Covanta (NYSE:CVA) Reaches New 1-Year High at $16.42

Covanta Holding Co. (NYSE:CVA) shares hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $16.42 and last traded at $16.38, with a volume of 11020 shares trading hands. The stock had previously closed at $14.86.

CVA has been the subject of a number of research analyst reports. Zacks Investment Research upgraded shares of Covanta from a “hold” rating to a “buy” rating and set a $16.00 price target for the company in a report on Monday, March 15th. Raymond James reiterated a “hold” rating on shares of Covanta in a report on Monday, February 22nd. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $14.13.

The company has a debt-to-equity ratio of 8.71, a current ratio of 1.06 and a quick ratio of 1.06. The business’s fifty day moving average price is $14.57. The firm has a market cap of $2.32 billion, a PE ratio of 437.11 and a beta of 1.38.

Covanta (NYSE:CVA) last posted its earnings results on Thursday, April 29th. The energy company reported $0.01 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.14) by $0.15. Covanta had a net margin of 0.31% and a return on equity of 2.06%. The firm had revenue of $498.00 million during the quarter, compared to the consensus estimate of $471.63 million. Analysts expect that Covanta Holding Co. will post 0.21 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Friday, July 2nd. Shareholders of record on Thursday, June 24th will be paid a dividend of $0.08 per share. The ex-dividend date of this dividend is Wednesday, June 23rd. This represents a $0.32 annualized dividend and a dividend yield of 1.83%. Covanta’s dividend payout ratio is currently -152.38%.

Institutional investors have recently added to or reduced their stakes in the business. Ameritas Investment Company LLC acquired a new stake in shares of Covanta during the 1st quarter worth about $68,000. Royal Bank of Canada boosted its stake in shares of Covanta by 24.8% during the 1st quarter. Royal Bank of Canada now owns 9,804 shares of the energy company’s stock worth $136,000 after purchasing an additional 1,947 shares during the last quarter. Clearstead Advisors LLC acquired a new stake in shares of Covanta during the 1st quarter worth about $139,000. Verition Fund Management LLC acquired a new stake in shares of Covanta in the fourth quarter worth approximately $136,000. Finally, Vident Investment Advisory LLC acquired a new stake in shares of Covanta in the first quarter worth approximately $146,000. 79.24% of the stock is currently owned by institutional investors.

About Covanta (NYSE:CVA)

Covanta Holding Corporation, through its subsidiaries, provides waste and energy services to municipal entities primarily in the United States and internationally. It owns and operates infrastructure for the conversion of waste to energy (WtE), as well as engages in related waste transport and disposal, and other renewable energy generation businesses.

Further Reading: The benefits and drawbacks of dollar cost averaging

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's FREE daily email newsletter.