Seaport Global Securities Comments on Covenant Transportation Group, Inc.’s Q2 2019 Earnings (CVTI)

Covenant Transportation Group, Inc. (NASDAQ:CVTI) – Research analysts at Seaport Global Securities decreased their Q2 2019 earnings estimates for shares of Covenant Transportation Group in a research note issued on Monday, April 29th, Zacks Investment Research reports. Seaport Global Securities analyst K. Sterling now forecasts that the transportation company will post earnings per share of $0.50 for the quarter, down from their prior forecast of $0.52. Seaport Global Securities also issued estimates for Covenant Transportation Group’s Q3 2019 earnings at $0.55 EPS and Q4 2019 earnings at $0.81 EPS.

Covenant Transportation Group (NASDAQ:CVTI) last issued its quarterly earnings results on Thursday, April 25th. The transportation company reported $0.27 EPS for the quarter, topping the consensus estimate of $0.20 by $0.07. Covenant Transportation Group had a net margin of 4.57% and a return on equity of 13.27%. The firm had revenue of $219.18 million for the quarter, compared to analysts’ expectations of $226.90 million.

Several other brokerages have also recently commented on CVTI. Stephens cut shares of Covenant Transportation Group from an “overweight” rating to an “equal weight” rating in a research report on Wednesday, May 1st. Zacks Investment Research cut shares of Covenant Transportation Group from a “hold” rating to a “sell” rating in a research report on Wednesday, February 13th. ValuEngine upgraded shares of Covenant Transportation Group from a “strong sell” rating to a “sell” rating in a research report on Thursday, January 24th. BidaskClub cut shares of Covenant Transportation Group from a “sell” rating to a “strong sell” rating in a research report on Tuesday, March 5th. Finally, Cowen reissued a “market perform” rating and issued a $23.00 price target (down previously from $27.00) on shares of Covenant Transportation Group in a research note on Tuesday, March 19th. Three research analysts have rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $28.00.

Covenant Transportation Group stock traded down $0.45 during midday trading on Wednesday, hitting $17.36. The company’s stock had a trading volume of 129,300 shares, compared to its average volume of 133,232. The company has a current ratio of 1.70, a quick ratio of 1.63 and a debt-to-equity ratio of 0.74. Covenant Transportation Group has a 12 month low of $17.17 and a 12 month high of $35.19. The stock has a market cap of $325.85 million, a PE ratio of 7.36 and a beta of 1.58.

A number of institutional investors and hedge funds have recently modified their holdings of CVTI. Bank of New York Mellon Corp increased its stake in Covenant Transportation Group by 3.5% in the 3rd quarter. Bank of New York Mellon Corp now owns 69,359 shares of the transportation company’s stock worth $2,016,000 after purchasing an additional 2,316 shares in the last quarter. BlackRock Inc. increased its stake in Covenant Transportation Group by 2.5% in the 3rd quarter. BlackRock Inc. now owns 935,548 shares of the transportation company’s stock worth $27,188,000 after purchasing an additional 22,519 shares in the last quarter. MetLife Investment Advisors LLC grew its stake in Covenant Transportation Group by 61.5% during the 3rd quarter. MetLife Investment Advisors LLC now owns 9,330 shares of the transportation company’s stock valued at $271,000 after acquiring an additional 3,554 shares in the last quarter. AQR Capital Management LLC grew its stake in Covenant Transportation Group by 16.4% during the 3rd quarter. AQR Capital Management LLC now owns 281,762 shares of the transportation company’s stock valued at $8,188,000 after acquiring an additional 39,600 shares in the last quarter. Finally, TIAA CREF Investment Management LLC grew its stake in Covenant Transportation Group by 79.0% during the 3rd quarter. TIAA CREF Investment Management LLC now owns 128,227 shares of the transportation company’s stock valued at $3,726,000 after acquiring an additional 56,604 shares in the last quarter. 63.91% of the stock is currently owned by hedge funds and other institutional investors.

Covenant Transportation Group Company Profile

Covenant Transportation Group, Inc, together with its subsidiaries, provides truckload transportation and brokerage services primarily in the continental United States. It offers expedited and dedicated services. The company also provides ancillary services, including freight brokerage and logistics services, warehousing, and accounts receivable factoring; and over-the-road truckload services, as well as transportation management, shuttle, and switching services.

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Earnings History and Estimates for Covenant Transportation Group (NASDAQ:CVTI)

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