Covenant Transportation Group (CVTI) Updates Q1 Earnings Guidance

Covenant Transportation Group (NASDAQ:CVTI) updated its first quarter earnings guidance on Wednesday. The company provided earnings per share guidance of $0.17 -0.23 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $0.08.

A number of brokerages recently issued reports on CVTI. Seaport Global Securities reiterated a neutral rating on shares of Covenant Transportation Group in a report on Tuesday, January 30th. Zacks Investment Research raised shares of Covenant Transportation Group from a hold rating to a buy rating and set a $34.00 price objective for the company in a research note on Friday, February 2nd. BidaskClub raised shares of Covenant Transportation Group from a buy rating to a strong-buy rating in a research note on Thursday, December 7th. Cowen reissued a market perform rating and issued a $30.00 price objective (up previously from $25.50) on shares of Covenant Transportation Group in a research note on Tuesday, January 30th. Finally, ValuEngine downgraded shares of Covenant Transportation Group from a buy rating to a hold rating in a research note on Friday, December 1st. Four analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Covenant Transportation Group currently has a consensus rating of Hold and a consensus price target of $29.67.

Shares of Covenant Transportation Group (CVTI) traded down $0.29 during mid-day trading on Wednesday, hitting $26.92. The stock had a trading volume of 74,295 shares, compared to its average volume of 159,920. The firm has a market capitalization of $493.63, a P/E ratio of 8.95 and a beta of 1.64. The company has a debt-to-equity ratio of 0.63, a quick ratio of 1.95 and a current ratio of 2.00. Covenant Transportation Group has a 1-year low of $15.86 and a 1-year high of $30.60.

Covenant Transportation Group (NASDAQ:CVTI) last issued its quarterly earnings results on Monday, January 29th. The transportation company reported $0.50 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.01). The business had revenue of $203.31 million for the quarter, compared to analyst estimates of $202.40 million. Covenant Transportation Group had a return on equity of 6.26% and a net margin of 7.94%. The business’s revenue for the quarter was up 6.5% on a year-over-year basis. During the same period in the previous year, the company posted $0.33 earnings per share. sell-side analysts forecast that Covenant Transportation Group will post 1.68 earnings per share for the current year.

In other news, Chairman David Ray Parker sold 25,773 shares of the business’s stock in a transaction on Thursday, February 1st. The shares were sold at an average price of $30.02, for a total transaction of $773,705.46. Following the sale, the chairman now directly owns 108,430 shares of the company’s stock, valued at $3,255,068.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 35.20% of the stock is owned by insiders.

A hedge fund recently raised its stake in Covenant Transportation Group stock. The Manufacturers Life Insurance Company increased its stake in shares of Covenant Transportation Group, Inc. (NASDAQ:CVTI) by 15.6% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 10,909 shares of the transportation company’s stock after buying an additional 1,472 shares during the quarter. The Manufacturers Life Insurance Company owned about 0.06% of Covenant Transportation Group worth $191,000 as of its most recent SEC filing. Institutional investors and hedge funds own 63.40% of the company’s stock.

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About Covenant Transportation Group

Covenant Transportation Group, Inc is a provider of expedited long haul freight transportation, primarily using two-person driver teams in transcontinental lanes. The Company’s services also include refrigerated, dedicated, cross-border, regional and brokerage. The Company’s segments include Truckload and Other.

Earnings History and Estimates for Covenant Transportation Group (NASDAQ:CVTI)

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