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CVA

Covanta

$15.39

0.13 (0.85%)

09:08
10/03/16
10/03
09:08
10/03/16
09:08

Covanta completes exchange of China assets for cash

Covanta announced it has completed a transaction with CITIC Environment, a subsidiary of CITIC Limited, China's largest conglomerate enterprise, for the sale of approximately 90% of Covanta's ownership interest in Chongqing Sanfeng Environmental Industrial Group Co., Ltd. The sale to CITIC was the final piece of an integrated transaction in which Covanta exchanged ownership interests in three Energy-from-Waste facilities in China for an approximately 15% ownership interest in Sanfeng Environment, and CITIC agreed to purchase most of Covanta's stake in Sanfeng Environment. The exchange was completed in March of 2016. The sale resulted in cash proceeds to Covanta of approximately $100M.

CVA Covanta
$15.39

0.13 (0.85%)

02/18/16
STFL
02/18/16
UPGRADE
STFL
Buy
Covanta upgraded on free cash flow outlook, valuation at Stifel
As noted earlier, Stifel upgraded Covanta to Buy from Hold. After conducting a discounted cash flow analysis, Stifel thinks that the company's free cash flow will rise even if commodity prices stay at current levels. The firm says that that there is no risk to the company's dividend. Target $16.50.
04/29/16
BARD
04/29/16
DOWNGRADE
BARD
Neutral
Covanta downgraded to Neutral from Outperform at Baird
08/25/16
MACQ
08/25/16
INITIATION
Target $18
MACQ
Neutral
Covanta initiated with a Neutral at Macquarie
Macquarie analyst Hamzah Mazari initiated Covanta with a Neutral and $18 price target.
09/22/16
OPCO
09/22/16
NO CHANGE
Target $20
OPCO
Outperform
Oppenheimer sees Covanta as attractive yield play on recent pullback
Oppenheimer analyst Noah Kaye notes Covanta's shares are off 10% quarter to date despite the company reaffirming 2016 guidance in August and a largely unchanged commodity outlook. While the analyst believes Covanta's management and board will likely decide to keep the dividend at current levels in 2017, he expects EBITDA and cash generation from the Dublin project, Manhattan MTS and other initiatives to decrease leverage and provide cushion for a 2018 dividend increase. Kaye sees the shares as an attractive yield play on the recent pullback, and reiterates an Outperform rating and $20 price target on the stock.

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EFX

Equifax

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CSGP

CoStar Group

$236.71

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BOKF

BOK Financial

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OCLR

Oclaro

$7.93

0.01 (0.13%)

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BSX

Boston Scientific

$26.16

-0.02 (-0.08%)

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ZYME

Zymeworks

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Align Technology

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CLDR

Cloudera

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