Zacks: Brokerages Expect Covenant Transportation Group, Inc. (NASDAQ:CVTI) Will Announce Earnings of $0.33 Per Share

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Wall Street analysts predict that Covenant Transportation Group, Inc. (NASDAQ:CVTI) will announce $0.33 earnings per share for the current fiscal quarter, Zacks reports. Two analysts have provided estimates for Covenant Transportation Group’s earnings. The highest EPS estimate is $0.40 and the lowest is $0.30. Covenant Transportation Group posted earnings of $0.66 per share during the same quarter last year, which suggests a negative year-over-year growth rate of 50%. The firm is scheduled to issue its next earnings report on Tuesday, October 22nd.

According to Zacks, analysts expect that Covenant Transportation Group will report full year earnings of $1.50 per share for the current year, with EPS estimates ranging from $1.45 to $1.58. For the next financial year, analysts forecast that the company will post earnings of $1.65 per share, with EPS estimates ranging from $1.20 to $2.00. Zacks’ earnings per share averages are a mean average based on a survey of research analysts that follow Covenant Transportation Group.

Covenant Transportation Group (NASDAQ:CVTI) last posted its quarterly earnings results on Wednesday, July 24th. The transportation company reported $0.35 earnings per share for the quarter, topping analysts’ consensus estimates of $0.34 by $0.01. Covenant Transportation Group had a return on equity of 11.91% and a net margin of 4.05%. The business had revenue of $219.30 million for the quarter, compared to the consensus estimate of $220.05 million.

A number of analysts have commented on CVTI shares. Stephens started coverage on Covenant Transportation Group in a report on Monday, July 1st. They set a “hold” rating for the company. Cowen reissued an “outperform” rating and set a $21.00 price objective (down from $24.00) on shares of Covenant Transportation Group in a report on Wednesday, July 17th. Zacks Investment Research raised Covenant Transportation Group from a “sell” rating to a “hold” rating in a report on Monday, June 17th. ValuEngine lowered Covenant Transportation Group from a “sell” rating to a “strong sell” rating in a report on Wednesday, September 4th. Finally, BidaskClub raised Covenant Transportation Group from a “sell” rating to a “hold” rating in a report on Thursday, August 22nd. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $24.67.

Several hedge funds have recently added to or reduced their stakes in CVTI. BNP Paribas Arbitrage SA grew its holdings in shares of Covenant Transportation Group by 257.2% in the first 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 in the last quarter. LSV Asset Management grew 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 valued at $7,270,000 after purchasing an additional 284,748 shares during the period. Acadian Asset Management LLC grew its holdings in Covenant Transportation Group by 164.8% during the first quarter. Acadian Asset Management LLC now owns 45,731 shares of the transportation company’s stock valued at $867,000 after purchasing an additional 28,464 shares during the period. Alambic Investment Management L.P. grew its holdings in Covenant Transportation Group by 73.5% during the first quarter. Alambic Investment Management L.P. now owns 33,531 shares of the transportation company’s stock valued at $636,000 after purchasing an additional 14,200 shares during the period. Finally, WINTON GROUP Ltd bought a new position in Covenant Transportation Group during the second quarter valued at $212,000. 63.42% of the stock is owned by institutional investors.

CVTI stock traded down $0.31 during trading on Friday, reaching $16.94. 115,995 shares of the stock were exchanged, compared to its average volume of 134,727. The company has a current ratio of 1.70, a quick ratio of 1.67 and a debt-to-equity ratio of 0.75. The firm’s 50 day moving average is $15.28 and its 200 day moving average is $17.01. The firm has a market cap of $326.34 million, a P/E ratio of 7.18 and a beta of 1.56. Covenant Transportation Group has a twelve month low of $13.27 and a twelve month high of $30.67.

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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Earnings History and Estimates for Covenant Transportation Group (NASDAQ:CVTI)

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