Covanta (NYSE:CVA) Releases Quarterly Earnings Results, Beats Estimates By $0.09 EPS

Covanta (NYSE:CVA) released its earnings results on Thursday. The energy company reported ($0.10) EPS for the quarter, topping analysts’ consensus estimates of ($0.19) by $0.09, Fidelity Earnings reports. The company had revenue of $454.00 million for the quarter, compared to the consensus estimate of $450.27 million. Covanta had a negative return on equity of 5.40% and a negative net margin of 1.01%.

Shares of NYSE CVA traded up $0.30 during trading on Friday, hitting $9.84. The company had a trading volume of 891,145 shares, compared to its average volume of 643,388. Covanta has a 52 week low of $6.57 and a 52 week high of $17.97. The business’s 50-day moving average is $9.40 and its 200 day moving average is $10.64. The company has a market cap of $1.30 billion, a P/E ratio of -65.60 and a beta of 1.24. The company has a debt-to-equity ratio of 8.35, a quick ratio of 1.12 and a current ratio of 1.12.

The firm also recently declared a quarterly dividend, which was paid on Friday, July 10th. Shareholders of record on Friday, June 26th were given a $0.08 dividend. The ex-dividend date was Thursday, June 25th. This represents a $0.32 annualized dividend and a yield of 3.25%. Covanta’s dividend payout ratio (DPR) is 457.14%.

A number of equities analysts have commented on CVA shares. UBS Group raised shares of Covanta from a “neutral” rating to a “buy” rating and decreased their price objective for the stock from $14.00 to $13.00 in a report on Wednesday, May 13th. Zacks Investment Research cut shares of Covanta from a “hold” rating to a “sell” rating and set a $10.00 target price on the stock. in a report on Thursday, June 11th. BMO Capital Markets reduced their price target on shares of Covanta to $7.00 and set a “market perform” rating for the company in a report on Sunday, April 19th. Stifel Nicolaus upgraded shares of Covanta from a “sell” rating to a “hold” rating and set a $9.50 price target on the stock in a research note on Sunday, May 10th. Finally, Oppenheimer restated a “buy” rating and set a $10.00 price objective on shares of Covanta in a research note on Thursday. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and three have assigned a buy rating to the company’s stock. Covanta currently has a consensus rating of “Hold” and a consensus target price of $11.44.

In related news, Director Ronald J. Broglio sold 6,000 shares of Covanta stock in a transaction on Tuesday, June 9th. The stock was sold at an average price of $9.78, for a total value of $58,680.00. Following the transaction, the director now directly owns 13,567 shares in the company, valued at approximately $132,685.26. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 11.10% of the company’s stock.

About Covanta

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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Earnings History for Covanta (NYSE:CVA)

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