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 dropped by investment analysts at Cowen and Company from $29.00 to $24.00 in a report issued on Friday. The firm currently has an “outperform” rating on the stock. Cowen and Company’s target price would indicate a potential upside of 61.62% from the company’s previous close.
Other research analysts have also recently issued reports about the company. BB&T Corp. cut Covenant Transportation Group from a “buy” rating to a “hold” rating in a research note on Wednesday, June 22nd.
Stifel Nicolaus raised their price objective on Covenant Transportation Group from $23.00 to $24.00 and gave the stock a “buy” rating in a research note on Thursday, July 28th. Finally, Zacks Investment Research upgraded Covenant Transportation Group from a “sell” rating to a “hold” rating in a research note on Wednesday, August 24th. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $26.00.
Covenant Transportation Group (NASDAQ:CVTI) opened at 14.85 on Friday. The firm has a 50-day moving average price of $18.99 and a 200 day moving average price of $20.64. The company has a market capitalization of $270.18 million, a P/E ratio of 9.40 and a beta of 0.66. 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 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.19 by $0.01. Covenant Transportation Group had a return on equity of 13.75% and a net margin of 4.06%. The firm earned $158.80 million during the quarter, compared to analysts’ expectations of $156.62 million. During the same period last 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. On average, equities analysts predict that Covenant Transportation Group will post $1.17 EPS for the current year.
A number of hedge funds and other institutional investors have recently made changes to their positions in CVTI. Dynamic Technology Lab Private Ltd bought a new position in shares of Covenant Transportation Group during the second quarter valued at $187,000. Alambic Investment Management L.P. acquired a new stake in shares of Covenant Transportation Group during the second quarter valued at approximately $190,000. Rhumbline Advisers raised 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 valued at $214,000 after buying an additional 1,390 shares during the last quarter. Cowen Group Inc. raised 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 valued at $271,000 after buying an additional 1,000 shares during the last quarter. Finally, Palo Capital Inc. acquired a new stake in shares of Covenant Transportation Group during the second quarter valued at approximately $312,000. Institutional investors own 65.82% of the company’s stock.
About Covenant Transportation Group
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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