Covanta Holding Corporation (NYSE:CVA) Rating Increased to Hold at BidaskClub

Covanta Holding Corporation (NYSE:CVA) was upgraded by research analysts at BidaskClub from a “sell” rating to a “hold” rating in a report issued on Tuesday, August 1st.

A number of other brokerages also recently issued reports on CVA. BMO Capital Markets initiated coverage on Covanta Holding Corporation in a research report on Thursday, June 29th. They set a “market perform” rating and a $16.00 price target on the stock. Stifel Nicolaus raised Covanta Holding Corporation from a “hold” rating to a “buy” rating and increased their price target for the stock from $15.50 to $17.00 in a research report on Monday, July 31st. Oppenheimer Holdings, Inc. reissued a “buy” rating on shares of Covanta Holding Corporation in a research report on Monday, July 17th. Barclays PLC raised Covanta Holding Corporation from an “equal weight” rating to an “overweight” rating and reduced their price target for the stock from $16.00 to $15.00 in a research report on Wednesday, July 12th. Finally, Robert W. Baird raised Covanta Holding Corporation from a “neutral” rating to an “outperform” rating and set a $17.00 price target on the stock in a research report on Monday, May 15th. Three equities research analysts have rated the stock with a sell rating, one has issued a hold rating and six have assigned a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $17.28.

Shares of Covanta Holding Corporation (CVA) traded up 0.73% during mid-day trading on Tuesday, hitting $13.80. The stock had a trading volume of 1,010,592 shares. The stock has a 50 day moving average of $13.83 and a 200-day moving average of $14.70. The stock’s market capitalization is $1.79 billion. Covanta Holding Corporation has a 52 week low of $13.00 and a 52 week high of $16.50.

Covanta Holding Corporation (NYSE:CVA) last posted its earnings results on Thursday, July 27th. The energy company reported ($0.22) EPS for the quarter, missing the consensus estimate of ($0.18) by $0.04. Covanta Holding Corporation had a negative net margin of 1.41% and a negative return on equity of 9.81%. The firm had revenue of $424 million during the quarter, compared to analyst estimates of $416.18 million. During the same period in the previous year, the company posted ($0.22) EPS. Covanta Holding Corporation’s revenue for the quarter was up 1.4% compared to the same quarter last year. On average, equities research analysts predict that Covanta Holding Corporation will post ($0.23) earnings per share for the current year.

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In related news, insider Paul E. Stauder sold 2,500 shares of the firm’s stock in a transaction on Wednesday, May 24th. The stock was sold at an average price of $14.50, for a total transaction of $36,250.00. Following the completion of the transaction, the insider now directly owns 30,639 shares of the company’s stock, valued at approximately $444,265.50. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 11.60% of the stock is owned by company insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in CVA. First Trust Advisors LP raised its position in shares of Covanta Holding Corporation by 1,516.1% in the first quarter. First Trust Advisors LP now owns 442,867 shares of the energy company’s stock valued at $6,953,000 after buying an additional 415,464 shares in the last quarter. OLD National Bancorp IN raised its position in shares of Covanta Holding Corporation by 46.1% in the first quarter. OLD National Bancorp IN now owns 30,668 shares of the energy company’s stock valued at $481,000 after buying an additional 9,677 shares in the last quarter. Wells Fargo & Company MN raised its position in shares of Covanta Holding Corporation by 17.3% in the first quarter. Wells Fargo & Company MN now owns 566,739 shares of the energy company’s stock valued at $8,898,000 after buying an additional 83,547 shares in the last quarter. Miller Howard Investments Inc. NY raised its position in shares of Covanta Holding Corporation by 3.9% in the first quarter. Miller Howard Investments Inc. NY now owns 1,416,139 shares of the energy company’s stock valued at $22,233,000 after buying an additional 52,961 shares in the last quarter. Finally, Sit Investment Associates Inc. raised its position in shares of Covanta Holding Corporation by 270.2% in the first quarter. Sit Investment Associates Inc. now owns 17,400 shares of the energy company’s stock valued at $273,000 after buying an additional 12,700 shares in the last quarter. 90.91% of the stock is owned by institutional investors and hedge funds.

About Covanta Holding Corporation

Covanta Holding Corporation is a holding company. The Company, through its subsidiaries, owns and operates infrastructure for the conversion of waste to energy, as well as other waste disposal and renewable energy production businesses. The Company operates through North America segment, which consists of waste and energy services operations located primarily in the United States and Canada.

Analyst Recommendations for Covanta Holding Corporation (NYSE:CVA)

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