Covenant Transportation Group (CVTI) Lifted to “Outperform” at Cowen

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Covenant Transportation Group (NASDAQ:CVTI) was upgraded by Cowen from a “market perform” rating to an “outperform” rating in a research note issued to investors on Wednesday, Marketbeat Ratings reports. The brokerage currently has a $23.00 price target on the transportation company’s stock, down from their previous price target of $24.00. Cowen’s price objective indicates a potential upside of 38.72% from the company’s current price.

CVTI has been the topic of a number of other research reports. Zacks Investment Research upgraded shares of Covenant Transportation Group from a “sell” rating to a “hold” rating in a research note on Tuesday. ValuEngine lowered shares of Covenant Transportation Group from a “sell” rating to a “strong sell” rating in a research note on Friday, March 15th. Stephens set a $25.00 price objective on shares of Covenant Transportation Group and gave the stock a “buy” rating in a research note on Tuesday, March 19th. Finally, BidaskClub upgraded shares of Covenant Transportation Group from a “strong sell” rating to a “sell” rating in a research note on Friday, January 25th. Three investment analysts have rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $28.00.

NASDAQ:CVTI opened at $16.58 on Wednesday. The firm has a market capitalization of $308.62 million, a PE ratio of 7.03 and a beta of 1.58. Covenant Transportation Group has a 1-year low of $16.33 and a 1-year high of $35.19. The company has a current ratio of 1.70, a quick ratio of 1.67 and a debt-to-equity ratio of 0.74.

Covenant Transportation Group (NASDAQ:CVTI) last released its quarterly earnings data on Thursday, April 25th. The transportation company reported $0.27 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.20 by $0.07. The firm had revenue of $219.18 million for the quarter, compared to analyst estimates of $226.90 million. Covenant Transportation Group had a net margin of 4.57% and a return on equity of 13.27%. Research analysts predict that Covenant Transportation Group will post 2.11 EPS for the current fiscal year.

A number of hedge funds and other institutional investors have recently made changes to their positions in CVTI. LSV Asset Management boosted its holdings in Covenant Transportation Group by 289.6% during the first quarter. LSV Asset Management now owns 383,084 shares of the transportation company’s stock worth $7,270,000 after buying an additional 284,748 shares in the last quarter. Hotchkis & Wiley Capital Management LLC purchased a new stake in Covenant Transportation Group during the first quarter worth $3,481,000. Goldman Sachs Group Inc. boosted its holdings in Covenant Transportation Group by 340.1% during the first quarter. Goldman Sachs Group Inc. now owns 134,028 shares of the transportation company’s stock worth $2,544,000 after buying an additional 103,577 shares in the last quarter. Millennium Management LLC boosted its holdings in Covenant Transportation Group by 81.7% during the fourth quarter. Millennium Management LLC now owns 167,041 shares of the transportation company’s stock worth $3,207,000 after buying an additional 75,128 shares in the last quarter. Finally, BlackRock Inc. boosted its holdings in Covenant Transportation Group by 7.8% during the fourth quarter. BlackRock Inc. now owns 1,008,481 shares of the transportation company’s stock worth $19,361,000 after buying an additional 72,933 shares in the last quarter. 62.41% of the stock is currently owned by hedge funds and other institutional investors.

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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