Covanta Holding Corporation’s CVA strong fundamentals, growth projections, planned capital expenditures and concerted efforts to bolster its operations make it a solid investment option.Let’s analyze the factors that are responsible for this currently Zacks Rank #2 (Buy) stock to emerge as an ideal investment bet. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Growth EstimatesThe Zacks Consensus Estimate for 2021 earnings is pegged at 21 cents per share and for revenues, stands at $2.02 billion. The estimate for earnings per share has improved 950% in the past 60 days.The Zacks Consensus Estimate for 2022 earnings is 22 cents per share and for revenues is $2.04 billion. The estimate for earnings per share has skyrocketed 120% in the past 60 days.Surprise History & Dividend YieldCovanta Holding’s trailing four-quarter earnings surprise is 296.65%, on average.Also, the company has a current dividend yield of 2.16% compared with the S&P 500 composite’s 1.29% average.Capital PlansIn the first three months of 2021, the company invested $2 million in different growth projects. It aims to pump $20 million into different growth projects during the year to expand its existing operations including $15-MILLION investments in strengthening its international business. Covanta Holding’s four projects in the United Kingdom or Ireland are under construction. Rookery project in the UK is expected to generate cash flow from the first quarter of 2022.Sustainability EffortsCovanta Holding has patents and patents pending for advances to control emissions. In January 2021, it inked a new waste disposal deal with the Town of North Hempstead for 140,000 tons, annually, for an initial five-year term with options to extend for another 10 years. The move marks a switch to the local Waste-to-Energy option, which will significantly shrink North Hempstead’s carbon footprint and play a vital role in its transition to a zero-carbon economy.Also, to reduce its long-term cost of ash disposal and become more sustainable while creating new revenue opportunities, the company is steadily developing its first total ash processing system.Stock OutperformanceThe stock has gained 17%, outperforming the industry’s rally of 16.4% in the past six months.Six Months Price PerformanceImage Source: Zacks Investment ResearchVGM ScoreCovanta Holding currently has a VGM Score of A. Our research shows that stocks with a Style Score of A or B when combined with a Zacks Rank #1 or 2 offer the best upside potential.Other Stocks to ConsiderA few other top-ranked stocks in the same sector are Imperial Oil Limited IMO, Suncor Energy Inc. SU and Petroleo Brasileiro S.A. PBR, all stocks flaunting a Zacks Rank of 1, presently.The Zacks Consensus Estimate for Imperial Oil, Suncor Energy and Petroleo has moved 5.2% 69.5% and 50.5% north, respectively, in the past 60 days. Further, Imperial Oil, Suncor Energy and Petroleo delivered an earnings surprise of 16.7%, 69.5% and 308.9% each, on average, in the last four quarters.Time to Invest in Legal MarijuanaIf you’re looking for big gains, there couldn’t be a better time to get in on a young industry primed to skyrocket from $17.7 billion back in 2019 to an expected $73.6 billion by 2027.After a clean sweep of 6 election referendums in 5 states, pot is now legal in 36 states plus D.C. Federal legalization is expected soon and that could be a still greater bonanza for investors. Even before the latest wave of legalization, Zacks Investment Research has recommended pot stocks that have shot up as high as +285.9%You’re invited to check out Zacks’ Marijuana Moneymakers: An Investor’s Guide. It features a timely Watch List of pot stocks and ETFs with exceptional growth potential.Today, Download Marijuana Moneymakers FREE >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Petroleo Brasileiro S.A. Petrobras (PBR): Free Stock Analysis Report Suncor Energy Inc. (SU): Free Stock Analysis Report Imperial Oil Limited (IMO): Free Stock Analysis Report Covanta Holding Corporation (CVA): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research