ValuEngine Lowers Covenant Transportation Group (CVTI) to Buy

Covenant Transportation Group (NASDAQ:CVTI) was downgraded by ValuEngine from a “strong-buy” rating to a “buy” rating in a research note issued to investors on Monday.

Several other equities research analysts also recently issued reports on the stock. BidaskClub upgraded shares of Covenant Transportation Group from a “sell” rating to a “hold” rating in a research note on Friday, May 11th. Stifel Nicolaus upgraded shares of Covenant Transportation Group from a “hold” rating to a “buy” rating and raised their target price for the company from $34.00 to $35.00 in a research note on Thursday, April 26th. Cowen raised their target price on shares of Covenant Transportation Group from $32.00 to $35.00 and gave the company a “market perform” rating in a research note on Wednesday, June 6th. Zacks Investment Research downgraded shares of Covenant Transportation Group from a “buy” rating to a “hold” rating in a research note on Monday, May 21st. Finally, Seaport Global Securities upgraded shares of Covenant Transportation Group from a “neutral” rating to a “buy” rating and set a $40.00 target price for the company in a research note on Thursday, March 15th. One research analyst has rated the stock with a hold rating and six have given a buy rating to the company’s stock. Covenant Transportation Group has a consensus rating of “Buy” and an average target price of $34.60.

Shares of Covenant Transportation Group stock traded down $0.18 during trading hours on Monday, reaching $31.32. 260,300 shares of the company’s stock were exchanged, compared to its average volume of 186,383. Covenant Transportation Group has a fifty-two week low of $15.86 and a fifty-two week high of $35.19. The company has a debt-to-equity ratio of 0.61, a current ratio of 2.18 and a quick ratio of 2.12. The company has a market cap of $577.43 million, a price-to-earnings ratio of 37.29 and a beta of 1.63.

Covenant Transportation Group (NASDAQ:CVTI) last posted its quarterly earnings data on Wednesday, April 25th. The transportation company reported $0.24 EPS for the quarter, topping the Zacks’ consensus estimate of $0.23 by $0.01. Covenant Transportation Group had a net margin of 8.32% and a return on equity of 7.34%. The company had revenue of $173.57 million during the quarter, compared to the consensus estimate of $169.15 million. sell-side analysts expect that Covenant Transportation Group will post 1.92 earnings per share for the current year.

In related news, Chairman David Ray Parker sold 51,417 shares of the firm’s stock in a transaction dated Friday, June 8th. The shares were sold at an average price of $32.52, for a total value of $1,672,080.84. Following the completion of the sale, the chairman now directly owns 114,443 shares in the company, valued at approximately $3,721,686.36. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Ralph H. Lovin, Jr. sold 3,000 shares of the firm’s stock in a transaction dated Wednesday, June 13th. The shares were sold at an average price of $34.85, for a total transaction of $104,550.00. Following the completion of the sale, the vice president now owns 33,639 shares of the company’s stock, valued at $1,172,319.15. The disclosure for this sale can be found here. Insiders sold a total of 173,132 shares of company stock valued at $5,686,691 over the last quarter. 33.10% of the stock is currently owned by company insiders.

Institutional investors have recently added to or reduced their stakes in the business. MetLife Investment Advisors LLC bought a new position in Covenant Transportation Group in the 4th quarter valued at about $166,000. Element Capital Management LLC bought a new position in Covenant Transportation Group in the 1st quarter valued at about $223,000. Cubist Systematic Strategies LLC bought a new position in Covenant Transportation Group in the 1st quarter valued at about $225,000. M&T Bank Corp bought a new position in Covenant Transportation Group in the 1st quarter valued at about $263,000. Finally, Koch Industries Inc. bought a new position in Covenant Transportation Group in the 1st quarter valued at about $277,000. 63.25% of the stock is currently owned by hedge funds and other institutional investors.

About Covenant Transportation Group

Covenant Transportation Group, Inc, together with its subsidiaries, provides truckload transportation and brokerage services primarily in the continental United States. It offers long haul, dedicated, temperature-controlled, and regional solo-driver services; long haul, regional, dedicated, and intermodal temperature-controlled services; and regional solo-driver and dedicated services.

To view ValuEngine’s full report, visit ValuEngine’s official website.

Receive News & Ratings for Covenant Transportation Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Covenant Transportation Group and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply