Analysts Expect Covenant Transportation Group, Inc. (CVTI) Will Post Earnings of $0.77 Per Share

Equities analysts predict that Covenant Transportation Group, Inc. (NASDAQ:CVTI) will post $0.77 earnings per share for the current quarter, Zacks reports. Two analysts have made estimates for Covenant Transportation Group’s earnings. The highest EPS estimate is $0.80 and the lowest is $0.75. Covenant Transportation Group posted earnings of $0.50 per share in the same quarter last year, which indicates a positive year over year growth rate of 54%. The business is scheduled to report its next quarterly earnings results on Monday, February 4th.

According to Zacks, analysts expect that Covenant Transportation Group will report full-year earnings of $2.20 per share for the current fiscal year, with EPS estimates ranging from $2.19 to $2.20. For the next year, analysts forecast that the firm will report earnings of $2.65 per share, with EPS estimates ranging from $2.58 to $2.75. Zacks Investment Research’s earnings per share calculations are an average based on a survey of research firms that follow Covenant Transportation Group.

Covenant Transportation Group (NASDAQ:CVTI) last announced its quarterly earnings data on Wednesday, October 24th. The transportation company reported $0.66 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.61 by $0.05. The firm had revenue of $243.30 million during the quarter, compared to analyst estimates of $237.85 million. Covenant Transportation Group had a net margin of 9.22% and a return on equity of 11.56%.

CVTI has been the subject of a number of recent research reports. ValuEngine lowered shares of Covenant Transportation Group from a “buy” rating to a “hold” rating in a report on Tuesday, September 4th. BidaskClub upgraded shares of Covenant Transportation Group from a “hold” rating to a “buy” rating in a report on Wednesday, September 12th. Wolfe Research lowered shares of Covenant Transportation Group from a “peer perform” rating to an “underperform” rating in a report on Friday, October 5th. Cowen lowered their price objective on shares of Covenant Transportation Group from $36.00 to $32.00 and set a “market perform” rating for the company in a report on Thursday, October 25th. Finally, Zacks Investment Research upgraded shares of Covenant Transportation Group from a “hold” rating to a “buy” rating and set a $28.00 price objective for the company in a report on Friday, October 26th. Three analysts have rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $34.20.

Shares of CVTI traded down $0.19 during mid-day trading on Wednesday, reaching $22.59. The company’s stock had a trading volume of 140,700 shares, compared to its average volume of 160,141. The firm has a market cap of $417.92 million, a price-to-earnings ratio of 26.89 and a beta of 1.44. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.47 and a current ratio of 1.50. Covenant Transportation Group has a 52 week low of $21.39 and a 52 week high of $35.19.

In other news, insider John A. Tweed bought 11,887 shares of the firm’s stock in a transaction that occurred on Monday, November 12th. The shares were bought at an average cost of $23.61 per share, with a total value of $280,652.07. Following the completion of the purchase, the insider now directly owns 23,137 shares in the company, valued at $546,264.57. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider John A. Tweed bought 18,659 shares of the firm’s stock in a transaction that occurred on Wednesday, November 14th. The stock was purchased at an average cost of $23.57 per share, for a total transaction of $439,792.63. Following the completion of the purchase, the insider now owns 23,137 shares of the company’s stock, valued at $545,339.09. The disclosure for this purchase can be found here. 33.10% of the stock is owned by insiders.

Several hedge funds and other institutional investors have recently modified their holdings of CVTI. Wells Fargo & Company MN increased its stake in shares of Covenant Transportation Group by 1,409.4% in the second quarter. Wells Fargo & Company MN now owns 395,969 shares of the transportation company’s stock worth $12,473,000 after buying an additional 369,735 shares during the period. RE Advisers Corp increased its position in Covenant Transportation Group by 29.4% during the 3rd quarter. RE Advisers Corp now owns 1,100,199 shares of the transportation company’s stock valued at $31,972,000 after purchasing an additional 250,080 shares during the period. Millennium Management LLC increased its position in Covenant Transportation Group by 40.8% during the 2nd quarter. Millennium Management LLC now owns 437,735 shares of the transportation company’s stock valued at $13,789,000 after purchasing an additional 126,782 shares during the period. Sandler Capital Management increased its position in Covenant Transportation Group by 92.8% during the 3rd quarter. Sandler Capital Management now owns 237,185 shares of the transportation company’s stock valued at $6,893,000 after purchasing an additional 114,185 shares during the period. Finally, BlackRock Inc. increased its position in Covenant Transportation Group by 10.3% during the 2nd quarter. BlackRock Inc. now owns 913,029 shares of the transportation company’s stock valued at $28,759,000 after purchasing an additional 85,493 shares during the period. 63.98% of the stock is currently owned by 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 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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