Covanta (CVA) Issues Quarterly Earnings Results, Misses Estimates By $0.05 EPS
Covanta (NYSE:CVA) posted its quarterly earnings results on Thursday. The energy company reported $0.04 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.09 by ($0.05), Bloomberg Earnings reports. The company had revenue of $500.00 million during the quarter, compared to analysts’ expectations of $485.25 million. Covanta had a negative return on equity of 1.30% and a net margin of 14.71%. The company’s quarterly revenue was up 1.0% on a year-over-year basis. During the same period in the prior year, the business earned $0.09 EPS.
NYSE CVA opened at $16.51 on Friday. The company has a current ratio of 1.20, a quick ratio of 1.20 and a debt-to-equity ratio of 4.87. The stock has a market cap of $2.26 billion, a price-to-earnings ratio of -44.62, a price-to-earnings-growth ratio of 19.97 and a beta of 1.32. Covanta has a one year low of $12.92 and a one year high of $18.05.
In other Covanta news, EVP Castro Michael Joseph De bought 10,000 shares of the business’s stock in a transaction on Friday, December 28th. The shares were acquired at an average price of $13.36 per share, with a total value of $133,600.00. Following the transaction, the executive vice president now owns 78,008 shares of the company’s stock, valued at approximately $1,042,186.88. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Matthew Mulcahy sold 13,000 shares of the firm’s stock in a transaction dated Thursday, November 29th. The shares were sold at an average price of $16.53, for a total transaction of $214,890.00. Following the transaction, the executive vice president now directly owns 88,094 shares in the company, valued at approximately $1,456,193.82. The disclosure for this sale can be found here. Company insiders own 10.90% of the company’s stock.
CVA has been the topic of several recent analyst reports. TheStreet raised shares of Covanta from a “c” rating to a “b-” rating in a research note on Thursday. ValuEngine raised shares of Covanta from a “hold” rating to a “buy” rating in a research note on Tuesday, November 6th. Goldman Sachs Group raised shares of Covanta from a “neutral” rating to a “buy” rating and raised their price target for the stock from $16.50 to $19.00 in a research note on Monday, February 4th. BMO Capital Markets reaffirmed a “buy” rating and issued a $18.00 price target on shares of Covanta in a research note on Tuesday, January 8th. Finally, Barclays initiated coverage on shares of Covanta in a research note on Monday, January 7th. They issued an “equal weight” rating and a $16.00 price target on the stock. Four equities research analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. The company has an average rating of “Buy” and an average target price of $17.00.
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.
Further Reading: Trading Strategy Examples and Plans
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.