Covanta Holding Corporation (NYSE:CVA) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Wednesday.

According to Zacks, “Covanta Holding Corporation is an internationally recognized owner and operator of large-scale Energy-from-Waste and renewable energy projects and a recipient of the Energy Innovator Award from the U.S. Department of Energy’s Office of Energy Efficiency and Renewable Energy. Covanta’s Energy-from-Waste facilities provide communities with an environmentally sound solution to their solid waste disposal needs by using that municipal solid waste to generate clean, renewable energy. “

CVA has been the topic of a number of other reports. Stifel Nicolaus reaffirmed a “buy” rating and set a $17.00 price objective on shares of Covanta Holding Corporation in a report on Tuesday, September 5th. Robert W. Baird reaffirmed a “buy” rating and set a $17.00 price objective on shares of Covanta Holding Corporation in a report on Friday, September 1st. BidaskClub downgraded Covanta Holding Corporation from a “hold” rating to a “sell” rating in a report on Friday, August 11th. BMO Capital Markets initiated coverage on Covanta Holding Corporation in a report on Thursday, June 29th. They set a “market perform” rating and a $16.00 price objective on the stock. Finally, Oppenheimer Holdings, Inc. reaffirmed a “buy” rating on shares of Covanta Holding Corporation in a report on Monday, July 17th. Three investment analysts have rated the stock with a sell rating and six have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $17.19.

Covanta Holding Corporation (CVA) opened at 15.10 on Wednesday. The company’s market cap is $1.96 billion. Covanta Holding Corporation has a 12-month low of $13.00 and a 12-month high of $16.50. The firm’s 50-day moving average price is $14.23 and its 200-day moving average price is $14.43.

Covanta Holding Corporation (NYSE:CVA) last issued its quarterly earnings results on Thursday, July 27th. The energy company reported ($0.22) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.18) by ($0.04). Covanta Holding Corporation had a negative net margin of 1.41% and a negative return on equity of 9.81%. The firm had revenue of $424.00 million for the quarter, compared to the consensus estimate of $416.18 million. During the same quarter in the prior year, the firm earned ($0.22) earnings per share. The company’s revenue was up 1.4% on a year-over-year basis. Analysts expect that Covanta Holding Corporation will post ($0.23) EPS for the current year.

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Several institutional investors and hedge funds have recently made changes to their positions in CVA. BlackRock Inc. boosted its holdings in shares of Covanta Holding Corporation by 17,486.2% in the 1st quarter. BlackRock Inc. now owns 5,904,931 shares of the energy company’s stock worth $92,706,000 after acquiring an additional 5,871,354 shares in the last quarter. Thompson Siegel & Walmsley LLC boosted its holdings in shares of Covanta Holding Corporation by 41.7% in the 2nd quarter. Thompson Siegel & Walmsley LLC now owns 3,179,991 shares of the energy company’s stock worth $41,976,000 after acquiring an additional 936,309 shares in the last quarter. State Street Corp boosted its holdings in shares of Covanta Holding Corporation by 46.7% in the 2nd quarter. State Street Corp now owns 2,510,700 shares of the energy company’s stock worth $33,146,000 after acquiring an additional 799,767 shares in the last quarter. Wells Fargo & Company MN boosted its holdings in shares of Covanta Holding Corporation by 112.9% in the 2nd quarter. Wells Fargo & Company MN now owns 1,206,528 shares of the energy company’s stock worth $15,927,000 after acquiring an additional 639,789 shares in the last quarter. Finally, Neuberger Berman Group LLC boosted its holdings in shares of Covanta Holding Corporation by 11.9% in the 2nd quarter. Neuberger Berman Group LLC now owns 5,817,457 shares of the energy company’s stock worth $76,790,000 after acquiring an additional 616,425 shares in the last quarter. 96.22% of the stock is currently owned by institutional investors and hedge funds.

Covanta Holding Corporation Company Profile

Covanta Holding Corporation is a holding company. The Company, through its subsidiaries, owns and operates infrastructure for the conversion of waste to energy, as well as other waste disposal and renewable energy production businesses. The Company operates through North America segment, which consists of waste and energy services operations located primarily in the United States and Canada.

Analyst Recommendations for Covanta Holding Corporation (NYSE:CVA)

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