Analysts predict that Covanta Holding Corp (NYSE:CVA) will announce earnings per share (EPS) of ($0.07) for the current quarter, Zacks reports. Four analysts have made estimates for Covanta’s earnings. The lowest EPS estimate is ($0.11) and the highest is ($0.03). Covanta reported earnings of ($0.01) per share in the same quarter last year, which would indicate a negative year-over-year growth rate of 600%. The firm is scheduled to announce its next quarterly earnings results on Thursday, July 25th.
According to Zacks, analysts expect that Covanta will report full-year earnings of $0.21 per share for the current fiscal year, with EPS estimates ranging from $0.17 to $0.23. For the next year, analysts forecast that the company will post earnings of $0.10 per share, with EPS estimates ranging from $0.05 to $0.18. Zacks’ earnings per share averages are a mean average based on a survey of research firms that follow Covanta.
Covanta (NYSE:CVA) last posted its quarterly earnings results on Thursday, April 25th. The energy company reported $0.03 earnings per share for the quarter, topping the Zacks’ consensus estimate 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 period in the previous year, the firm posted ($0.09) earnings per share. Covanta’s revenue for the quarter was down 1.1% compared to the same quarter last year.
Several equities research analysts have commented on the stock. Zacks Investment Research downgraded shares of Covanta from a “hold” rating to a “strong sell” rating in a research note on Tuesday, April 23rd. TheStreet raised shares of Covanta from a “c” rating to a “b-” rating in a research note on Thursday, February 14th. Macquarie assumed coverage on shares of Covanta in a report on Monday, April 29th. They set an “outperform” rating for the company. Goldman Sachs Group upgraded shares of Covanta from a “neutral” rating to a “buy” rating and increased their target price for the stock from $16.50 to $19.00 in a report on Monday, February 4th. Finally, UBS Group increased their target price on shares of Covanta from $16.00 to $17.00 and gave the stock a “neutral” rating in a report on Thursday, April 4th. One analyst has rated the stock with a sell rating, three have issued a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. The stock has an average rating of “Buy” and a consensus price target of $17.50.
NYSE:CVA traded down $0.27 during trading hours on Thursday, hitting $17.20. The stock had a trading volume of 35,594 shares, compared to its average volume of 671,033. Covanta has a one year low of $12.92 and a one year high of $18.25. The company has a debt-to-equity ratio of 5.56, a quick ratio of 1.23 and a current ratio of 1.23. The company has a market capitalization of $2.32 billion, a PE ratio of -172.05, a PEG ratio of 5.68 and a beta of 1.36.
The company also recently declared a quarterly dividend, which will be paid on Friday, July 12th. Shareholders of record on Friday, June 28th will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 5.81%. The ex-dividend date of this dividend is Thursday, June 27th. Covanta’s dividend payout ratio is currently -1,000.00%.
In other news, VP Timothy Simpson sold 44,116 shares of the 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 transaction, the vice president now directly owns 133,582 shares of the company’s stock, valued at $2,375,087.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Ronald J. Broglio sold 6,500 shares of the stock in a transaction dated Friday, May 17th. The shares were 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 directly owns 6,487 shares in the company, valued at $114,949.64. The disclosure for this sale can be found here. Company insiders own 11.00% of the company’s stock.
Institutional investors and hedge funds have recently modified their holdings of the company. HighTower Advisors LLC increased its position in Covanta by 11.3% during the first quarter. HighTower Advisors LLC now owns 347,765 shares of the energy company’s stock worth $6,011,000 after acquiring an additional 35,197 shares during the period. Ladenburg Thalmann Financial Services Inc. grew its stake in Covanta by 2.3% during the first quarter. Ladenburg Thalmann Financial Services Inc. now owns 58,096 shares of the energy company’s stock worth $1,006,000 after buying an additional 1,304 shares in the last quarter. Man Group plc grew its stake in Covanta by 109.7% during the first quarter. Man Group plc now owns 23,383 shares of the energy company’s stock worth $405,000 after buying an additional 12,230 shares in the last quarter. Coastal Investment Advisors Inc. acquired a new stake in Covanta during the first quarter worth about $44,000. Finally, ArrowMark Colorado Holdings LLC acquired a new stake in Covanta during the first quarter worth about $6,474,000. 78.86% of the stock is currently owned by institutional investors.
Covanta Company Profile
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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