Morgan Stanley Cuts Covia (NASDAQ:CVIA) Price Target to $2.50

Covia (NASDAQ:CVIA) had its price objective cut by Morgan Stanley from $5.50 to $2.50 in a research report released on Friday, BenzingaRatingsTable reports. They currently have an underweight rating on the stock.

Separately, Bank of America restated an underperform rating and issued a $1.25 price objective (down from $4.50) on shares of Superior Energy Services in a research note on Tuesday, June 25th. Six equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and two have given a buy rating to the company’s stock. The company has a consensus rating of Hold and a consensus price target of $10.77.

Shares of Covia stock opened at $1.95 on Friday. Covia has a 52-week low of $1.55 and a 52-week high of $18.79. The firm has a 50-day moving average price of $2.15.



Covia (NASDAQ:CVIA) last announced its quarterly earnings data on Thursday, May 9th. The company reported ($0.38) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.34) by ($0.04). The company had revenue of $428.25 million during the quarter, compared to analyst estimates of $443.83 million. During the same quarter in the prior year, the company earned $0.31 EPS. The business’s revenue for the quarter was up 15.8% compared to the same quarter last year.

A number of hedge funds have recently bought and sold shares of CVIA. Norges Bank purchased a new position in Covia during the 4th quarter valued at about $534,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in Covia during the 4th quarter valued at about $508,000. Two Sigma Investments LP purchased a new position in Covia during the 4th quarter valued at about $428,000. Bank of New York Mellon Corp grew its holdings in Covia by 2.9% during the 4th quarter. Bank of New York Mellon Corp now owns 3,482,659 shares of the company’s stock valued at $11,911,000 after buying an additional 96,751 shares in the last quarter. Finally, Susquehanna Fundamental Investments LLC purchased a new position in Covia during the 4th quarter valued at about $324,000.

Covia Company Profile

Covia Holdings Corporation provides minerals and material solutions for the industrial and energy markets. The company offers various mineral solutions to the glass, ceramics, coatings, polymers, construction, water filtration, sports, and recreation markets. It also offers a range of high-purity silica sand, nepheline syenite, feldspar, clay, kaolin, lime, resin systems, and coated materials.

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Analyst Recommendations for Covia (NASDAQ:CVIA)

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