Wall Street brokerages predict that Covanta Holding Corp (NYSE:CVA) will announce ($0.07) earnings per share for the current fiscal quarter, Zacks Investment Research reports. Four analysts have provided estimates for Covanta’s earnings. The highest EPS estimate is ($0.03) and the lowest is ($0.11). Covanta reported earnings of ($0.01) per share during the same quarter last year, which would indicate a negative year-over-year growth rate of 600%. The firm is expected to announce its next quarterly earnings report on Thursday, July 25th.
According to Zacks, analysts expect that Covanta will report full year earnings of $0.21 per share for the current financial year, with EPS estimates ranging from $0.17 to $0.23. For the next year, analysts anticipate that the firm will post earnings of $0.10 per share, with EPS estimates ranging from $0.05 to $0.18. Zacks’ earnings per share calculations are an average based on a survey of sell-side research firms that that provide coverage for Covanta.
Covanta (NYSE:CVA) last announced its quarterly earnings data on Thursday, April 25th. The energy company reported $0.03 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.18) by $0.21. Covanta had a negative net margin of 2.36% and a positive return on equity of 0.79%. The business had revenue of $453.00 million during the quarter, compared to the consensus estimate of $453.72 million. During the same quarter in the prior year, the firm earned ($0.09) EPS. The company’s revenue for the quarter was down 1.1% compared to the same quarter last year.
CVA has been the subject of a number of recent research reports. Macquarie initiated coverage on shares of Covanta in a research report on Monday, April 29th. They set an “outperform” rating for the company. TheStreet downgraded shares of Covanta from a “b-” rating to a “c” rating in a research report on Friday, April 26th. BMO Capital Markets boosted their price objective on shares of Covanta from $18.00 to $19.00 and gave the company an “outperform” rating in a research report on Tuesday, March 19th. Zacks Investment Research downgraded shares of Covanta from a “hold” rating to a “strong sell” rating in a research report on Tuesday, April 23rd. Finally, UBS Group boosted their price objective on shares of Covanta from $16.00 to $17.00 and gave the company a “neutral” rating in a research report on Thursday, April 4th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $17.50.
Shares of NYSE:CVA traded up $0.28 during trading on Friday, reaching $17.94. 17,199 shares of the company’s stock traded hands, compared to its average volume of 545,428. The company has a quick ratio of 1.23, a current ratio of 1.23 and a debt-to-equity ratio of 5.56. Covanta has a 12 month low of $12.92 and a 12 month high of $18.25. The company has a market cap of $2.33 billion, a PE ratio of -179.30, a P/E/G ratio of 5.71 and a beta of 1.33.
The company also recently announced a quarterly dividend, which will be paid on Friday, July 12th. Shareholders of record on Friday, June 28th will be given a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 5.57%. The ex-dividend date is Thursday, June 27th. Covanta’s dividend payout ratio (DPR) is -1,000.00%.
In other Covanta news, VP Timothy Simpson sold 44,116 shares of the company’s stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $17.78, for a total value of $784,382.48. Following the completion of the transaction, the vice president now owns 133,582 shares in the company, valued at approximately $2,375,087.96. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Ronald J. Broglio sold 6,500 shares of the company’s stock in a transaction dated Friday, May 17th. The stock was sold at an average price of $17.72, for a total transaction of $115,180.00. Following the completion of the transaction, the director now owns 6,487 shares of the company’s stock, valued at approximately $114,949.64. The disclosure for this sale can be found here. 11.00% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the business. Coastal Investment Advisors Inc. bought a new position in Covanta in the 1st quarter worth about $44,000. IFP Advisors Inc grew its position in Covanta by 79.6% in the 4th quarter. IFP Advisors Inc now owns 4,000 shares of the energy company’s stock worth $53,000 after purchasing an additional 1,773 shares during the last quarter. Oppenheimer Asset Management Inc. bought a new position in Covanta in the 4th quarter worth about $55,000. NumerixS Investment Technologies Inc grew its position in Covanta by 197.3% in the 4th quarter. NumerixS Investment Technologies Inc now owns 7,136 shares of the energy company’s stock worth $95,000 after purchasing an additional 4,736 shares during the last quarter. Finally, Cipher Capital LP acquired a new stake in shares of Covanta in the 4th quarter worth approximately $164,000. Hedge funds and other institutional investors own 79.49% of the company’s stock.
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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