Enviva Partners (NYSE:EVA) Downgraded by Zacks Investment Research to “Sell”

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Enviva Partners (NYSE:EVA) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Wednesday, Zacks.com reports.

According to Zacks, “Enviva Partners, LP is a master limited partnership which owns and operates wood pellet production plants. It serves primarily in the United States and Europe. Enviva Partners, LP is based in Bethesa, United States. “

A number of other analysts have also commented on EVA. Goldman Sachs Group upgraded shares of Enviva Partners from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $32.00 to $37.00 in a research note on Monday, June 24th. Royal Bank of Canada set a $39.00 price target on shares of Enviva Partners and gave the stock a “buy” rating in a research note on Monday, August 12th. One investment analyst has rated the stock with a sell rating and three have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus price target of $37.67.

Shares of EVA stock traded up $0.29 during trading hours on Wednesday, reaching $30.88. The company had a trading volume of 42,126 shares, compared to its average volume of 60,567. The business has a fifty day moving average price of $30.33 and a 200-day moving average price of $30.88. Enviva Partners has a one year low of $25.40 and a one year high of $33.48. The firm has a market cap of $1.04 billion, a PE ratio of 43.49 and a beta of 0.90. The company has a debt-to-equity ratio of 2.20, a quick ratio of 0.53 and a current ratio of 0.75.

Several hedge funds have recently made changes to their positions in EVA. NEXT Financial Group Inc grew its stake in shares of Enviva Partners by 240.0% in the second quarter. NEXT Financial Group Inc now owns 850 shares of the energy company’s stock worth $27,000 after acquiring an additional 600 shares during the period. Westwood Holdings Group Inc. bought a new stake in shares of Enviva Partners in the first quarter worth approximately $29,000. Enterprise Financial Services Corp bought a new stake in shares of Enviva Partners in the first quarter worth approximately $42,000. Tower Research Capital LLC TRC grew its stake in shares of Enviva Partners by 3,199.0% in the second quarter. Tower Research Capital LLC TRC now owns 3,299 shares of the energy company’s stock worth $104,000 after acquiring an additional 3,199 shares during the period. Finally, JPMorgan Chase & Co. grew its stake in shares of Enviva Partners by 140.7% in the second quarter. JPMorgan Chase & Co. now owns 4,910 shares of the energy company’s stock worth $152,000 after acquiring an additional 2,870 shares during the period. Hedge funds and other institutional investors own 98.58% of the company’s stock.

Enviva Partners Company Profile

Enviva Partners, LP produces and supplies utility-grade wood pellets. It serves utilities and large-scale power generators in the United Kingdom and other European markets. Enviva Partners GP, LLC operates as the general partner of the company. Enviva Partners, LP was founded in 2013 and is based in Bethesda, Maryland.

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