Enviva Partners (NYSE:EVA) Downgraded by Zacks Investment Research to Hold

Zacks Investment Research cut shares of Enviva Partners (NYSE:EVA) from a strong-buy rating to a hold rating in a research report sent to investors on Thursday, Zacks.com reports.

According to Zacks, “Enviva Partners, LP is a master limited partnership which owns and operates wood pellet production plants. It serves primarily in the United States and Europe. Enviva Partners, LP is based in Bethesa, United States. “

A number of other brokerages have also recently issued reports on EVA. Citigroup lifted their price objective on Enviva Partners from $43.00 to $52.00 in a report on Tuesday, March 2nd. Royal Bank of Canada lifted their price objective on Enviva Partners from $51.00 to $60.00 and gave the company an outperform rating in a report on Friday, February 26th. Barclays lifted their price objective on Enviva Partners from $64.00 to $65.00 and gave the company an overweight rating in a report on Monday. Finally, Raymond James lifted their price objective on Enviva Partners from $52.00 to $57.00 and gave the company a strong-buy rating in a report on Thursday, February 25th. One analyst has rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. The company currently has an average rating of Buy and a consensus price target of $58.20.

Shares of EVA stock opened at $48.60 on Thursday. The company has a market capitalization of $1.95 billion, a PE ratio of -70.43 and a beta of 1.00. Enviva Partners has a one year low of $33.14 and a one year high of $53.96. The business has a fifty day moving average price of $48.93. The company has a debt-to-equity ratio of 4.02, a quick ratio of 0.71 and a current ratio of 1.13.

Enviva Partners (NYSE:EVA) last issued its earnings results on Wednesday, April 28th. The energy company reported ($0.05) EPS for the quarter, topping the consensus estimate of ($0.08) by $0.03. Enviva Partners had a return on equity of 12.71% and a net margin of 0.78%. Research analysts anticipate that Enviva Partners will post 1.15 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Friday, May 28th. Stockholders of record on Friday, May 14th were paid a $0.785 dividend. The ex-dividend date was Thursday, May 13th. This is a positive change from Enviva Partners’s previous quarterly dividend of $0.78. This represents a $3.14 dividend on an annualized basis and a dividend yield of 6.46%. Enviva Partners’s dividend payout ratio (DPR) is 747.62%.

In other Enviva Partners news, Director John C. Bumgarner, Jr. bought 32,967 shares of the stock in a transaction dated Tuesday, June 8th. The stock was bought at an average cost of $45.50 per share, for a total transaction of $1,499,998.50. Following the completion of the purchase, the director now owns 56,897 shares in the company, valued at approximately $2,588,813.50. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Several large investors have recently made changes to their positions in the company. Cambridge Investment Research Advisors Inc. increased its position in Enviva Partners by 1.6% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 17,363 shares of the energy company’s stock worth $839,000 after purchasing an additional 279 shares during the period. Baldwin Investment Management LLC increased its position in Enviva Partners by 0.7% in the fourth quarter. Baldwin Investment Management LLC now owns 41,275 shares of the energy company’s stock worth $1,875,000 after purchasing an additional 300 shares during the period. Duff & Phelps Investment Management Co. increased its position in Enviva Partners by 5.2% in the first quarter. Duff & Phelps Investment Management Co. now owns 8,100 shares of the energy company’s stock worth $391,000 after purchasing an additional 400 shares during the period. HighTower Advisors LLC increased its position in Enviva Partners by 7.9% in the first quarter. HighTower Advisors LLC now owns 5,544 shares of the energy company’s stock worth $267,000 after purchasing an additional 408 shares during the period. Finally, Guggenheim Capital LLC increased its position in Enviva Partners by 8.9% in the fourth quarter. Guggenheim Capital LLC now owns 6,757 shares of the energy company’s stock worth $307,000 after purchasing an additional 550 shares during the period. Institutional investors own 67.19% of the company’s stock.

About Enviva Partners

Enviva Partners, LP produces and sells utility-grade wood pellets. The company's products are used as a substitute for coal in power generation, and combined heat and power plants. It serves power generators in the United Kingdom, Europe, and Japan. Enviva Partners GP, LLC operates as the general partner of the company.

See Also: Retained Earnings

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