Enviva Partners LP (NYSE:EVA) was the target of a large increase in short interest in the month of August. As of August 31st, there was short interest totalling 38,300 shares, an increase of 53.8% from the July 31st total of 24,900 shares. Approximately 0.2% of the shares of the company are short sold. Based on an average daily trading volume, of 67,600 shares, the days-to-cover ratio is currently 0.6 days.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. UBS Group AG raised its holdings in Enviva Partners by 10.1% in the 2nd quarter. UBS Group AG now owns 416,973 shares of the energy company’s stock worth $13,102,000 after purchasing an additional 38,261 shares during the period. Citadel Advisors LLC raised its holdings in Enviva Partners by 57.4% in the 2nd quarter. Citadel Advisors LLC now owns 35,083 shares of the energy company’s stock worth $1,102,000 after purchasing an additional 12,800 shares during the period. Westwood Holdings Group Inc. raised its holdings in Enviva Partners by 369.4% in the 2nd quarter. Westwood Holdings Group Inc. now owns 4,225 shares of the energy company’s stock worth $133,000 after purchasing an additional 3,325 shares during the period. Marshall Wace LLP acquired a new position in Enviva Partners in the 2nd quarter worth about $262,000. Finally, Morgan Stanley raised its holdings in Enviva Partners by 46.6% in the 2nd quarter. Morgan Stanley now owns 386,016 shares of the energy company’s stock worth $12,128,000 after purchasing an additional 122,651 shares during the period.
EVA has been the subject of several analyst reports. Royal Bank of Canada set a $39.00 price objective on Enviva Partners and gave the company a “buy” rating in a report on Monday, August 12th. Goldman Sachs Group raised Enviva Partners from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $32.00 to $37.00 in a report on Monday, June 24th. Finally, Zacks Investment Research cut Enviva Partners from a “hold” rating to a “sell” rating in a report on Wednesday, August 21st.
The firm also recently declared a quarterly dividend, which was paid on Thursday, August 29th. Investors of record on Thursday, August 15th were issued a $0.66 dividend. This is a boost from Enviva Partners’s previous quarterly dividend of $0.65. The ex-dividend date was Wednesday, August 14th. This represents a $2.64 dividend on an annualized basis and a yield of 8.41%. Enviva Partners’s dividend payout ratio is presently 371.83%.
About Enviva Partners
Enviva Partners, LP produces and supplies utility-grade wood pellets. It serves utilities and large-scale power generators in the United Kingdom and other European markets. Enviva Partners GP, LLC operates as the general partner of the company. Enviva Partners, LP was founded in 2013 and is based in Bethesda, Maryland.
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