Covanta Holding Corp (NYSE:CVA) Short Interest Up 7.9% in July

Covanta Holding Corp (NYSE:CVA) saw a large increase in short interest in the month of July. As of July 31st, there was short interest totalling 3,937,100 shares, an increase of 7.9% from the June 30th total of 3,649,800 shares. Currently, 3.1% of the company’s stock are short sold. Based on an average daily volume of 632,100 shares, the days-to-cover ratio is presently 6.2 days.

Shares of CVA traded up $0.36 during trading hours on Friday, hitting $16.78. The stock had a trading volume of 546,260 shares, compared to its average volume of 704,667. The company has a debt-to-equity ratio of 6.19, a current ratio of 1.30 and a quick ratio of 1.30. Covanta has a 12 month low of $12.92 and a 12 month high of $18.38. The firm has a market capitalization of $2.23 billion, a PE ratio of -167.80, a PEG ratio of 21.23 and a beta of 1.31. The stock has a fifty day moving average price of $17.35 and a 200 day moving average price of $17.34.

Covanta (NYSE:CVA) last issued its quarterly earnings data on Thursday, July 25th. The energy company reported ($0.16) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.09) by ($0.07). Covanta had a negative return on equity of 3.22% and a negative net margin of 1.81%. The firm had revenue of $467.00 million during the quarter, compared to the consensus estimate of $467.05 million. During the same period in the previous year, the firm earned ($0.01) EPS. The business’s revenue was up 2.9% on a year-over-year basis. As a group, analysts anticipate that Covanta will post 0.05 EPS for the current fiscal year.



In related news, insider Paul E. Stauder sold 2,996 shares of the firm’s stock in a transaction that occurred on Wednesday, July 31st. The stock was sold at an average price of $17.25, for a total transaction of $51,681.00. Following the completion of the transaction, the insider now owns 51,599 shares of the company’s stock, valued at approximately $890,082.75. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Castro Michael Joseph De sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, July 30th. The shares were sold at an average price of $17.08, for a total value of $170,800.00. Following the transaction, the executive vice president now directly owns 90,203 shares of the company’s stock, valued at approximately $1,540,667.24. The disclosure for this sale can be found here. Company insiders own 11.00% of the company’s stock.

Several institutional investors have recently made changes to their positions in the company. Price T Rowe Associates Inc. MD lifted its position in shares of Covanta by 0.6% in the second quarter. Price T Rowe Associates Inc. MD now owns 111,780 shares of the energy company’s stock valued at $2,002,000 after acquiring an additional 628 shares in the last quarter. Oppenheimer & Co. Inc. lifted its position in shares of Covanta by 2.1% in the second quarter. Oppenheimer & Co. Inc. now owns 57,144 shares of the energy company’s stock worth $1,023,000 after buying an additional 1,165 shares in the last quarter. Advisory Services Network LLC lifted its position in shares of Covanta by 80.2% in the second quarter. Advisory Services Network LLC now owns 2,795 shares of the energy company’s stock worth $50,000 after buying an additional 1,244 shares in the last quarter. Stephens Inc. AR lifted its position in shares of Covanta by 4.8% in the first quarter. Stephens Inc. AR now owns 27,497 shares of the energy company’s stock worth $476,000 after buying an additional 1,256 shares in the last quarter. Finally, Commonwealth Equity Services LLC lifted its position in shares of Covanta by 2.2% in the second quarter. Commonwealth Equity Services LLC now owns 73,386 shares of the energy company’s stock worth $1,314,000 after buying an additional 1,565 shares in the last quarter. Institutional investors and hedge funds own 78.57% of the company’s stock.

A number of analysts have commented on the company. TheStreet lowered Covanta from a “b-” rating to a “c” rating in a report on Friday, April 26th. Zacks Investment Research raised Covanta from a “strong sell” rating to a “hold” rating and set a $14.00 target price for the company in a report on Wednesday, July 31st. Finally, Macquarie assumed coverage on Covanta in a report on Monday, April 29th. They issued an “outperform” rating for the company. Three investment analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $17.00.

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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