Covenant Transportation Group (CVTI) reported quarterly earnings results on Wednesday, Apr-27-2016. The company reported $0.21 EPS for the quarter. Analysts had a consensus estimate of $0.21. The company posted revenue of $156.34 million in the period, compared to analysts expectations of $160.88 million. The company’s revenue was down -6.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.30 EPS.
Many Wall Street Analysts have commented on Covenant Transportation Group. Stifel Initiated Covenant Transportation Group on Mar 23, 2016 to “Buy”, Price Target of the shares are set at $29.Covenant Transportation Group was Downgraded by Avondale to ” Mkt Perform” on Mar 14, 2016.
Covenant Transportation Group opened for trading at $22.48 and hit $23.31 on the upside on Friday, eventually ending the session at $22.66, with a gain of 0.71% or 0.16 points. The heightened volatility saw the trading volume jump to 1,43,594 shares. Company has a market cap of $411 M.
In a different news, on Mar 2, 2016, Richard B Cribbs (EVP AND CFO) sold 2,500 shares at $21.94 per share price. According to the SEC, on Dec 10, 2015, Paul Bunn (CAO & Treasurer) sold 10 shares at $23.21 per share price. On Aug 26, 2015, Samuel F Hough (COO) purchased 1,000 shares at $21.20 per share price, according to the Form-4 filing with the securities and exchange commission.
Covenant Transportation Group Inc. is a truckload transportation company. The Company provides expedited long haul freight transportation using two-person driver teams in transcontinental lanes. Its truckload freight services utilize equipment it owns or leases or equipment owned by independent contractors for the pick-up and delivery of freight. In most of its truckload business it transports freight over non-routine routes. It provides its truckload transportation services throughout the continental United States into and out of Mexico and into and out of portions of Canada. In addition it also provides freight brokerage services. The Company has approximately 2700 trucks and expanded its services from long haul dry van to include refrigerated dedicated cross-border regional brokerage and other offerings. The Truckload services include three asset-based operating fleets: Covenant Transport Inc. Southern Refrigerated Transport Inc. and Star Transportation Inc.