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CVTI

Covenant Transportation

$17.73

-0.27 (-1.50%)

09:32
10/13/16
10/13
09:32
10/13/16
09:32

Covenant Transportation sees Q3 EPS 12c-17c, consensus 23c

Covenant CEO David R. Parker stated, "The main differences with 3Q15 EPS of 42c were higher depreciation, higher claims expense, and lower average freight revenue per tractor, partially offset by improved brokerage gross margin and a favorable effective tax rate. Compared with 3Q15, depreciation increased $4.6M, or 15c per diluted share, to $19.3M, primarily as a result of lowering the salvage values effectively increasing the rate of depreciation on a significant percentage of our tractors due to the expectation that the soft used truck market could continue for an extended period. A year-over-year increase in depreciation expense for these tractors will continue to affect our results for at least the next three quarters. We also experienced a $1.7M, or 6c per diluted share, year-over-year increase in casualty insurance and claims expense, primarily as a result of increased frequency and severity of accidents. Average freight revenue per tractor declined 1.2%, due to a weaker truckload freight environment. These factors more than offset improved performance from our Solutions non-asset based brokerage business and a favorable effective income tax rate."

CVTI Covenant Transportation
$17.73

-0.27 (-1.50%)

03/14/16
AVON
03/14/16
DOWNGRADE
AVON
Market Perform
Covenant Transportation downgraded to Market Perform at Avondale
Avondale downgraded Covenant Transportation to Market Perform from Outperform.
03/14/16
AVON
03/14/16
DOWNGRADE
Target $20
AVON
Market Perform
Covenant Transportation downgraded to Market Perform at Avondale
As previously reported, Avondale analyst Donald Broughton downgraded Covenant Transportation to Market Perform from Outperform. The analyst views the recent bear market rally in Covenant shares as an opportunity to step to the sidelines given continued deterioration in the industry from softer demand and growing capacity.
03/23/16
STFL
03/23/16
INITIATION
Target $29
STFL
Buy
Covenant Transportation initiated with a Buy at Stifel
Target $29.
06/22/16
06/22/16
DOWNGRADE

Hold
Covenant Transportation downgraded to Hold from Buy at BB&T

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WWR

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HPQ

HP Inc.

$22.88

-0.04 (-0.17%)

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HP Inc. rating change  »

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WPZ

Williams Partners

$43.01

-0.18 (-0.42%)

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WMB

Williams

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WES

Western Gas Partners

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WGP

Western Gas Equity

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VLP

Valero Energy Partners

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TRGP

Targa Resources

$50.75

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PAGP

Plains GP Holdings

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PAA

Plains All American

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PSXP

Phillips 66 Partners

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OKE

Oneok

$58.80

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MPLX

MPLX

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