Enviva Partners LP (EVA) is Initiated by Drexel Hamilton to Buy, Price Target at $28

Enviva Partners LP (EVA) was Initiated by Drexel Hamilton to “Buy” and the brokerage firm has set the Price Target at $28. Drexel Hamilton advised their investors in a research report released on Jun 8, 2016.

On the company’s financial health, Enviva Partners LP reported $0.29 EPS for the quarter, missing the analyst consensus estimate by $ -0.06 based on the information available during the earnings call on May 5, 2016. Analyst had a consensus of $0.35. The company had revenue of $107.25 million for the quarter, compared to analysts expectations of $140.70 million. The company’s revenue was down -6.2 % compared to the same quarter last year.

Enviva Partners LP opened for trading at $24.4 and hit $24.4191 on the upside on Tuesday, eventually ending the session at $24.25, with a gain of 0.21% or 0.05 points. The heightened volatility saw the trading volume jump to 57,652 shares. Company has a market cap of $600 M.

In a different news, on Dec 23, 2015, John C Jr Bumgarner (director) purchased 20,000 shares at $14.22 per share price. According to the SEC, on Dec 23, 2015, James P. Geraghty (Vice Pres & Controller) purchased 2,000 shares at $14.25 per share price. On Jun 11, 2015, Stephen F Reeves (CFO) purchased 1,250 shares at $19.97 per share price, according to the Form-4 filing with the securities and exchange commission.

Enviva Partners LP is engaged in the supply of utility-grade wood pellets to power generators. The Company procures wood fiber from landowners and other suppliers dries and processes fiber into wood pellets at its production plants and transports those products to deep-water marine terminals where they are stored and then distributed to its customers. The Company’s wood pellets are used as a substitute fuel for coal in biomass or co-fired coal power plants. In addition the wood pellets produced from its Cottondale plant are suitable for uses other than industrial power generation including commercial and residential heating. It also acquires wood pellets in the Pacific Northwest for sale in Asian markets. The Company owns and operates five production plants which have a combined wood pellet production capacity of approximately two million metric tons per year (MTPY) located in the Mid-Atlantic and the Gulf Coast regions of the United States.

Enviva Partners LP

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