Tortoise Capital Advisors L.L.C. Buys 1,390,159 Shares of Covanta Holding Co. (NYSE:CVA)

Tortoise Capital Advisors L.L.C. increased its holdings in Covanta Holding Co. (NYSE:CVA) by 191.3% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 2,116,870 shares of the energy company’s stock after buying an additional 1,390,159 shares during the period. Covanta accounts for 0.5% of Tortoise Capital Advisors L.L.C.’s investment portfolio, making the stock its 28th biggest position. Tortoise Capital Advisors L.L.C. owned approximately 1.59% of Covanta worth $29,340,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in CVA. FIL Ltd boosted its holdings in Covanta by 6.1% in the 4th quarter. FIL Ltd now owns 3,258,107 shares of the energy company’s stock worth $42,779,000 after buying an additional 185,982 shares during the period. Wells Fargo & Company MN boosted its holdings in Covanta by 161.8% in the 4th quarter. Wells Fargo & Company MN now owns 387,481 shares of the energy company’s stock worth $5,088,000 after buying an additional 239,483 shares during the period. Rhumbline Advisers boosted its holdings in Covanta by 8.0% in the 4th quarter. Rhumbline Advisers now owns 198,523 shares of the energy company’s stock worth $2,607,000 after buying an additional 14,672 shares during the period. The Manufacturers Life Insurance Company boosted its holdings in Covanta by 2.3% in the 4th quarter. The Manufacturers Life Insurance Company now owns 71,225 shares of the energy company’s stock worth $935,000 after buying an additional 1,576 shares during the period. Finally, LPL Financial LLC boosted its holdings in Covanta by 70.6% in the 4th quarter. LPL Financial LLC now owns 25,814 shares of the energy company’s stock worth $339,000 after buying an additional 10,687 shares during the period. 77.94% of the stock is owned by institutional investors.

Shares of Covanta stock traded down $0.10 on Thursday, hitting $20.04. 29,163 shares of the company traded hands, compared to its average volume of 3,692,245. The company’s 50-day simple moving average is $16.90. The company has a current ratio of 1.06, a quick ratio of 1.06 and a debt-to-equity ratio of 8.71. The company has a market capitalization of $2.66 billion, a P/E ratio of 500.88 and a beta of 1.39. Covanta Holding Co. has a 12-month low of $7.44 and a 12-month high of $20.16.

Covanta (NYSE:CVA) last posted its quarterly earnings data on Thursday, April 29th. The energy company reported $0.01 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.14) by $0.15. The firm had revenue of $498.00 million for the quarter, compared to analysts’ expectations of $471.63 million. Covanta had a net margin of 0.31% and a return on equity of 2.06%. Research analysts forecast that Covanta Holding Co. will post 0.23 EPS for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 2nd. Stockholders of record on Thursday, June 24th were given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 1.60%. The ex-dividend date of this dividend was Wednesday, June 23rd. Covanta’s dividend payout ratio (DPR) is currently -152.38%.

Several research analysts have commented on the stock. UBS Group downgraded shares of Covanta from a “buy” rating to a “neutral” rating and raised their price target for the company from $18.00 to $20.25 in a report on Thursday, July 15th. Stifel Nicolaus downgraded shares of Covanta from a “buy” rating to a “hold” rating and raised their price target for the company from $17.00 to $20.25 in a report on Thursday, July 15th. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus price target of $17.10.

Covanta Company Profile

Covanta Holding Corporation, through its subsidiaries, provides waste and energy services to municipal entities primarily in the United States and internationally. It owns and operates infrastructure for the conversion of waste to energy (WtE), as well as engages in related waste transport and disposal, and other renewable energy generation businesses.

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Institutional Ownership by Quarter for Covanta (NYSE:CVA)

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