Covanta Holding Corp Announces Quarterly Dividend of $0.25 (CVA)

Covanta Holding Corp (NYSE:CVA) announced a quarterly dividend on Thursday, December 6th, RTT News reports. Shareholders of record on Friday, December 28th will be paid a dividend of 0.25 per share by the energy company on Friday, January 4th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 6.33%.

Covanta has increased its dividend payment by an average of 8.9% annually over the last three years. Covanta has a payout ratio of 1,666.7% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research analysts expect Covanta to earn $0.10 per share next year, which means the company may not be able to cover its $1.00 annual dividend with an expected future payout ratio of 1,000.0%.

Shares of NYSE:CVA opened at $15.80 on Friday. The company has a debt-to-equity ratio of 4.87, a current ratio of 1.20 and a quick ratio of 1.20. The stock has a market cap of $2.05 billion, a P/E ratio of -42.70 and a beta of 1.01. Covanta has a 12-month low of $14.15 and a 12-month high of $18.05.

Covanta (NYSE:CVA) last issued its quarterly earnings data on Thursday, October 25th. The energy company reported ($0.04) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.11). The business had revenue of $456.00 million for the quarter, compared to analyst estimates of $449.75 million. Covanta had a negative return on equity of 1.30% and a net margin of 14.71%. On average, sell-side analysts forecast that Covanta will post -0.01 EPS for the current year.

CVA has been the subject of a number of recent analyst reports. ValuEngine raised Covanta from a “hold” rating to a “buy” rating in a research report on Friday, September 7th. Raymond James cut their price objective on Covanta from $19.00 to $17.00 and set a “strong-buy” rating for the company in a research report on Monday, October 29th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, three have assigned a buy rating and one has given a strong buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $17.33.

In related news, EVP Matthew Mulcahy sold 13,000 shares of the firm’s stock in a transaction dated Thursday, November 29th. The stock was sold at an average price of $16.53, for a total transaction of $214,890.00. Following the completion of the transaction, the executive vice president now directly owns 88,094 shares in the company, valued at approximately $1,456,193.82. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 11.60% of the company’s stock.

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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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Dividend History for Covanta (NYSE:CVA)

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