Covenant Transportation Group Inc. (CVTI) Given New $24.00 Price Target at Cowen and Company
Covenant Transportation Group Inc. (NASDAQ:CVTI) had its price target cut by Cowen and Company from $29.00 to $24.00 in a research report issued on Friday. The brokerage presently has an “outperform” rating on the stock. Cowen and Company’s price objective would suggest a potential upside of 61.62% from the company’s previous close.
Several other research analysts have also recently issued reports on CVTI. BB&T Corp. cut Covenant Transportation Group from a “buy” rating to a “hold” rating in a research report on Wednesday, June 22nd.
Stifel Nicolaus upped their price objective on Covenant Transportation Group from $23.00 to $24.00 and gave the stock a “buy” rating in a research report on Thursday, July 28th. Finally, Zacks Investment Research raised Covenant Transportation Group from a “sell” rating to a “hold” rating in a research report on Wednesday, August 24th. Three analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus price target of $26.00.
Shares of Covenant Transportation Group (NASDAQ:CVTI) opened at 14.85 on Friday. The firm has a 50-day moving average price of $18.99 and a 200 day moving average price of $20.64. Covenant Transportation Group has a one year low of $13.60 and a one year high of $25.77. The firm has a market capitalization of $270.18 million, a price-to-earnings ratio of 9.40 and a beta of 0.66.
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Covenant Transportation Group (NASDAQ:CVTI) last released its quarterly earnings data on Wednesday, July 27th. The company reported $0.20 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.19 by $0.01. The business earned $158.80 million during the quarter, compared to analysts’ expectations of $156.62 million. Covenant Transportation Group had a return on equity of 13.75% and a net margin of 4.06%. The business’s quarterly revenue was down 9.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.60 EPS. Equities analysts forecast that Covenant Transportation Group will post $1.17 earnings per share for the current fiscal year.
Several hedge funds have recently made changes to their positions in the stock. California State Teachers Retirement System increased its stake in Covenant Transportation Group by 0.4% in the second quarter. California State Teachers Retirement System now owns 24,928 shares of the company’s stock valued at $450,000 after buying an additional 100 shares in the last quarter. Foundry Partners LLC increased its stake in Covenant Transportation Group by 0.3% in the second quarter. Foundry Partners LLC now owns 126,645 shares of the company’s stock valued at $2,288,000 after buying an additional 400 shares in the last quarter. Livingston Group Asset Management CO operating as Southport Capital Management increased its stake in Covenant Transportation Group by 0.8% in the second quarter. Livingston Group Asset Management CO operating as Southport Capital Management now owns 96,726 shares of the company’s stock valued at $1,748,000 after buying an additional 769 shares in the last quarter. Cowen Group Inc. increased its stake in Covenant Transportation Group by 7.1% in the second quarter. Cowen Group Inc. now owns 15,000 shares of the company’s stock valued at $271,000 after buying an additional 1,000 shares in the last quarter. Finally, Teachers Advisors Inc. increased its stake 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 in the last quarter. 65.82% of the stock is owned by hedge funds and other institutional investors.
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.
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