Covenant Transportation Group (CVTI) Rating Increased to Outperform at Cowen

Covenant Transportation Group (NASDAQ:CVTI) was upgraded by investment analysts at Cowen from a “market perform” rating to an “outperform” rating in a report released on Wednesday, Briefing.com Automated Import reports. The brokerage currently has a $23.00 target price on the transportation company’s stock, down from their prior target price of $24.00. Cowen’s target price would suggest a potential upside of 34.74% from the stock’s previous close.

Several other research analysts have also weighed in on the company. Zacks Investment Research raised Covenant Transportation Group from a “sell” rating to a “hold” rating in a research report on Tuesday. Stephens lowered Covenant Transportation Group from an “overweight” rating to an “equal weight” rating in a research report on Wednesday, May 1st. BidaskClub raised Covenant Transportation Group from a “strong sell” rating to a “sell” rating in a research report on Friday, January 25th. Finally, ValuEngine raised Covenant Transportation Group from a “strong sell” rating to a “sell” rating in a research report on Thursday, January 24th. Three analysts have rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $28.00.

CVTI opened at $17.07 on Wednesday. The company has a market capitalization of $318.87 million, a P/E ratio of 7.23 and a beta of 1.58. The company has a debt-to-equity ratio of 0.74, a quick ratio of 1.63 and a current ratio of 1.70. Covenant Transportation Group has a 1-year low of $17.02 and a 1-year high of $35.19.

Covenant Transportation Group (NASDAQ:CVTI) last released its quarterly earnings results on Thursday, April 25th. The transportation company reported $0.27 earnings per share for the quarter, topping analysts’ consensus estimates of $0.20 by $0.07. The business had revenue of $219.18 million for the quarter, compared to analysts’ expectations of $226.90 million. Covenant Transportation Group had a return on equity of 13.27% and a net margin of 4.57%. As a group, equities research analysts forecast that Covenant Transportation Group will post 2.11 earnings per share for the current fiscal year.

Several hedge funds and other institutional investors have recently made changes to their positions in CVTI. Quantamental Technologies LLC purchased a new stake in shares of Covenant Transportation Group during the first quarter worth about $47,000. DekaBank Deutsche Girozentrale purchased a new stake in shares of Covenant Transportation Group during the first quarter worth about $47,000. BNP Paribas Arbitrage SA increased its position in shares of Covenant Transportation Group by 257.2% during the first quarter. BNP Paribas Arbitrage SA now owns 2,568 shares of the transportation company’s stock worth $49,000 after acquiring an additional 1,849 shares during the last quarter. Great West Life Assurance Co. Can purchased a new stake in shares of Covenant Transportation Group during the fourth quarter worth about $51,000. Finally, Metropolitan Life Insurance Co. NY increased its position in shares of Covenant Transportation Group by 400.7% during the fourth quarter. Metropolitan Life Insurance Co. NY now owns 4,441 shares of the transportation company’s stock worth $85,000 after acquiring an additional 3,554 shares during the last quarter. 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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