Covenant Transportation Group’s (CVTI) “Buy” Rating Reiterated at Cowen and Company
Covenant Transportation Group Inc. (NASDAQ:CVTI)‘s stock had its “buy” rating reissued by investment analysts at Cowen and Company in a research note issued to investors on Friday.
Several other brokerages 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 note on Wednesday, June 22nd.
Stifel Nicolaus increased their price target 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 upgraded Covenant Transportation Group from a “sell” rating to a “hold” rating in a research report on Wednesday, August 24th. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $26.00.
Covenant Transportation Group (NASDAQ:CVTI) opened at 14.85 on Friday. 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 PE ratio of 9.40 and a beta of 0.66. The company’s 50-day moving average price is $18.99 and its 200 day moving average price is $20.64.
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Covenant Transportation Group (NASDAQ:CVTI) last announced its quarterly earnings data on Wednesday, July 27th. The company reported $0.20 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ 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 firm had revenue of $158.80 million for the quarter, compared to analysts’ expectations of $156.62 million. During the same quarter in the prior year, the firm posted $0.60 earnings per share. Covenant Transportation Group’s revenue for the quarter was down 9.5% compared to the same quarter last year. On average, analysts forecast that Covenant Transportation Group will post $1.17 earnings per share for the current year.
Institutional investors have recently modified their holdings of the company. Alliancebernstein L.P. raised its position in shares of Covenant Transportation Group by 50.1% in the second quarter. Alliancebernstein L.P. now owns 1,223,583 shares of the company’s stock worth $22,110,000 after buying an additional 408,133 shares during the period. Weiss Multi Strategy Advisers LLC raised its position in shares of Covenant Transportation Group by 2,498.0% in the second quarter. Weiss Multi Strategy Advisers LLC now owns 413,812 shares of the company’s stock worth $7,478,000 after buying an additional 397,884 shares during the period. Mutual of America Capital Management LLC raised its position in shares of Covenant Transportation Group by 136.4% in the second quarter. Mutual of America Capital Management LLC now owns 407,314 shares of the company’s stock worth $7,360,000 after buying an additional 235,022 shares during the period. Penn Capital Management Co. Inc. acquired a new position in shares of Covenant Transportation Group during the second quarter worth about $3,460,000. Finally, Basswood Capital Management L.L.C. raised its position in shares of Covenant Transportation Group by 22.0% in the second quarter. Basswood Capital Management L.L.C. now owns 222,602 shares of the company’s stock worth $4,022,000 after buying an additional 40,161 shares during the period. 65.82% of the stock is owned by institutional investors and hedge funds.
About Covenant Transportation Group
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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