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

Covenant Transportation Group, Inc. (NASDAQ:CVTI) – Equities research analysts at Seaport Global Securities decreased their Q2 2019 earnings per share estimates for shares of Covenant Transportation Group in a note issued to investors on Wednesday, October 24th. Seaport Global Securities analyst K. Sterling now expects that the transportation company will post earnings of $0.64 per share for the quarter, down from their previous estimate of $0.65. Seaport Global Securities also issued estimates for Covenant Transportation Group’s Q3 2019 earnings at $0.71 EPS.

Covenant Transportation Group (NASDAQ:CVTI) last released its quarterly earnings data on Wednesday, October 24th. The transportation company reported $0.66 EPS for the quarter, beating the consensus estimate of $0.61 by $0.05. Covenant Transportation Group had a return on equity of 11.77% and a net margin of 9.22%. The company had revenue of $243.30 million for the quarter, compared to analysts’ expectations of $237.85 million.



Several other equities research analysts have also recently commented on CVTI. ValuEngine cut Covenant Transportation Group from a “strong-buy” rating to a “buy” rating in a research report on Monday, July 2nd. BidaskClub cut Covenant Transportation Group from a “buy” rating to a “hold” rating in a research report on Saturday, July 14th. Stephens reaffirmed a “buy” rating and set a $35.00 price objective on shares of Covenant Transportation Group in a research report on Friday, July 27th. Wolfe Research cut Covenant Transportation Group from a “peer perform” rating to an “underperform” rating in a research report on Friday, October 5th. Finally, Cowen dropped their target price on Covenant Transportation Group from $36.00 to $32.00 and set a “market perform” rating on the stock in a research report on Thursday. Three investment analysts have rated the stock with a sell rating, one has assigned a hold rating and four have given a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $34.20.

Covenant Transportation Group stock opened at $24.44 on Monday. The company has a debt-to-equity ratio of 0.74, a quick ratio of 2.80 and a current ratio of 2.84. Covenant Transportation Group has a one year low of $23.51 and a one year high of $35.19. The firm has a market cap of $448.30 million, a P/E ratio of 29.10 and a beta of 1.42.

Large investors have recently made changes to their positions in the business. Tower Research Capital LLC TRC purchased a new position in Covenant Transportation Group in the second quarter worth about $166,000. Meeder Asset Management Inc. boosted its position in Covenant Transportation Group by 711.7% in the second quarter. Meeder Asset Management Inc. now owns 6,339 shares of the transportation company’s stock worth $200,000 after purchasing an additional 5,558 shares during the last quarter. Bailard Inc. purchased a new position in Covenant Transportation Group in the second quarter worth about $233,000. Cubist Systematic Strategies LLC purchased a new position in Covenant Transportation Group in the first quarter worth about $225,000. Finally, Dynamic Technology Lab Private Ltd boosted its position in Covenant Transportation Group by 31.1% in the second quarter. Dynamic Technology Lab Private Ltd now owns 10,788 shares of the transportation company’s stock worth $340,000 after purchasing an additional 2,561 shares during the last quarter. 65.33% of the stock is currently owned by institutional investors and hedge funds.

In other Covenant Transportation Group news, President Joey B. Hogan sold 7,300 shares of the firm’s stock in a transaction dated Wednesday, August 29th. The stock was sold at an average price of $30.01, for a total value of $219,073.00. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 35.20% of the company’s stock.

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.

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

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