Covenant Transportation Group (NASDAQ:CVTI) Upgraded to “Hold” at BidaskClub

BidaskClub upgraded shares of Covenant Transportation Group (NASDAQ:CVTI) from a sell rating to a hold rating in a research report sent to investors on Thursday morning, BidAskClub reports.

Several other brokerages have also issued reports on CVTI. Cowen restated an outperform rating and issued a $21.00 target price (down from $24.00) on shares of Covenant Transportation Group in a research note on Wednesday, July 17th. ValuEngine upgraded Covenant Transportation Group from a sell rating to a hold rating in a research note on Thursday, August 1st. Zacks Investment Research upgraded Covenant Transportation Group from a sell rating to a hold rating in a research note on Monday, June 17th. Wolfe Research upgraded Covenant Transportation Group from an underperform rating to a peer perform rating in a research note on Friday, June 28th. Finally, Stephens assumed coverage on Covenant Transportation Group in a research note on Monday, July 1st. They issued a hold rating on the stock. Four research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. The stock presently has an average rating of Hold and a consensus target price of $24.67.

Shares of CVTI opened at $13.94 on Thursday. The firm has a market cap of $271.33 million, a PE ratio of 6.68 and a beta of 1.56. The stock’s fifty day moving average price is $14.81 and its two-hundred day moving average price is $18.10. The company has a debt-to-equity ratio of 0.75, a current ratio of 1.70 and a quick ratio of 1.67. Covenant Transportation Group has a 1 year low of $13.27 and a 1 year high of $32.34.



Covenant Transportation Group (NASDAQ:CVTI) last issued its earnings results on Wednesday, July 24th. The transportation company reported $0.35 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.34 by $0.01. The firm had revenue of $219.30 million for the quarter, compared to analyst estimates of $220.05 million. Covenant Transportation Group had a return on equity of 11.91% and a net margin of 4.05%. Sell-side analysts anticipate that Covenant Transportation Group will post 1.5 earnings per share for the current fiscal year.

In related news, Director Robert E. Bosworth acquired 5,000 shares of the firm’s stock in a transaction that occurred on Friday, May 31st. The shares were bought at an average cost of $15.00 per share, for a total transaction of $75,000.00. Following the purchase, the director now owns 78,451 shares in the company, valued at approximately $1,176,765. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 31.60% of the company’s stock.

Several large investors have recently added to or reduced their stakes in CVTI. LSV Asset Management raised its stake in shares of Covenant Transportation Group by 91.8% during the 2nd quarter. LSV Asset Management now owns 734,784 shares of the transportation company’s stock valued at $10,808,000 after purchasing an additional 351,700 shares during the period. Nuveen Asset Management LLC bought a new stake in shares of Covenant Transportation Group during the 2nd quarter valued at $3,255,000. D. E. Shaw & Co. Inc. raised its stake in shares of Covenant Transportation Group by 143.4% during the 2nd quarter. D. E. Shaw & Co. Inc. now owns 232,952 shares of the transportation company’s stock valued at $3,427,000 after purchasing an additional 137,233 shares during the period. Morgan Stanley raised its stake in shares of Covenant Transportation Group by 790.4% during the 2nd quarter. Morgan Stanley now owns 64,785 shares of the transportation company’s stock valued at $952,000 after purchasing an additional 57,509 shares during the period. Finally, Deutsche Bank AG raised its stake in shares of Covenant Transportation Group by 227.8% during the 4th quarter. Deutsche Bank AG now owns 82,534 shares of the transportation company’s stock valued at $1,583,000 after purchasing an additional 57,353 shares during the period. Institutional investors own 62.80% 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 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.

Further Reading: How interest rates affect municipal bond prices

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.