Covenant Transportation Group Inc. (CVTI) Updates Q3 Earnings Guidance
Covenant Transportation Group Inc. (NASDAQ:CVTI) updated its third quarter earnings guidance on Thursday. The company provided earnings per share guidance of $0.18-0.23 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $0.25.
A number of research firms have recently issued reports on CVTI. Zacks Investment Research raised shares of Covenant Transportation Group from a sell rating to a hold rating in a report on Wednesday. Cowen and Company dropped their target price on shares of Covenant Transportation Group from $30.00 to $29.00 and set an outperform rating for the company in a report on Friday, July 29th. Stifel Nicolaus upped their target price on shares of Covenant Transportation Group from $23.00 to $24.00 and gave the stock a buy rating in a report on Thursday, July 28th. Finally, BB&T Corp. lowered shares of Covenant Transportation Group from a buy rating to a hold rating in a report on Wednesday, June 22nd.
Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of Buy and an average target price of $27.00.
Shares of Covenant Transportation Group Inc. (NASDAQ:CVTI) traded down 14.862% during midday trading on Thursday, hitting $15.095. 1,064,044 shares of the company were exchanged. Covenant Transportation Group Inc. has a 52-week low of $13.60 and a 52-week high of $25.77. The company has a 50-day moving average price of $19.13 and a 200-day moving average price of $20.68. The stock has a market capitalization of $274.64 million, a price-to-earnings ratio of 9.554 and a beta of 0.66.
This story is the sole property of American Banking News and it was originally published by American Banking News. If you are reading this story on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. The original version of this article is available at https://www.americanbankingnews.com/2016/10/13/covenant-transportation-group-inc-cvti-updates-q3-earnings-guidance.html
Covenant Transportation Group (NASDAQ:CVTI) last announced its quarterly earnings data on Wednesday, July 27th. The company reported $0.20 EPS for the quarter, topping the Zacks’ consensus estimate of $0.19 by $0.01. Covenant Transportation Group had a return on equity of 13.75% and a net margin of 4.06%. The company earned $158.80 million during the quarter, compared to the consensus estimate of $156.62 million. During the same quarter last year, the company earned $0.60 EPS. The company’s quarterly revenue was down 9.5% on a year-over-year basis. On average, analysts forecast that Covenant Transportation Group Inc. will post $1.17 EPS for the current year.
Institutional investors have recently bought and sold shares of the company. Ranger Investment Management L.P. increased its position in Covenant Transportation Group by 4.2% in the second quarter. Ranger Investment Management L.P. now owns 67,520 shares of the company’s stock valued at $1,220,000 after buying an additional 2,740 shares during the period. Penn Capital Management Co. Inc. bought a new position in Covenant Transportation Group during the second quarter valued at approximately $3,460,000. Croft Leominster Inc. increased its position in Covenant Transportation Group by 16.7% in the second quarter. Croft Leominster Inc. now owns 21,000 shares of the company’s stock valued at $379,000 after buying an additional 3,000 shares during the period. Rhumbline Advisers increased its position in Covenant Transportation Group by 13.3% in the second quarter. Rhumbline Advisers now owns 11,857 shares of the company’s stock valued at $214,000 after buying an additional 1,390 shares during the period. Finally, Teachers Advisors Inc. increased its position in Covenant Transportation Group by 6.6% in the second quarter. Teachers Advisors Inc. now owns 17,995 shares of the company’s stock valued at $325,000 after buying an additional 1,114 shares during the period. Institutional investors and hedge funds own 65.82% of the company’s stock.
Covenant Transportation Group Company Profile
Covenant Transportation Group, Inc is a truckload transportation company. The Company provides truckload transportation and brokerage services to customers throughout the continental United States, into and out of Mexico, and into and out of portions of Canada. It operates through the asset-based truckload services (Truckload) segment.
Receive News & Ratings for Covenant Transportation Group Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Covenant Transportation Group Inc. and related companies with MarketBeat.com's FREE daily email newsletter.