Enviva Partners (NYSE:EVA) Downgraded by Zacks Investment Research to “Sell”

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Enviva Partners (NYSE:EVA) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Wednesday, 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. “

Several other research firms have also recently weighed in on EVA. Royal Bank of Canada set a $39.00 price target on shares of Enviva Partners and gave the stock a “buy” rating in a report on Monday, August 12th. Goldman Sachs Group upgraded shares of Enviva Partners from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $32.00 to $37.00 in a report on Monday, June 24th. One analyst has rated the stock with a sell rating and three have given a buy rating to the company. Enviva Partners presently has an average rating of “Buy” and an average price target of $37.67.

Shares of NYSE:EVA traded up $0.29 during midday trading on Wednesday, hitting $30.88. 42,126 shares of the company’s stock were exchanged, compared to its average volume of 60,567. Enviva Partners has a 12 month low of $25.40 and a 12 month high of $33.48. The company has a market cap of $1.04 billion, a PE ratio of 43.49 and a beta of 0.90. The stock has a 50 day moving average price of $30.33 and a 200-day moving average price of $30.88. The company has a debt-to-equity ratio of 2.20, a current ratio of 0.75 and a quick ratio of 0.53.

A number of institutional investors have recently added to or reduced their stakes in EVA. UBS Group AG boosted its position in Enviva Partners by 10.1% during the 2nd quarter. UBS Group AG now owns 416,973 shares of the energy company’s stock valued at $13,102,000 after buying an additional 38,261 shares during the period. Citadel Advisors LLC boosted its position in Enviva Partners by 57.4% during the 2nd quarter. Citadel Advisors LLC now owns 35,083 shares of the energy company’s stock valued at $1,102,000 after buying an additional 12,800 shares during the period. Westwood Holdings Group Inc. boosted its position in Enviva Partners by 369.4% during the 2nd quarter. Westwood Holdings Group Inc. now owns 4,225 shares of the energy company’s stock valued at $133,000 after buying an additional 3,325 shares during the period. Marshall Wace LLP purchased a new stake in shares of Enviva Partners in the 2nd quarter worth about $262,000. Finally, Morgan Stanley lifted its position in shares of 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. Institutional investors and hedge funds own 98.58% of the company’s stock.

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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