Covanta Holding Corp (CVA) to Issue Quarterly Dividend of $0.25

Covanta Holding Corp (NYSE:CVA) declared a quarterly dividend on Friday, May 10th, Wall Street Journal reports. Investors of record on Friday, June 28th will be paid a dividend of 0.25 per share by the energy company on Friday, July 12th. This represents a $1.00 annualized dividend and a dividend yield of 5.56%. The ex-dividend date of this dividend is Thursday, June 27th.

Covanta has a dividend payout ratio of 1,666.7% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities 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 $17.98 on Friday. The company has a market cap of $2.32 billion, a P/E ratio of 882.00, a P/E/G ratio of 5.67 and a beta of 1.36. The company has a debt-to-equity ratio of 5.56, a quick ratio of 1.23 and a current ratio of 1.23. Covanta has a 12-month low of $12.92 and a 12-month high of $18.25.

Covanta (NYSE:CVA) last announced its earnings results on Thursday, April 25th. The energy company reported $0.03 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.18) by $0.21. The company had revenue of $453.00 million for the quarter, compared to analysts’ expectations of $453.72 million. Covanta had a positive return on equity of 0.79% and a negative net margin of 2.36%. Covanta’s quarterly revenue was down 1.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.09) earnings per share. As a group, research analysts predict that Covanta will post 0.21 earnings per share for the current fiscal year.

A number of analysts recently commented on the company. Macquarie assumed coverage on Covanta in a report on Monday, April 29th. They set an “outperform” rating on the stock. Zacks Investment Research lowered Covanta from a “hold” rating to a “strong sell” rating in a report on Tuesday, April 23rd. TheStreet upgraded Covanta from a “c” rating to a “b-” rating in a report on Thursday, February 14th. ValuEngine upgraded Covanta from a “hold” rating to a “buy” rating in a report on Saturday, January 19th. Finally, UBS Group lifted their price target on Covanta from $16.00 to $17.00 and gave the stock a “neutral” rating in a report on Thursday, April 4th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $17.50.

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Covanta Company Profile

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: What is Compound Annual Growth Rate (CAGR)?

Dividend History for Covanta (NYSE:CVA)

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