Covenant Transportation Group, Inc. (CVTI) Receives Average Recommendation of “Buy” from Brokerages

Share on StockTwits

Shares of Covenant Transportation Group, Inc. (NASDAQ:CVTI) have been assigned an average recommendation of “Buy” from the eight brokerages that are presently covering the company, MarketBeat reports. Three investment analysts have rated the stock with a hold recommendation and four have assigned a buy recommendation to the company. The average 12-month target price among brokers that have issued a report on the stock in the last year is $36.60.

CVTI has been the subject of a number of research analyst reports. Stephens reissued a “buy” rating and issued a $35.00 target price on shares of Covenant Transportation Group in a report on Friday, July 27th. BidaskClub lowered Covenant Transportation Group from a “buy” rating to a “hold” rating in a report on Saturday, July 14th. ValuEngine raised Covenant Transportation Group from a “buy” rating to a “strong-buy” rating in a report on Saturday, May 12th. Stifel Nicolaus lifted their target price on Covenant Transportation Group from $35.00 to $36.00 and gave the stock a “buy” rating in a report on Wednesday, June 6th. Finally, Zacks Investment Research lowered Covenant Transportation Group from a “buy” rating to a “hold” rating in a report on Monday, May 21st.

CVTI stock opened at $30.94 on Friday. Covenant Transportation Group has a twelve month low of $24.57 and a twelve month high of $35.19. The company has a debt-to-equity ratio of 0.74, a current ratio of 2.84 and a quick ratio of 2.80. The company has a market cap of $559.83 million, a P/E ratio of 36.83 and a beta of 1.47.

Covenant Transportation Group (NASDAQ:CVTI) last posted its quarterly earnings data on Wednesday, July 25th. The transportation company reported $0.54 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.49 by $0.05. Covenant Transportation Group had a return on equity of 9.77% and a net margin of 9.09%. The company had revenue of $196.32 million during the quarter, compared to analyst estimates of $199.25 million. equities research analysts forecast that Covenant Transportation Group will post 2.13 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Friday, August 31st. Shareholders of record on Wednesday, August 15th were issued a $0.02 dividend. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.26%. The ex-dividend date was Tuesday, August 14th. Covenant Transportation Group’s payout ratio is 9.52%.

In other Covenant Transportation Group news, President Joey B. Hogan sold 7,300 shares of Covenant Transportation Group stock in a transaction on Wednesday, August 29th. The stock was sold at an average price of $30.01, for a total value of $219,073.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Ralph H. Lovin, Jr. sold 3,000 shares of Covenant Transportation Group stock in a transaction on Wednesday, June 13th. The stock was sold at an average price of $34.85, for a total value of $104,550.00. Following the completion of the sale, the vice president now directly owns 33,639 shares of the company’s stock, valued at approximately $1,172,319.15. The disclosure for this sale can be found here. In the last three months, insiders sold 118,952 shares of company stock valued at $3,906,225. Corporate insiders own 35.20% of the company’s stock.

Several institutional investors have recently bought and sold shares of the business. California Public Employees Retirement System increased its holdings in shares of Covenant Transportation Group by 6.2% in the 2nd quarter. California Public Employees Retirement System now owns 33,238 shares of the transportation company’s stock worth $1,047,000 after purchasing an additional 1,938 shares in the last quarter. Strs Ohio boosted its stake in shares of Covenant Transportation Group by 9.5% in the 2nd quarter. Strs Ohio now owns 24,300 shares of the transportation company’s stock worth $765,000 after buying an additional 2,100 shares during the last quarter. First Trust Advisors LP boosted its stake in shares of Covenant Transportation Group by 18.3% in the 2nd quarter. First Trust Advisors LP now owns 13,763 shares of the transportation company’s stock worth $434,000 after buying an additional 2,126 shares during the last quarter. Russell Investments Group Ltd. boosted its stake in shares of Covenant Transportation Group by 6.2% in the 2nd quarter. Russell Investments Group Ltd. now owns 36,987 shares of the transportation company’s stock worth $1,165,000 after buying an additional 2,170 shares during the last quarter. Finally, Commonwealth Equity Services LLC boosted its stake in shares of Covenant Transportation Group by 10.2% in the 1st quarter. Commonwealth Equity Services LLC now owns 25,790 shares of the transportation company’s stock worth $769,000 after buying an additional 2,384 shares during the last quarter. 65.48% of the stock is owned by institutional investors and hedge funds.

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.

Further Reading: How Do I Invest in Dividend Stocks

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