Brokerages Expect Covenant Transportation Group, Inc. (CVTI) Will Post Quarterly Sales of $226.90 Million

Wall Street brokerages expect Covenant Transportation Group, Inc. (NASDAQ:CVTI) to report sales of $226.90 million for the current quarter, Zacks reports. Two analysts have provided estimates for Covenant Transportation Group’s earnings. The lowest sales estimate is $224.20 million and the highest is $229.60 million. Covenant Transportation Group posted sales of $173.57 million during the same quarter last year, which would indicate a positive year over year growth rate of 30.7%. The business is scheduled to issue its next earnings report after the market closes on Thursday, April 25th.

On average, analysts expect that Covenant Transportation Group will report full year sales of $1.05 billion for the current fiscal year, with estimates ranging from $1.03 billion to $1.06 billion. For the next financial year, analysts anticipate that the business will report sales of $1.08 billion, with estimates ranging from $1.07 billion to $1.09 billion. Zacks’ sales calculations are an average based on a survey of sell-side analysts that cover Covenant Transportation Group.

Covenant Transportation Group (NASDAQ:CVTI) last issued its quarterly earnings results on Wednesday, January 23rd. The transportation company reported $0.92 earnings per share for the quarter, topping the consensus estimate of $0.76 by $0.16. Covenant Transportation Group had a return on equity of 13.57% and a net margin of 4.80%. The firm had revenue of $272.27 million for the quarter, compared to the consensus estimate of $269.20 million.

Several equities research analysts have recently weighed in on the company. Zacks Investment Research downgraded Covenant Transportation Group from a “hold” rating to a “sell” rating in a report on Wednesday, February 13th. Cowen reiterated a “market perform” rating and issued a $23.00 price target (down from $27.00) on shares of Covenant Transportation Group in a report on Tuesday, March 19th. Stephens set a $25.00 price target on Covenant Transportation Group and gave the stock a “buy” rating in a report on Tuesday, March 19th. BidaskClub upgraded Covenant Transportation Group from a “strong sell” rating to a “sell” rating in a report on Friday, January 25th. Finally, TheStreet downgraded Covenant Transportation Group from a “b-” rating to a “c+” rating in a report on Wednesday, December 26th. Three investment analysts have rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the company’s stock. Covenant Transportation Group presently has a consensus rating of “Hold” and an average target price of $28.00.

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Great West Life Assurance Co. Can purchased a new position in Covenant Transportation Group during the 4th quarter worth $51,000. Metropolitan Life Insurance Co. NY increased its holdings in Covenant Transportation Group by 400.7% during the 4th quarter. Metropolitan Life Insurance Co. NY now owns 4,441 shares of the transportation company’s stock worth $85,000 after purchasing an additional 3,554 shares during the period. MetLife Investment Advisors LLC increased its holdings in Covenant Transportation Group by 61.5% during the 3rd quarter. MetLife Investment Advisors LLC now owns 9,330 shares of the transportation company’s stock worth $271,000 after purchasing an additional 3,554 shares during the period. Weiss Multi Strategy Advisers LLC purchased a new position in shares of Covenant Transportation Group in the 4th quarter valued at $192,000. Finally, Royce & Associates LP purchased a new position in shares of Covenant Transportation Group in the 4th quarter valued at $250,000. Institutional investors own 64.17% of the company’s stock.

Shares of NASDAQ CVTI traded down $0.11 during midday trading on Wednesday, hitting $20.25. The company’s stock had a trading volume of 49,964 shares, compared to its average volume of 137,952. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.63 and a current ratio of 1.66. Covenant Transportation Group has a 12-month low of $18.13 and a 12-month high of $35.19. The company has a market cap of $371.95 million, a price-to-earnings ratio of 8.58 and a beta of 1.60.

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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