Nuveen Asset Management LLC Takes Position in Enviva Inc. (NYSE:EVA)

Nuveen Asset Management LLC acquired a new position in Enviva Inc. (NYSE:EVA – Get Rating) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 122,719 shares of the energy company’s stock, valued at approximately $7,556,000. Nuveen Asset Management LLC owned 0.18% of Enviva at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Treasurer of the State of North Carolina raised its position in Enviva by 1.3% in the 3rd quarter. Treasurer of the State of North Carolina now owns 13,116 shares of the energy company’s stock worth $788,000 after purchasing an additional 170 shares during the period. Janney Montgomery Scott LLC grew its stake in Enviva by 3.6% in the 3rd quarter. Janney Montgomery Scott LLC now owns 5,680 shares of the energy company’s stock worth $341,000 after acquiring an additional 200 shares in the last quarter. Envestnet Asset Management Inc. grew its stake in Enviva by 6.0% in the 3rd quarter. Envestnet Asset Management Inc. now owns 3,954 shares of the energy company’s stock worth $237,000 after acquiring an additional 224 shares in the last quarter. Lazard Asset Management LLC bought a new position in Enviva in the 1st quarter worth about $26,000. Finally, Raymond James Trust N.A. grew its stake in Enviva by 15.2% in the 1st quarter. Raymond James Trust N.A. now owns 3,575 shares of the energy company’s stock worth $283,000 after acquiring an additional 473 shares in the last quarter. 83.41% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. JPMorgan Chase & Co. dropped their target price 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. Truist Financial dropped their price objective on shares of Enviva from $80.00 to $70.00 and set a “buy” rating on the stock in a research note on Wednesday, February 1st. Royal Bank of Canada dropped their price objective on shares of Enviva from $76.00 to $63.00 in a research note on Tuesday, November 29th. Raymond James dropped their price objective on shares of 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, StockNews.com upgraded shares of Enviva to a “sell” rating in a research note on Thursday, January 26th. One research analyst has rated the stock with a sell rating, two have issued a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Enviva currently has an average rating of “Moderate Buy” and a consensus target price of $60.80.

Enviva Price Performance

Shares of EVA opened at $32.33 on Friday. The company has a market cap of $2.19 billion, a price-to-earnings ratio of -12.43 and a beta of 1.04. Enviva Inc. has a twelve month low of $31.27 and a twelve month high of $91.06. 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 has a 50 day moving average of $44.84 and a two-hundred day moving average of $55.00.

Enviva (NYSE:EVA – Get Rating) last announced its earnings results on Wednesday, March 1st. The energy company reported ($0.76) earnings per share for the quarter, missing the consensus estimate of $0.66 by ($1.42). The firm had revenue of $239.31 million during the quarter, compared to analyst estimates of $443.54 million. Enviva had a negative net margin of 15.38% and a negative return on equity of 20.29%. As a group, analysts predict that Enviva Inc. will post 0.58 earnings per share for the current fiscal year.

Enviva Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, February 24th. Shareholders of record on Tuesday, February 21st were issued a $0.905 dividend. The ex-dividend date was Friday, February 17th. This represents a $3.62 dividend on an annualized basis and a dividend yield of 11.20%. Enviva’s dividend payout ratio is currently -139.23%.

About Enviva

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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.