Enviva (NYSE:EVA) Stock Price Down 3.7% Following Analyst Downgrade

Posted by Defense World Staff on Apr 7th, 2023

Enviva Inc. (NYSE:EVA – Get Rating)’s stock price traded down 3.7% during trading on Thursday after Royal Bank of Canada lowered their price target on the stock from $63.00 to $32.00. The stock traded as low as $24.12 and last traded at $24.46. 90,883 shares changed hands during trading, a decline of 86% from the average session volume of 672,478 shares. The stock had previously closed at $25.39.

Several other equities research analysts have also commented on EVA. JPMorgan Chase & Co. dropped their price objective on shares of 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 shares of Enviva from $65.00 to $55.00 and set a “strong-buy” rating on the stock in a research note on Wednesday. StockNews.com raised shares of Enviva to a “sell” rating in a report on Thursday, January 26th. TheStreet cut shares of Enviva from a “c-” rating to a “d+” rating in a report on Friday, March 24th. Finally, Truist Financial decreased their target price on shares of Enviva from $70.00 to $40.00 and set a “buy” rating for the company in a report on Tuesday. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Enviva presently has an average rating of “Moderate Buy” and a consensus target price of $40.60.

Insiders Place Their Bets

In related news, Director Gerrit Livingston Jr. Lansing bought 2,000 shares of the company’s stock in a transaction that occurred on Friday, March 24th. The stock was purchased at an average price of $27.38 per share, for a total transaction of $54,760.00. Following the completion of the transaction, the director now owns 8,477 shares in the company, valued at $232,100.26. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 13.30% of the company’s stock.

Institutional Investors Weigh In On Enviva

A number of hedge funds have recently bought and sold shares of the business. Riverstone Holdings LLC raised its stake in shares of Enviva by 0.4% in the third quarter. Riverstone Holdings LLC now owns 28,115,705 shares of the energy company’s stock valued at $1,688,629,000 after acquiring an additional 116,438 shares during the period. Inclusive Capital Partners L.P. raised its stake in shares of Enviva by 10.2% in the fourth quarter. Inclusive Capital Partners L.P. now owns 5,742,439 shares of the energy company’s stock valued at $304,177,000 after acquiring an additional 530,143 shares during the period. Vanguard Group Inc. raised its stake in shares of Enviva by 7.3% in the third quarter. Vanguard Group Inc. now owns 2,787,568 shares of the energy company’s stock valued at $167,421,000 after acquiring an additional 189,228 shares during the period. BlackRock Inc. raised its stake in shares of Enviva by 5.5% in the third quarter. BlackRock Inc. now owns 1,623,303 shares of the energy company’s stock valued at $97,496,000 after acquiring an additional 84,720 shares during the period. Finally, State Street Corp raised its stake in shares of Enviva by 10.7% in the third quarter. State Street Corp now owns 1,449,753 shares of the energy company’s stock valued at $87,072,000 after acquiring an additional 139,746 shares during the period. Hedge funds and other institutional investors own 83.41% of the company’s stock.

Enviva Trading Down 1.4 %

The firm has a market cap of $1.69 billion, a PE ratio of -9.63 and a beta of 0.99. The company has a quick ratio of 0.46, a current ratio of 0.81 and a debt-to-equity ratio of 5.48. The company’s 50 day moving average price is $37.41 and its two-hundred day moving average price is $49.67.

Enviva (NYSE:EVA – Get Rating) last posted its quarterly earnings results on Wednesday, March 1st. The energy company reported ($0.76) EPS for the quarter, missing the consensus estimate of $0.66 by ($1.42). The company had revenue of $239.31 million during the quarter, compared to analysts’ expectations of $443.54 million. Enviva had a negative return on equity of 20.29% and a negative net margin of 15.38%. As a group, sell-side analysts forecast that Enviva Inc. will post 0.58 EPS for the current year.

Enviva Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, February 24th. Investors of record on Tuesday, February 21st were paid a $0.905 dividend. This represents a $3.62 annualized dividend and a yield of 14.46%. The ex-dividend date of this dividend was Friday, February 17th. Enviva’s dividend payout ratio is presently -139.23%.

Enviva Company Profile

(Get Rating)

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.