 shares in the last quarter. Kayne Anderson Capital Advisors LP grew its position in shares of Enviva Partners by 4.2% during the first quarter. Kayne Anderson Capital Advisors LP now owns 496,382 shares of the energy company’s stock valued at $16,003,000 after purchasing an additional 19,882 shares in the last quarter. Finally, UBS Group AG grew its position in shares of Enviva Partners by 10.1% during the second quarter. UBS Group AG now owns 416,973 shares of the energy company’s stock valued at $13,102,000 after purchasing an additional 38,261 shares in the last quarter. 98.58% of the stock is currently owned by institutional investors and hedge funds.

About Enviva Partners

Enviva Partners, LP produces and supplies utility-grade wood pellets. It serves utilities and large-scale power generators in the United Kingdom and other European markets. Enviva Partners GP, LLC operates as the general partner of the company. Enviva Partners, LP was founded in 2013 and is based in Bethesda, Maryland.

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