Covanta Holding Corp (NYSE:CVA) declared a quarterly dividend on Friday, May 10th, Wall Street Journal reports. Shareholders of record on Friday, June 28th will be given a dividend of 0.25 per share by the energy company on Friday, July 12th. This represents a $1.00 dividend on an annualized basis and a yield of 5.57%. The ex-dividend date of this dividend is Thursday, June 27th.
Covanta has a payout ratio of 1,666.7% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities analysts expect Covanta to earn $0.10 per share next year, which means the company may not be able to cover its $1.00 annual dividend with an expected future payout ratio of 1,000.0%.
CVA stock opened at $17.95 on Wednesday. The business’s 50-day moving average price is $17.60. The company has a market cap of $2.36 billion, a PE ratio of -179.50, a PEG ratio of 5.77 and a beta of 1.33. The company has a debt-to-equity ratio of 5.56, a quick ratio of 1.23 and a current ratio of 1.23. Covanta has a 1 year low of $12.92 and a 1 year high of $18.38.
Covanta (NYSE:CVA) last released its earnings results on Thursday, April 25th. The energy company reported $0.03 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.18) by $0.21. The firm had revenue of $453.00 million during the quarter, compared to analysts’ expectations of $453.72 million. Covanta had a positive return on equity of 0.79% and a negative net margin of 2.36%. The company’s revenue was down 1.1% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.09) EPS. On average, equities analysts expect that Covanta will post 0.21 earnings per share for the current year.
A number of research firms have issued reports on CVA. TheStreet cut Covanta from a “b-” rating to a “c” rating in a report on Friday, April 26th. Macquarie initiated coverage on Covanta in a report on Monday, April 29th. They issued an “outperform” rating for the company. Zacks Investment Research cut Covanta from a “hold” rating to a “strong sell” rating in a report on Tuesday, April 23rd. UBS Group raised their price objective on Covanta from $16.00 to $17.00 and gave the company a “neutral” rating in a report on Thursday, April 4th. Finally, BMO Capital Markets raised their price objective on Covanta from $18.00 to $19.00 and gave the company an “outperform” rating in a report on Tuesday, March 19th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $17.50.
In related news, VP Timothy Simpson sold 44,116 shares of the firm’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 sale, the vice president now directly owns 133,582 shares in the company, valued at approximately $2,375,087.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Ronald J. Broglio sold 6,500 shares of the firm’s 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 sale, the director now owns 6,487 shares of the company’s stock, valued at $114,949.64. The disclosure for this sale can be found here. 11.00% of the stock is owned by company insiders.
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.
Read More: Trading on Margin
Receive News & Ratings for Covanta Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Covanta and related companies with MarketBeat.com's FREE daily email newsletter.