Covanta Holding Corp (NYSE:CVA) was the target of unusually large options trading on Tuesday. Traders bought 1,848 call options on the company. This represents an increase of approximately 764% compared to the typical daily volume of 214 call options.
Hedge funds have recently modified their holdings of the stock. Verition Fund Management LLC increased its position in Covanta by 9.7% in the 2nd quarter. Verition Fund Management LLC now owns 11,779 shares of the energy company’s stock valued at $155,000 after acquiring an additional 1,039 shares during the period. First Allied Advisory Services Inc. acquired a new position in Covanta in the 3rd quarter valued at about $161,000. Fox Run Management L.L.C. acquired a new position in Covanta in the 4th quarter valued at about $178,000. Cutler Group LP increased its position in Covanta by 81.3% in the 4th quarter. Cutler Group LP now owns 12,490 shares of the energy company’s stock valued at $211,000 after acquiring an additional 5,601 shares during the period. Finally, PNC Financial Services Group Inc. increased its position in Covanta by 43.5% in the 2nd quarter. PNC Financial Services Group Inc. now owns 16,330 shares of the energy company’s stock valued at $216,000 after acquiring an additional 4,950 shares during the period. Hedge funds and other institutional investors own 93.72% of the company’s stock.
A number of analysts have recently commented on CVA shares. Robert W. Baird reiterated a “buy” rating and set a $19.00 target price on shares of Covanta in a research report on Wednesday, November 1st. Oppenheimer reiterated a “buy” rating and set a $19.00 target price on shares of Covanta in a research report on Tuesday, December 19th. Zacks Investment Research cut Covanta from a “buy” rating to a “hold” rating in a research report on Wednesday, November 1st. Goldman Sachs Group upgraded Covanta from a “sell” rating to a “neutral” rating and set a $16.00 target price on the stock in a research report on Sunday, January 7th. Finally, BMO Capital Markets lifted their target price on Covanta from $17.00 to $20.00 and gave the stock an “outperform” rating in a research report on Monday, October 30th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and six have assigned a buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $18.00.
Covanta (CVA) opened at $16.15 on Wednesday. Covanta has a 52-week low of $13.00 and a 52-week high of $17.30. The company has a debt-to-equity ratio of 8.39, a current ratio of 1.21 and a quick ratio of 1.21.
Covanta 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.
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