Brokerages Set Covenant Transportation Group, Inc. (CVTI) Target Price at $29.50

Covenant Transportation Group, Inc. (NASDAQ:CVTI) has earned an average rating of “Hold” from the eight research firms that are presently covering the stock, MarketBeat.com reports. Three research analysts have rated the stock with a sell recommendation, three have given a hold recommendation and one has issued a buy recommendation on the company. The average 1 year price target among analysts that have issued ratings on the stock in the last year is $29.50.

CVTI has been the topic of a number of analyst reports. Stephens downgraded shares of Covenant Transportation Group from an “overweight” rating to an “equal weight” rating in a research note on Wednesday, May 1st. Zacks Investment Research downgraded shares of Covenant Transportation Group from a “hold” rating to a “sell” rating in a research note on Wednesday, February 13th. ValuEngine raised shares of Covenant Transportation Group from a “strong sell” rating to a “sell” rating in a research note on Thursday, January 24th. BidaskClub downgraded shares of Covenant Transportation Group from a “sell” rating to a “strong sell” rating in a research note on Tuesday, March 5th. Finally, Cowen reissued a “market perform” rating and issued a $23.00 price target (down from $27.00) on shares of Covenant Transportation Group in a research note on Tuesday, March 19th.

CVTI stock traded down $0.45 during trading on Thursday, reaching $17.36. 129,362 shares of the stock were exchanged, compared to its average volume of 109,104. The company has a debt-to-equity ratio of 0.74, a current ratio of 1.70 and a quick ratio of 1.63. Covenant Transportation Group has a 1 year low of $17.17 and a 1 year high of $35.19. The company has a market capitalization of $318.87 million, a PE ratio of 7.36 and a beta of 1.58.

Covenant Transportation Group (NASDAQ:CVTI) last issued its earnings results on Thursday, April 25th. The transportation company reported $0.27 EPS for the quarter, topping analysts’ consensus estimates 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 company had revenue of $219.18 million for the quarter, compared to the consensus estimate of $226.90 million. Sell-side analysts forecast that Covenant Transportation Group will post 2.11 EPS for the current year.

Several institutional investors have recently added to or reduced their stakes in CVTI. Quantamental Technologies LLC purchased a new stake in shares of Covenant Transportation Group in the 1st quarter valued at approximately $47,000. DekaBank Deutsche Girozentrale purchased a new stake in shares of Covenant Transportation Group in the 1st quarter valued at approximately $47,000. BNP Paribas Arbitrage SA raised its stake in shares of Covenant Transportation Group by 257.2% in the 1st quarter. BNP Paribas Arbitrage SA now owns 2,568 shares of the transportation company’s stock valued at $49,000 after acquiring an additional 1,849 shares during the period. Great West Life Assurance Co. Can purchased a new stake in shares of Covenant Transportation Group in the 4th quarter valued at approximately $51,000. Finally, Metropolitan Life Insurance Co. NY raised its stake in shares of Covenant Transportation Group by 400.7% in the 4th quarter. Metropolitan Life Insurance Co. NY now owns 4,441 shares of the transportation company’s stock valued at $85,000 after acquiring an additional 3,554 shares during the period. 63.91% of the stock is currently 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 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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