Zacks Investment Research upgraded shares of Enviva (NYSE:EVA – Get Rating) from a hold rating to a strong-buy rating in a report released on Tuesday morning, Zacks.com reports. They currently have $99.00 price objective on the energy company’s stock.
According to Zacks, “Enviva Inc. is a producer of industrial wood pellets, a renewable and sustainable energy source produced by aggregating a natural resource, wood fiber, and processing it into a transportable form, wood pellets. Enviva Inc., formerly known as Enviva Partners LP, is based in BETHESDA, Md. “
Other equities analysts also recently issued reports about the company. JPMorgan Chase & Co. boosted their price objective on Enviva from $76.00 to $77.00 and gave the company a neutral rating in a research report on Tuesday, April 19th. Citigroup started coverage on Enviva in a research report on Friday, February 4th. They issued a neutral rating on the stock. StockNews.com started coverage on Enviva in a research note on Thursday, March 31st. They set a sell rating for the company. Truist Financial started coverage on Enviva in a research note on Tuesday, March 29th. They set a buy rating and a $100.00 price target for the company. Finally, Raymond James lowered Enviva from an outperform rating to a market perform rating in a research note on Tuesday, April 5th. One research analyst has rated the stock with a sell rating, four have given a hold rating, three have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Enviva currently has an average rating of Hold and an average target price of $80.25.
Shares of Enviva stock opened at $87.30 on Tuesday. The stock’s 50-day simple moving average is $79.64 and its 200-day simple moving average is $73.43. Enviva has a 52 week low of $47.67 and a 52 week high of $91.06. The company has a market capitalization of $5.81 billion, a price-to-earnings ratio of -119.59 and a beta of 0.96. The company has a quick ratio of 0.55, a current ratio of 0.77 and a debt-to-equity ratio of 4.55.
The business also recently disclosed a quarterly dividend, which was paid on Friday, February 25th. Stockholders of record on Monday, February 14th were paid a $0.86 dividend. This represents a $3.44 annualized dividend and a dividend yield of 3.94%. This is a positive change from Enviva’s previous quarterly dividend of $0.84. The ex-dividend date was Friday, February 11th. Enviva’s dividend payout ratio (DPR) is presently -471.23%.
In related news, Director Jeffrey W. Ubben sold 501,691 shares of the firm’s stock in a transaction that occurred on Monday, March 7th. The stock was sold at an average price of $75.38, for a total transaction of $37,817,467.58. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Ralph Alexander purchased 1,614 shares of the firm’s stock in a transaction that occurred on Thursday, March 3rd. The shares were acquired at an average cost of $77.28 per share, with a total value of $124,729.92. The disclosure for this purchase can be found here. 13.30% of the stock is owned by company insiders.
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Gagnon Securities LLC purchased a new position in Enviva during the 3rd quarter worth $13,971,000. Gabelli Funds LLC increased its holdings in shares of Enviva by 21.0% in the 3rd quarter. Gabelli Funds LLC now owns 22,618 shares of the energy company’s stock valued at $1,223,000 after acquiring an additional 3,918 shares during the period. Cambridge Investment Research Advisors Inc. increased its holdings in shares of Enviva by 1.8% in the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 17,156 shares of the energy company’s stock valued at $928,000 after acquiring an additional 304 shares during the period. Vancity Investment Management Ltd increased its holdings in shares of Enviva by 18.3% in the 4th quarter. Vancity Investment Management Ltd now owns 7,181 shares of the energy company’s stock valued at $506,000 after acquiring an additional 1,113 shares during the period. Finally, UBS Group AG increased its holdings in shares of Enviva by 188.1% in the 3rd quarter. UBS Group AG now owns 72,088 shares of the energy company’s stock valued at $3,899,000 after acquiring an additional 47,064 shares during the period.
About Enviva (Get Rating)
Enviva Inc produces and sells utility-grade wood pellets. The company’s products are used as a substitute for coal in power generation, and combined heat and power plants. It serves power generators in the United Kingdom, Europe, and Japan. The company was formerly known as Enviva Partners, LP. Enviva Inc was incorporated in 2013 and is headquartered in Bethesda, Maryland.
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