Trade Report: Today: Covenant Transportation Group Inc. (CVTI) Issues Q3 Earnings Guidance

Today: Covenant Transportation Group Inc. (CVTI) Issues Q3 Earnings Guidance

Covenant Transportation Group Inc. (NASDAQ:CVTI) updated its third quarter earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of $0.18-0.23 for the period, compared to the Thomson Reuters consensus estimate of $0.25.

CVTI has been the subject of a number of recent research reports. BB&T Corp. cut shares of Covenant Transportation Group from a buy rating to a hold rating in a research note on Wednesday, June 22nd. Cowen and Company dropped their price objective on shares of Covenant Transportation Group from $34.00 to $30.00 and set an outperform rating for the company in a research note on Wednesday, June 22nd. Zacks Investment Research cut shares of Covenant Transportation Group from a hold rating to a sell rating in a research note on Tuesday, September 27th. Finally, Stifel Nicolaus increased their price objective on shares of Covenant Transportation Group from $23.00 to $24.00 and gave the company a buy rating in a research note on Thursday, July 28th. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The company currently has a consensus rating of Buy and an average price target of $26.00.

Shares of Covenant Transportation Group Inc. (NASDAQ:CVTI) opened at 15.23 on Monday. The firm has a market cap of $277.09 million, a PE ratio of 9.64 and a beta of 0.66. Covenant Transportation Group Inc. has a 12 month low of $13.60 and a 12 month high of $25.77. The company’s 50 day moving average is $18.88 and its 200-day moving average is $20.58.

Covenant Transportation Group (NASDAQ:CVTI) last released 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 net margin of 4.06% and a return on equity of 13.75%. The firm earned $158.80 million during the quarter, compared to analysts’ expectations of $156.62 million. During the same period in the previous year, the business posted $0.60 earnings per share. The company’s revenue for the quarter was down 9.5% compared to the same quarter last year. Equities research analysts predict that Covenant Transportation Group Inc. will post $1.17 EPS for the current year.

A number of institutional investors have recently added to or reduced their stakes in CVTI. Alliancebernstein L.P. boosted its position in 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. Penn Capital Management Co. Inc. bought a new position in Covenant Transportation Group during the second quarter worth approximately $3,460,000. TFS Capital LLC bought a new position in Covenant Transportation Group during the second quarter worth approximately $662,000. BlackRock Investment Management LLC boosted its position in Covenant Transportation Group by 21.0% in the second quarter. BlackRock Investment Management LLC now owns 50,900 shares of the company’s stock worth $920,000 after buying an additional 8,825 shares during the period. Finally, BlackRock Fund Advisors boosted its position in Covenant Transportation Group by 1.8% in the second quarter. BlackRock Fund Advisors now owns 306,710 shares of the company’s stock worth $5,542,000 after buying an additional 5,501 shares during the period. 65.82% of the stock is owned by hedge funds and other institutional investors.

About Covenant Transportation Group

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