Covanta Holding Got Some Good News

By Jason Carr

Stifel Nicolaus analyst Michael Hoffman upgraded Covanta Holding (NYSE: CVA) to Buy today. The company’s shares closed on Friday at $14.40.

According to, Hoffman is a 4-star analyst with an average return of 7.0% and a 70.5% success rate. Hoffman covers the Basic Materials sector, focusing on stocks such as Advanced Disposal Services Inc, Greenhunter Energy Inc, and Heritage-Crystal Clean.

Currently, the analyst consensus on Covanta Holding is Strong Buy and the average price target is $17, representing a 18.1% upside.

In a report issued on July 17, Oppenheimer also reiterated a Buy rating on the stock with a $20 price target.

Based on Covanta Holding’s latest earnings report for the quarter ending June 30, the company posted quarterly revenue of $424 million and GAAP net loss of $37 million. In comparison, last year the company earned revenue of $418 million and had a GAAP net loss of $29 million.

Based on the recent corporate insider activity of 31 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of CVA in relation to earlier this year. Most recently, in May 2017, Ronald Broglio, a Director at CVA sold 3,000 shares for a total of $42,960.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

Covanta Holding Corp. engages in the operation and ownership of infrastructure for the conversion of waste to energy, and related waste transport and disposal and other renewable energy production businesses. It operates large-scale Energy-from-Waste and renewable energy projects.