Wall Street analysts predict that Covanta Holding Corp (NYSE:CVA) will report sales of $465.83 million for the current fiscal quarter, Zacks reports. Three analysts have made estimates for Covanta’s earnings, with the highest sales estimate coming in at $470.00 million and the lowest estimate coming in at $463.50 million. Covanta reported sales of $456.00 million in the same quarter last year, which indicates a positive year-over-year growth rate of 2.2%. The business is scheduled to announce its next quarterly earnings results on Thursday, October 24th.
According to Zacks, analysts expect that Covanta will report full year sales of $1.87 billion for the current year, with estimates ranging from $1.86 billion to $1.89 billion. For the next fiscal year, analysts expect that the firm will post sales of $1.92 billion, with estimates ranging from $1.88 billion to $1.95 billion. Zacks’ sales averages are an average based on a survey of research firms that that provide coverage for Covanta.
Covanta (NYSE:CVA) last issued its earnings results on Thursday, July 25th. The energy company reported ($0.16) earnings per share (EPS) for the quarter, missing the Zacks’ 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 for the quarter, compared to analysts’ expectations of $467.05 million. During the same quarter in the previous year, the firm posted ($0.01) EPS. The firm’s revenue for the quarter was up 2.9% compared to the same quarter last year.
Shares of NYSE:CVA traded down $0.14 during trading on Wednesday, reaching $17.10. 335,395 shares of the stock were exchanged, compared to its average volume of 678,641. The company has a debt-to-equity ratio of 6.19, a quick ratio of 1.30 and a current 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 cap of $2.25 billion, a price-to-earnings ratio of -171.00, a price-to-earnings-growth ratio of 21.13 and a beta of 1.33. The firm’s 50-day moving average price is $17.16 and its 200 day moving average price is $17.41.
The company also recently announced a quarterly dividend, which was paid on Friday, October 4th. Stockholders of record on Friday, September 27th were issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 5.85%. The ex-dividend date was Thursday, September 26th. Covanta’s payout ratio is currently -1,000.00%.
In related news, insider Paul E. Stauder sold 2,996 shares of the business’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 transaction, the insider now directly owns 51,599 shares of the company’s stock, valued at approximately $890,082.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Linda J. Fisher sold 12,000 shares of the business’s stock in a transaction that occurred on Friday, September 6th. The stock was sold at an average price of $17.14, for a total value of $205,680.00. Following the transaction, the director now directly owns 34,736 shares in the company, valued at $595,375.04. The disclosure for this sale can be found here. Insiders have sold a total of 24,996 shares of company stock valued at $428,161 in the last quarter. Company insiders own 11.00% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its position in Covanta by 2.5% during the 2nd quarter. Vanguard Group Inc. now owns 11,325,851 shares of the energy company’s stock worth $202,846,000 after acquiring an additional 272,574 shares in the last quarter. BlackRock Inc. lifted its position in Covanta by 2.2% during the 2nd quarter. BlackRock Inc. now owns 9,191,975 shares of the energy company’s stock worth $164,629,000 after acquiring an additional 201,212 shares in the last quarter. Bank of New York Mellon Corp lifted its position in Covanta by 1.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 5,561,262 shares of the energy company’s stock worth $99,602,000 after acquiring an additional 80,008 shares in the last quarter. Neuberger Berman Group LLC lifted its position in Covanta by 6.8% during the 1st quarter. Neuberger Berman Group LLC now owns 3,234,397 shares of the energy company’s stock worth $55,987,000 after acquiring an additional 206,568 shares in the last quarter. Finally, Northern Trust Corp lifted its position in Covanta by 1.0% during the 2nd quarter. Northern Trust Corp now owns 1,557,434 shares of the energy company’s stock worth $27,894,000 after acquiring an additional 16,030 shares in the last quarter. 78.25% of the stock is currently owned by hedge funds and other institutional investors.
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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