Zacks Investment Research Lowers Enviva (NYSE:EVA) to Hold

Zacks Investment Research lowered shares of Enviva (NYSE:EVAGet Rating) from a strong-buy rating to a hold rating in a research report released on Tuesday, Zacks.com reports.

According to Zacks, “Enviva Inc. is a producer of industrial wood pellets, a renewable and sustainable energy source produced by aggregating a natural resource, wood fiber, and processing it into a transportable form, wood pellets. Enviva Inc., formerly known as Enviva Partners LP, is based in BETHESDA, Md. “

Other equities analysts also recently issued research reports about the stock. Citigroup started coverage on shares of Enviva in a research note on Friday, February 4th. They issued a neutral rating for the company. Raymond James downgraded Enviva from an outperform rating to a market perform rating in a research report on Tuesday, April 5th. Royal Bank of Canada upped their price target on Enviva from $78.00 to $85.00 and gave the stock an outperform rating in a research report on Monday, March 7th. Truist Financial started coverage on Enviva in a research report on Tuesday, March 29th. They set a buy rating and a $100.00 price target on the stock. Finally, JPMorgan Chase & Co. upped their price target on Enviva from $76.00 to $77.00 and gave the stock a neutral rating in a research report on Tuesday, April 19th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of Hold and an average target price of $80.25.

Shares of NYSE:EVA opened at $67.44 on Tuesday. The company has a market capitalization of $4.49 billion, a price-to-earnings ratio of 118.22 and a beta of 0.96. Enviva has a 52 week low of $47.67 and a 52 week high of $91.06. The company has a quick ratio of 0.55, a current ratio of 0.77 and a debt-to-equity ratio of 4.55. The firm has a 50 day moving average of $79.75 and a 200 day moving average of $73.78.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 27th. Stockholders of record on Monday, May 16th will be issued a dividend of $0.905 per share. The ex-dividend date of this dividend is Friday, May 13th. This is a positive change from Enviva’s previous quarterly dividend of $0.86. This represents a $3.62 dividend on an annualized basis and a dividend yield of 5.37%.

In other Enviva news, EVP Yana Kravtsova sold 476 shares of the company’s stock in a transaction on Monday, May 9th. The shares were sold at an average price of $76.08, for a total value of $36,214.08. Following the sale, the executive vice president now directly owns 92,249 shares of the company’s stock, valued at $7,018,303.92. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Jeffrey W. Ubben sold 501,691 shares of the company’s stock in a transaction on Monday, March 7th. The shares were sold at an average price of $75.38, for a total transaction of $37,817,467.58. The disclosure for this sale can be found here. 13.30% of the stock is owned by insiders.

A number of large investors have recently bought and sold shares of the business. Riverstone Holdings LLC boosted its holdings in Enviva by 0.4% in the first quarter. Riverstone Holdings LLC now owns 27,901,225 shares of the energy company’s stock valued at $2,208,382,000 after purchasing an additional 103,302 shares during the last quarter. Vanguard Group Inc. purchased a new stake in Enviva in the first quarter valued at $194,589,000. American Century Companies Inc. raised its position in shares of Enviva by 2.4% in the first quarter. American Century Companies Inc. now owns 1,192,353 shares of the energy company’s stock worth $94,375,000 after acquiring an additional 27,539 shares during the period. GW&K Investment Management LLC acquired a new position in shares of Enviva in the first quarter worth about $43,814,000. Finally, BlackRock Inc. acquired a new position in shares of Enviva in the first quarter worth about $29,740,000.

Enviva Company Profile (Get Rating)

Enviva Inc produces and sells utility-grade wood pellets. The company's products are used as a substitute for coal in power generation, and combined heat and power plants. It serves power generators in the United Kingdom, Europe, and Japan. The company was formerly known as Enviva Partners, LP. Enviva Inc was incorporated in 2013 and is headquartered in Bethesda, Maryland.

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