Covenant Transportation Group, Inc. (CVTI) Expected to Announce Earnings of $0.77 Per Share

Equities research analysts expect Covenant Transportation Group, Inc. (NASDAQ:CVTI) to report earnings of $0.77 per share for the current quarter, Zacks Investment Research reports. Two analysts have made estimates for Covenant Transportation Group’s earnings, with estimates ranging from $0.75 to $0.80. Covenant Transportation Group posted earnings of $0.50 per share during the same quarter last year, which would indicate a positive year-over-year growth rate of 54%. The firm is expected to issue its next quarterly earnings report on Monday, February 4th.

On average, 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 financial year, analysts anticipate that the company will post earnings of $2.65 per share, with EPS estimates ranging from $2.58 to $2.75. Zacks’ EPS averages are a mean average based on a survey of sell-side research analysts that follow Covenant Transportation Group.

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

A number of equities research analysts have recently commented on the company. Zacks Investment Research raised Covenant Transportation Group from a “hold” rating to a “buy” rating and set a $28.00 price target on the stock in a research report on Friday, October 26th. BidaskClub lowered Covenant Transportation Group from a “buy” rating to a “hold” rating in a research report on Friday, September 21st. ValuEngine lowered Covenant Transportation Group from a “hold” rating to a “sell” rating in a research report on Friday, October 12th. Wolfe Research lowered Covenant Transportation Group from a “peer perform” rating to an “underperform” rating in a research report on Friday, October 5th. Finally, Cowen dropped their price target on Covenant Transportation Group from $36.00 to $32.00 and set a “market perform” rating on the stock in a research report on Thursday, October 25th. Three research analysts have rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the stock. Covenant Transportation Group presently has a consensus rating of “Hold” and a consensus target price of $34.20.

Shares of NASDAQ CVTI traded down $2.17 during mid-day trading on Wednesday, reaching $20.42. 236,233 shares of the company’s stock were exchanged, compared to its average volume of 102,470. The firm has a market cap of $417.92 million, a P/E ratio of 24.31 and a beta of 1.44. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.50 and a quick ratio of 1.47. Covenant Transportation Group has a twelve month low of $20.22 and a twelve month high of $35.19.

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

Institutional investors have recently made changes to their positions in the stock. Zacks Investment Management raised its position in Covenant Transportation Group by 5.8% in the 2nd quarter. Zacks Investment Management now owns 60,132 shares of the transportation company’s stock valued at $1,894,000 after buying an additional 3,322 shares during the last quarter. Bank of New York Mellon Corp raised its position in Covenant Transportation Group by 17.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 67,043 shares of the transportation company’s stock valued at $2,112,000 after buying an additional 9,883 shares during the last quarter. Citadel Advisors LLC raised its position in Covenant Transportation Group by 97.9% in the 2nd quarter. Citadel Advisors LLC now owns 97,208 shares of the transportation company’s stock valued at $3,062,000 after buying an additional 48,083 shares during the last quarter. Northern Trust Corp raised its position in Covenant Transportation Group by 4.0% in the 2nd quarter. Northern Trust Corp now owns 164,662 shares of the transportation company’s stock valued at $5,188,000 after buying an additional 6,277 shares during the last quarter. Finally, Employees Retirement System of Texas acquired a new stake in Covenant Transportation Group in the 2nd quarter valued at approximately $1,449,000. 63.98% of the stock is currently owned by institutional investors and hedge funds.

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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