Cowen Reaffirms Buy Rating for Covenant Transportation Group (NASDAQ:CVTI)

Cowen reaffirmed their buy rating on shares of Covenant Transportation Group (NASDAQ:CVTI) in a research note issued to investors on Friday, AnalystRatings.com reports. They currently have a $21.00 price objective on the transportation company’s stock.

A number of other equities analysts also recently weighed in on CVTI. BidaskClub downgraded shares of Covenant Transportation Group from a hold rating to a sell rating in a report on Friday, October 4th. Wolfe Research upgraded shares of Covenant Transportation Group from an underperform rating to a peer perform rating in a report on Friday, June 28th. ValuEngine upgraded shares of Covenant Transportation Group from a sell rating to a hold rating in a report on Wednesday, October 2nd. Zacks Investment Research upgraded shares of Covenant Transportation Group from a strong sell rating to a hold rating in a report on Monday, October 14th. Finally, Stephens initiated coverage on shares of Covenant Transportation Group in a report on Monday, July 1st. They set a hold rating on the stock. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the company’s stock. The company has a consensus rating of Hold and an average target price of $24.67.

Shares of CVTI opened at $15.99 on Friday. The company has a market cap of $299.57 million, a price-to-earnings ratio of 6.77 and a beta of 1.70. Covenant Transportation Group has a 1-year low of $13.27 and a 1-year high of $26.67. The company’s fifty day simple moving average is $16.03 and its 200 day simple moving average is $16.31. The company has a current ratio of 1.70, a quick ratio of 1.67 and a debt-to-equity ratio of 0.75.

Covenant Transportation Group (NASDAQ:CVTI) last issued its earnings results on Wednesday, July 24th. The transportation company reported $0.35 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.34 by $0.01. The business had revenue of $219.30 million for the quarter, compared to the consensus estimate of $220.05 million. Covenant Transportation Group had a net margin of 4.05% and a return on equity of 11.91%. As a group, research analysts forecast that Covenant Transportation Group will post 1.29 earnings per share for the current year.

A number of hedge funds have recently added to or reduced their stakes in CVTI. LSV Asset Management increased its stake in Covenant Transportation Group by 91.8% in the 2nd quarter. LSV Asset Management now owns 734,784 shares of the transportation company’s stock worth $10,808,000 after purchasing an additional 351,700 shares during the period. Nuveen Asset Management LLC acquired a new position in Covenant Transportation Group in the 2nd quarter worth $3,255,000. D. E. Shaw & Co. Inc. increased its position in shares of Covenant Transportation Group by 143.4% in the 2nd quarter. D. E. Shaw & Co. Inc. now owns 232,952 shares of the transportation company’s stock worth $3,427,000 after purchasing an additional 137,233 shares during the last quarter. Morgan Stanley grew its position 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 buying an additional 57,509 shares during the last quarter. Finally, Citadel Advisors LLC grew its position in shares of Covenant Transportation Group by 92.1% during the 2nd quarter. Citadel Advisors LLC now owns 96,813 shares of the transportation company’s stock valued at $1,424,000 after buying an additional 46,425 shares during the last quarter. 63.42% of the stock is 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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