Covenant Transportation Group (CVTI) was Downgraded by BB&T Capital Mkts to ” Hold”. Earlier the firm had a rating of “Buy ” on the company shares. BB&T Capital Mkts advised their investors in a research report released on Jun 22, 2016.
Many Wall Street Analysts have commented on Covenant Transportation Group. Company shares were Reiterated by Cowen on Apr 29, 2016 to “Outperform”, Firm has raised the Price Target to $ 34 from a previous price target of $32 .
On the company’s financial health, Covenant Transportation Group reported $0.21 EPS for the quarter, based on the information available during the earnings call on Apr 27, 2016. Analyst had a consensus estimate of $0.21. The company had revenue of $156.34 million for the quarter, 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.
Covenant Transportation Group closed down -1.24 points or -5.34% at $21.97 with 1,82,393 shares getting traded on Tuesday. Post opening the session at $23.06, the shares hit an intraday low of $21.89 and an intraday high of $23.06 and the price fluctuated in this range throughout the day.Shares ended Tuesday session in Red.
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.