First Trust Advisors LP lifted its position in Enviva Inc. (NYSE:EVA – Get Rating) by 277.2% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 254,012 shares of the energy company’s stock after acquiring an additional 186,665 shares during the quarter. First Trust Advisors LP owned 0.38% of Enviva worth $15,256,000 as of its most recent SEC filing.
Several other hedge funds also recently made changes to their positions in the company. Bank of New York Mellon Corp grew its position in shares of Enviva by 6.7% in the 3rd quarter. Bank of New York Mellon Corp now owns 98,729 shares of the energy company’s stock worth $5,929,000 after acquiring an additional 6,238 shares in the last quarter. BlackRock Inc. boosted its position in Enviva by 5.5% during the 3rd quarter. BlackRock Inc. now owns 1,623,303 shares of the energy company’s stock valued at $97,496,000 after purchasing an additional 84,720 shares during the period. Gabelli Funds LLC boosted its position in Enviva by 12.8% during the 3rd quarter. Gabelli Funds LLC now owns 48,422 shares of the energy company’s stock valued at $3,511,000 after purchasing an additional 5,500 shares during the period. Eaton Vance Management boosted its position in Enviva by 6.0% during the 3rd quarter. Eaton Vance Management now owns 39,258 shares of the energy company’s stock valued at $2,358,000 after purchasing an additional 2,237 shares during the period. Finally, Cubist Systematic Strategies LLC boosted its position in Enviva by 30.5% during the 3rd quarter. Cubist Systematic Strategies LLC now owns 5,809 shares of the energy company’s stock valued at $349,000 after purchasing an additional 1,356 shares during the period. Institutional investors and hedge funds own 83.41% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of research analysts have issued reports on EVA shares. StockNews.com upgraded Enviva to a “sell” rating in a research report on Thursday, January 26th. Truist Financial dropped their price objective on Enviva from $80.00 to $70.00 and set a “buy” rating on the stock in a research note on Wednesday, February 1st. JPMorgan Chase & Co. dropped their price objective on Enviva from $61.00 to $44.00 and set a “neutral” rating on the stock in a research note on Friday, March 3rd. Raymond James dropped their price objective on Enviva from $80.00 to $65.00 and set a “strong-buy” rating on the stock in a research note on Thursday, March 2nd. Finally, Royal Bank of Canada dropped their price objective on Enviva from $76.00 to $63.00 in a research note on Tuesday, November 29th. One research analyst has rated the stock with a sell rating, two have issued a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $60.80.
Enviva Stock Down 4.8 %
Enviva (NYSE:EVA – Get Rating) last announced its earnings results on Wednesday, March 1st. The energy company reported ($0.76) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.66 by ($1.42). The company had revenue of $239.31 million for the quarter, compared to analyst estimates of $443.54 million. Enviva had a negative return on equity of 20.29% and a negative net margin of 15.38%. Equities analysts anticipate that Enviva Inc. will post 0.58 earnings per share for the current year.
Enviva Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Friday, February 24th. Investors of record on Tuesday, February 21st were given a dividend of $0.905 per share. This represents a $3.62 annualized dividend and a yield of 11.20%. The ex-dividend date of this dividend was Friday, February 17th. Enviva’s payout ratio is -139.23%.
About Enviva
Enviva, Inc engages in the production, process, and distribution of wood biomass to power generators. It offers wood pellets and wood chips which are used in coal-fired power generation and power plants. The company was founded on November 12, 2013 and is headquartered in Bethesda, MD.
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