Covanta Holding Corp (NYSE:CVA) declared a quarterly dividend on Thursday, March 7th, RTT News reports. Stockholders of record on Friday, March 29th will be given a dividend of 0.25 per share by the energy company on Friday, April 5th. This represents a $1.00 annualized dividend and a dividend yield of 5.95%. The ex-dividend date is Thursday, March 28th.
Covanta has a payout ratio of 1,666.7% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities research analysts expect Covanta to earn $0.11 per share next year, which means the company may not be able to cover its $1.00 annual dividend with an expected future payout ratio of 909.1%.
NYSE:CVA opened at $16.82 on Friday. Covanta has a 52-week low of $12.92 and a 52-week high of $18.05. The company has a current ratio of 1.13, a quick ratio of 1.13 and a debt-to-equity ratio of 5.05. The stock has a market cap of $2.20 billion, a PE ratio of -168.20, a P/E/G ratio of 41.31 and a beta of 1.36.
Covanta (NYSE:CVA) last posted its quarterly earnings data on Thursday, February 14th. The energy company reported $0.04 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.09 by ($0.05). Covanta had a negative return on equity of 2.36% and a net margin of 8.14%. The company had revenue of $500.00 million for the quarter, compared to the consensus estimate of $485.25 million. During the same quarter in the previous year, the firm posted $0.09 EPS. The business’s revenue for the quarter was up 1.0% compared to the same quarter last year. On average, research analysts expect that Covanta will post 0.03 earnings per share for the current year.
CVA has been the topic of several research reports. Goldman Sachs Group upgraded shares of Covanta from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $16.50 to $19.00 in a report on Monday, February 4th. Zacks Investment Research downgraded shares of Covanta from a “buy” rating to a “hold” rating in a report on Wednesday, February 13th. Barclays initiated coverage on shares of Covanta in a report on Monday, January 7th. They set an “equal weight” rating and a $16.00 price objective on the stock. ValuEngine downgraded shares of Covanta from a “buy” rating to a “hold” rating in a report on Wednesday, January 2nd. Finally, BMO Capital Markets restated a “buy” rating and set a $18.00 price objective on shares of Covanta in a report on Tuesday, January 8th. Three investment analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Covanta presently has a consensus rating of “Buy” and a consensus price target of $17.60.
In other Covanta news, EVP Castro Michael Joseph De bought 10,000 shares of the stock in a transaction that occurred on Friday, December 28th. The shares were acquired at an average price of $13.36 per share, with a total value of $133,600.00. Following the completion of the purchase, the executive vice president now directly owns 78,008 shares in the company, valued at approximately $1,042,186.88. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 10.90% of the company’s stock.
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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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