Cullen Frost Bankers Inc. lowered its stake in shares of Covanta Holding Corp (NYSE:CVA) by 11.8% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 19,797 shares of the energy company’s stock after selling 2,636 shares during the period. Cullen Frost Bankers Inc.’s holdings in Covanta were worth $342,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors also recently added to or reduced their stakes in the company. Sandy Spring Bank bought a new stake in shares of Covanta during the third quarter valued at approximately $30,000. Point72 Hong Kong Ltd bought a new stake in Covanta in the second quarter worth $33,000. Strs Ohio bought a new stake in Covanta in the second quarter worth $48,000. Advisory Services Network LLC increased its position in Covanta by 80.2% in the second quarter. Advisory Services Network LLC now owns 2,795 shares of the energy company’s stock worth $50,000 after purchasing an additional 1,244 shares during the last quarter. Finally, TRUE Private Wealth Advisors bought a new stake in Covanta in the second quarter worth $57,000. Hedge funds and other institutional investors own 78.75% of the company’s stock.
Shares of CVA opened at $14.76 on Friday. The company’s fifty day moving average is $16.28 and its 200 day moving average is $17.14. Covanta Holding Corp has a fifty-two week low of $12.92 and a fifty-two week high of $18.38. The stock has a market capitalization of $1.97 billion, a PE ratio of -147.60, a P/E/G ratio of 19.99 and a beta of 1.29. The company has a debt-to-equity ratio of 6.85, a quick ratio of 1.30 and a current ratio of 1.40.
Covanta (NYSE:CVA) last announced its quarterly earnings results on Thursday, October 24th. The energy company reported $0.10 earnings per share for the quarter, topping the consensus estimate of $0.04 by $0.06. Covanta had a net margin of 0.37% and a return on equity of 0.69%. The company had revenue of $465.00 million for the quarter, compared to analysts’ expectations of $464.96 million. During the same quarter in the previous year, the business posted ($0.04) earnings per share. Covanta’s quarterly revenue was up 2.0% on a year-over-year basis. As a group, research analysts forecast that Covanta Holding Corp will post 0.05 earnings per share for the current year.
Several equities research analysts recently weighed in on CVA shares. ValuEngine cut shares of Covanta from a “buy” rating to a “hold” rating in a research report on Wednesday, October 2nd. Zacks Investment Research upgraded shares of Covanta from a “strong sell” rating to a “hold” rating and set a $14.00 price target on the stock in a research report on Wednesday, July 31st. Barclays restated a “hold” rating and issued a $16.00 price target on shares of Covanta in a research report on Tuesday, October 29th. Finally, Raymond James cut shares of Covanta from a “strong-buy” rating to a “market perform” rating in a research report on Tuesday, October 22nd. Five analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $17.00.
In other Covanta news, Director Linda J. Fisher sold 12,000 shares of Covanta stock in a transaction on Friday, September 6th. The shares were sold at an average price of $17.14, for a total transaction of $205,680.00. Following the completion of the transaction, the director now directly owns 34,736 shares of the company’s stock, valued at $595,375.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 11.00% of the stock is owned by insiders.
Covanta Company Profile
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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