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 reduced by Cowen and Company from $29.00 to $24.00 in a research note published on Friday. Cowen and Company currently has an outperform rating on the stock.
Several other equities analysts also recently commented on CVTI. BB&T Corp. downgraded Covenant Transportation Group from a buy rating to a hold rating in a research report on Wednesday, June 22nd.
Zacks Investment Research downgraded Covenant Transportation Group from a hold rating to a sell rating in a research report on Tuesday, September 27th. Finally, 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. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The company presently has an average rating of Buy and an average price target of $26.00.
Covenant Transportation Group (NASDAQ:CVTI) traded down 0.98% during midday trading on Friday, reaching $15.08. The company had a trading volume of 72,024 shares. The company has a market capitalization of $274.37 million, a P/E ratio of 9.54 and a beta of 0.66. The firm has a 50-day moving average of $18.88 and a 200 day moving average of $20.58. Covenant Transportation Group has a 1-year low of $13.60 and a 1-year high of $25.77.
Covenant Transportation Group (NASDAQ:CVTI) last announced its quarterly earnings data on Wednesday, July 27th. The company reported $0.20 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.19 by $0.01. The company had revenue of $158.80 million for the quarter, compared to the consensus estimate of $156.62 million. Covenant Transportation Group had a return on equity of 13.75% and a net margin of 4.06%. Covenant Transportation Group’s quarterly revenue was down 9.5% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.60 EPS. On average, equities research analysts forecast that Covenant Transportation Group will post $1.17 EPS for the current year.
Several large investors have recently modified their holdings of CVTI. Dynamic Technology Lab Private Ltd bought a new stake in shares of Covenant Transportation Group during the second quarter worth $187,000. Alambic Investment Management L.P. bought a new stake in shares of Covenant Transportation Group during the second quarter worth $190,000. Rhumbline Advisers boosted its stake in shares of Covenant Transportation Group by 13.3% in the second quarter. Rhumbline Advisers now owns 11,857 shares of the company’s stock worth $214,000 after buying an additional 1,390 shares during the period. Cowen Group Inc. boosted its stake in shares of Covenant Transportation Group by 7.1% in the second quarter. Cowen Group Inc. now owns 15,000 shares of the company’s stock worth $271,000 after buying an additional 1,000 shares during the period. Finally, Palo Capital Inc. bought a new stake in shares of Covenant Transportation Group during the second quarter worth $312,000. Hedge funds and other institutional investors own 65.37% 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.
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