State of New Jersey Common Pension Fund D Buys 2,930 Shares of Enviva Inc. (NYSE:EVA)

Posted by MarketBeat News on Jan 20th, 2023

State of New Jersey Common Pension Fund D lifted its stake in Enviva Inc. (NYSE:EVA – Get Rating) by 9.6% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 33,480 shares of the energy company’s stock after acquiring an additional 2,930 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Enviva were worth $2,011,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Wedbush Securities Inc. bought a new stake in shares of Enviva in the second quarter valued at about $2,291,000. Good Life Advisors LLC bought a new stake in shares of Enviva in the second quarter valued at about $437,000. Bard Associates Inc. raised its position in Enviva by 2.6% in the second quarter. Bard Associates Inc. now owns 52,485 shares of the energy company’s stock worth $3,003,000 after purchasing an additional 1,350 shares in the last quarter. Baird Financial Group Inc. raised its position in Enviva by 325.4% in the second quarter. Baird Financial Group Inc. now owns 27,653 shares of the energy company’s stock worth $1,582,000 after purchasing an additional 21,153 shares in the last quarter. Finally, CWA Asset Management Group LLC raised its position in Enviva by 5.2% in the second quarter. CWA Asset Management Group LLC now owns 3,544 shares of the energy company’s stock worth $203,000 after purchasing an additional 174 shares in the last quarter. Institutional investors own 83.41% of the company’s stock.

Analysts Set New Price Targets

EVA has been the subject of several recent research reports. Raymond James raised shares of Enviva from an “outperform” rating to a “strong-buy” rating and set a $80.00 price target for the company in a research report on Tuesday, October 18th. StockNews.com raised shares of Enviva to a “sell” rating in a research report on Thursday, December 22nd. JPMorgan Chase & Co. dropped their price target on shares of Enviva from $66.00 to $60.00 and set a “neutral” rating for the company in a research report on Thursday, October 20th. Citigroup raised shares of Enviva from a “neutral” rating to a “buy” rating and dropped their price target for the stock from $79.00 to $62.00 in a research report on Friday, October 14th. Finally, Royal Bank of Canada dropped their price objective on shares of Enviva from $76.00 to $63.00 in a report on Tuesday, November 29th. One analyst has rated the stock with a sell rating, two have assigned a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Enviva has a consensus rating of “Moderate Buy” and an average price target of $73.00.

Insider Buying and Selling at Enviva

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In other news, Director Jeffrey W. Ubben purchased 200,000 shares of Enviva stock in a transaction dated Friday, December 2nd. The shares were bought at an average cost of $55.00 per share, with a total value of $11,000,000.00. Following the completion of the transaction, the director now directly owns 5,742,439 shares in the company, valued at approximately $315,834,145. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Enviva news, Director Jeffrey W. Ubben purchased 28,697 shares of the stock in a transaction on Wednesday, November 30th. The shares were purchased at an average cost of $53.25 per share, for a total transaction of $1,528,115.25. Following the purchase, the director now owns 5,542,439 shares of the company’s stock, valued at $295,134,876.75. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Jeffrey W. Ubben purchased 200,000 shares of the stock in a transaction on Friday, December 2nd. The stock was acquired at an average price of $55.00 per share, for a total transaction of $11,000,000.00. Following the completion of the purchase, the director now directly owns 5,742,439 shares in the company, valued at approximately $315,834,145. The disclosure for this purchase can be found here. Insiders own 13.30% of the company’s stock.

Enviva Price Performance

EVA opened at $44.29 on Friday. Enviva Inc. has a one year low of $43.60 and a one year high of $91.06. The company has a debt-to-equity ratio of 3.95, a current ratio of 1.09 and a quick ratio of 0.69. The company’s 50 day simple moving average is $54.28 and its 200-day simple moving average is $60.86.

Enviva (NYSE:EVA – Get Rating) last announced its quarterly earnings data on Wednesday, November 2nd. The energy company reported ($0.13) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.16). Enviva had a negative net margin of 13.06% and a negative return on equity of 23.46%. The business had revenue of $325.66 million during the quarter, compared to the consensus estimate of $356.93 million. Sell-side analysts anticipate that Enviva Inc. will post 0.17 EPS for the current fiscal year.

Enviva Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 25th. Shareholders of record on Monday, November 14th were paid a $0.905 dividend. The ex-dividend date of this dividend was Thursday, November 10th. This represents a $3.62 dividend on an annualized basis and a yield of 8.17%.

Enviva Company Profile

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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.