Brokerage firm BB&T Capital Downgrades its rating on Covenant Transportation Group(NASDAQ:CVTI). The shares have been rated Hold. Previously, the analysts had a Buy rating on the shares. The rating by BB&T Capital was issued on Jun 22, 2016.
Covenant Transportation Group (CVTI) shares turned negative on Mondays trading session with the shares closing down -1.19 points or -6.61% at a volume of 1,77,694. The pessimistic mood was evident in the company shares which never went considerably beyond the level of $18. The peak price level was also seen at $18 while the days lowest was $16.81. Finally the shares closed at $16.82. The 52-week high of the shares is $27.27 while the 52-week low is $13.6. According to the latest information available, the market cap of the company is $306 M.
Covenant Transportation Group(CVTI) last announced its earnings results on Apr 27, 2016 for Fiscal Year 2016 and Q1.Company reported revenue of $156.34M. Analysts had an estimated revenue of $163.94M. Earnings per share were $0.21. Analysts had estimated an EPS of $0.21.
Several Insider Transactions has been reported to the SEC. On Mar 2, 2016, Richard B Cribbs (EVP AND CFO) sold 2,500 shares at $21.94 per share price.Also, 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.