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

Covenant Transportation Group Inc. (NASDAQ:CVTI) traded down 14.50% during mid-day trading on Thursday, hitting $15.16. The stock had a trading volume of 1,075,830 shares. Covenant Transportation Group Inc. has a one year low of $13.60 and a one year high of $25.77. The stock has a market cap of $275.82 million, a P/E ratio of 9.59 and a beta of 0.66. The company has a 50 day moving average price of $19.13 and a 200 day moving average price of $20.68.

Covenant Transportation Group (NASDAQ:CVTI) last released its quarterly earnings results on Wednesday, July 27th. The company reported $0.20 EPS for the quarter, topping analysts’ consensus estimates 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 business had revenue of $158.80 million for the quarter, compared to analyst estimates of $156.62 million. During the same period last year, the firm earned $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, equities analysts anticipate that Covenant Transportation Group Inc. will post $1.17 EPS for the current year.

A number of research firms recently commented on CVTI. Cowen and Company lowered their price target on shares of Covenant Transportation Group from $34.00 to $30.00 and set an outperform rating on the stock in a research report on Wednesday, June 22nd. BB&T Corp. lowered shares of Covenant Transportation Group from a buy rating to a hold rating in a research report on Wednesday, June 22nd.
Stifel Nicolaus raised their price target on shares of 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 raised shares of 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 assigned a buy rating to the stock. Covenant Transportation Group presently has a consensus rating of Buy and a consensus target price of $27.00.

A number of institutional investors have recently added to or reduced their stakes in the stock. Ranger Investment Management L.P. raised its position in Covenant Transportation Group by 4.2% in the second quarter. Ranger Investment Management L.P. now owns 67,520 shares of the company’s stock valued at $1,220,000 after buying an additional 2,740 shares in the last quarter. Penn Capital Management Co. Inc. bought a new stake in Covenant Transportation Group during the second quarter worth $3,460,000. Croft Leominster Inc. increased its stake in Covenant Transportation Group by 16.7% in the second quarter. Croft Leominster Inc. now owns 21,000 shares of the company’s stock worth $379,000 after buying an additional 3,000 shares during the last quarter. Rhumbline Advisers increased its stake in 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 last quarter. Finally, Teachers Advisors Inc. increased its stake in Covenant Transportation Group by 6.6% in the second quarter. Teachers Advisors Inc. now owns 17,995 shares of the company’s stock worth $325,000 after buying an additional 1,114 shares during the last quarter. 65.82% of the stock is currently owned by hedge funds and other institutional investors.

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.

5 Day Chart for NASDAQ:CVTI

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