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CVA from
      July 2015My interest in Covanta pre-dates this service, and I cut the stock in early July of 2015, soon after I began publishing here while CVA was still priced above $21.  The shares never regained that value and promptly fell 40%.  I reinstated coverage the following February with CVA at $13. 

Covanta is the largest EfW (Energy from Waste) in the United States, and was growing into global services with new facilities in the British Isles.  Since the JV with Macquarie, I'd looked for deals or other restructuring to unlock value.  However, I became wary in the wake of the board coup and gave some warning of management's dividend cut in the midst of the pandemic.  Ultimately the private equity route was taken to realize value. 

I don't like how it played out, but the yield and several financial media articles which overemphasized the metal and energy aspects of the business while ignoring the mainstay income from long-term waste disposal contracts with local municipalities created opportunity for both steady income and more active investors.  Overall, CVA was a quite profitable holding for me, and I think the coverage here serves as an example of how warnings can be just as valuable as new investment ideas.

?1 BGC Corant closing, Telus 3Q21 and Amdocs schedules plus follow-up and look ahead21:55 01-Nov-21
?1 Nokia, Shell & Covanta 2Q21 results and much more08:29 29-Jul-21
+5 Covanta going private at $20.25 per share08:46 14-Jul-21
?2 Ebix 1Q21 schedule, NFE OMIB, Golar execs and trading update12:41 14-May-21
-1 eMagin 1Q21 schedule, plus Google & energy news09:09 05-May-21
+4 Covanta 1Q21 results09:51 30-Apr-21
?3 Covanta 1Q21 schedule11:13 09-Apr-21
?1 Telus refinancing, Himax auto win, and more03:31 01-Apr-21
?1 Clearway OMIB plus M&A commentary08:22 09-Mar-21
?1 AES investor day and more on energy12:38 05-Mar-21
+3 Covanta 4Q20 results09:49 19-Feb-21
?2 BGC & Covanta 4Q20 schedules and other market notes17:40 13-Jan-21
+2 Himax 4Q20 schedule and more10:39 12-Jan-21
?1 Hygo case dismissed and Ebix accolades09:32 10-Dec-20
+1 Pai to leave FCC and macro views10:41 01-Dec-20
+1 election implications, GRoDT schedules & news, plus Q&A09:45 09-Nov-20
+1 vote projection10:07 04-Nov-20
?4 Covanta 3Q20 results and strategic review09:31 30-Oct-20
+1 new Hygo MoU and European policy progress10:00 14-Oct-20
+1 Vuzix Blade Upgraded available & Golar update08:04 01-Oct-20
?2 Xebec stock incentives and value updates09:57 21-Sep-20
?3 OEG OMIB, new Covanta and other debt18:54 24-Aug-20
-1 Vuzix 2Q20, debt & politics16:25 14-Aug-20
+3 Covanta & MagnaChip 2Q20 results10:00 31-Jul-20
?4 Covanta & Clearway 2Q20 schedules and much more08:27 15-Jul-20
-2 Virtu 2Q20 schedule and value thoughts17:49 08-Jul-20
-1 renewable natural gas website changes22:26 11-Jun-20
-1 Clearway near, BGC & Covanta far from the finish line, Fed could move it13:23 11-Jun-20
-1 FOMC and other nonsense17:57 10-Jun-20
?2 AMSC 4Q19 schedule, BGC PR and macro value notes10:33 01-Jun-20
?3 Covanta 1Q20 results09:40 08-May-20
?4 Covanta 1Q20 schedule16:54 22-Apr-20
?1 value & implementation notes18:37 16-Apr-20
-5 Covanta & Westport business updates18:52 14-Apr-20
?2 CUI Reach final, CWEN 1Q20 schedule, plus CVA & COVID thoughts08:47 07-Apr-20
?1 CTL OMIBs and reality vs finance17:35 16-Mar-20
+1 SLB OMIB, Virtu call and a correction14:29 12-Mar-20
?1 VOD OMIB and other values16:47 27-Feb-20
+3 Covanta 4Q19 results and natural gas outlook09:42 21-Feb-20
?3 Covanta & Nokia 4Q19 schedules, plus Orange France deal08:30 31-Jan-20
-1 Shell 4Q19 report08:04 30-Jan-20
-1 new Fenics market maker plus trade & competition09:35 21-Jan-20
+1 EbixCash partners with MoneyGram and much more09:39 13-Jan-20
?1 macro, value and Nokia11:54 09-Jan-20
-1 macro tremors10:25 31-Dec-19
+1 pre-Xmas news & trading wrap20:40 20-Dec-19
?3 Covanta dividend and U.K. election results17:31 12-Dec-19
+3 Covanta equity partnership in China16:48 11-Dec-19
?3 Covanta vs CenturyLink financing and more12:45 10-Dec-19
+1 Resonant COO, EBIX OMIB, and Clearway/Covanta macro23:33 02-Dec-19
-1 Golar 3Q19 results and energy update11:49 26-Nov-19
?1 PG&E financing, RESN thoughts, CUI & MVIS OMIBs and value16:48 19-Nov-19
+2 MVIS OMIB and earnings follow-ups13:06 14-Nov-19
?2 Ebix 3Q19 schedule & value down the macro path09:30 29-Oct-19
+2 Covanta 3Q19 results09:21 25-Oct-19
?1 new AMSC grid proposal, Fitbit 3Q19 schedule and CVA follow-up16:47 22-Oct-19
?3 Brexit, hydrogen and CVA redux14:53 22-Oct-19
?1 5G and value update08:27 15-Oct-19
?3 Covanta, UDC & MagnaChip schedule 3Q19 reports10:49 11-Oct-19
+1 The Fed and lurking debt danger19:24 18-Sep-19
+1 what we learned in the first week of September12:38 06-Sep-19
+1 Westport CFO, CUI OMIB, CTL dividend & more interesting notes20:03 22-Aug-19
?1 earnings follow-ups, plus bull/bear and macro discussions09:12 12-Aug-19
?1 BGC builds aviation plus AES, value, space & corporate tax thoughts06:25 06-Aug-19
?1 CenturyLink bond redemption11:48 29-Jul-19