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CVTI

Covenant Transportation

$14.81

-0.38 (-2.50%)

14:02
07/17/19
07/17
14:02
07/17/19
14:02

Covenant Transportation lowers Q2 adjusted EPS view to 34c-35c, consensus 46c

Covenant Transportation updated its Q2 expectations, with CEO David Parker stating: "After reviewing preliminary operating and financial information through the end of June, we expect to report earnings per diluted share in the range of 32c-33c and adjusted earnings per diluted share in the range of 34c-35c. This is an update from our previous statement that we expected second quarter 2019 Adjusted EPS to be fairly consistent with the prior year quarter - we reported EPS and Adjusted EPS of $0.54 for the second quarter of 2018 - based on an expectation of the freight market staying consistent and an occurrence of normal seasonal patterns. Contrary to normal seasonal patterns, the truckload freight environment remained sluggish through most of the second quarter. We attribute the softer freight environment to factors such as continued excess inventory levels, a soft produce season, and the extra capacity of Class 8 tractors that entered the U.S. market over the last 9-12 months. For the second quarter of 2019, consolidated freight revenue is expected to increase approximately 14% compared with the second quarter of 2018, primarily reflecting the acquisition of Landair in July 2018. We are starting to see the early favorable impact on freight availability of the marginal correction of overcapacity and expect capacity reduction to continue throughout the remainder of 2019. Our contract logistics' customers have maintained steady freight for the first half of the year and we expect their business to remain steady through the end of the year."

  • 25

    Jul

  • 13

    Nov

CVTI Covenant Transportation
$14.81

-0.38 (-2.50%)

05/01/19
SPHN
05/01/19
DOWNGRADE
Target $22
SPHN
Equal Weight
Covenant Transportation downgraded to Equal Weight from Overweight at Stephens
Stephens analyst Brad Delco downgraded Covenant Transportation to Equal Weight from Overweight and lowered his price target for the shares to $22 from $25. While the analyst agrees with Covenant's strategy of increasing its dedicated truckload exposure, he fears the story is now shifting to more of a "execution story in the midst of operating in a less robust environment." As such. he sees more risk to the company's outlook following the company's Q1 results.
05/22/19
COWN
05/22/19
UPGRADE
COWN
Outperform
Covenant Transportation upgraded to Outperform from Market Perform at Cowen
05/22/19
COWN
05/22/19
UPGRADE
COWN
Outperform
Hub Group, ArcBest, Covenant upgraded to Outperform at Cowen
Cowen analyst Jason Seidl upgraded Hub Group (HUBG) to Outperform from Market Perform, noting that while some major freight demand indexes have been down for four straight months, looking at the first half of 2019 in a vacuum "would be a mistake" given weather, tariff impacts, and historically tough comps. The analyst, who contends that the issue isn't necessarily that 2019 has been so bad but that 2018 "was just really, really good," does not see a freight recession occurring. He also upgraded ArcBest (ARCB) and Covenant Transportation (CVTI) to Outperform, as previously reported, citing the same rationale and noting that all three stocks are trading below their historical multiples. The analyst has a $40 price target on ArcBest, a $23 target on Covenant and a $53 price target on Hub Group.
06/28/19
WOLF
06/28/19
UPGRADE
WOLF
Peer Perform
Covenant Transportation upgraded to Peer Perform at Wolfe Research

TODAY'S FREE FLY STORIES

FB

Facebook

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, TWTR

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IRM

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AMZN

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GM

General Motors

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$NSD

NASDAQ Market Internals

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$NYE

NYSE Market Internals

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PLAN

Anaplan

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-3.33 (-6.98%)

12:15
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Options
Anaplan put volume heavy and directionally bearish »

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MCK

McKesson

$146.86

8.69 (6.29%)

, ABC

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$87.62

4.44 (5.34%)

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MCK

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ALXN

Alexion

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WB

Weibo

$52.17

2.85 (5.78%)

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Weibo call volume above normal and directionally bullish »

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APHA

Aphria

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-0.41 (-7.58%)

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NOW

ServiceNow

$251.40

-23.2 (-8.45%)

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AVD

American Vanguard

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HOV

Hovnanian

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2.2 (8.44%)

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OMI

Owens & Minor

$6.98

0.55 (8.55%)

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FIT

Fitbit

$3.75

0.305 (8.85%)

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GM

General Motors

$37.17

0.9 (2.48%)

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  • 29

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PDCO

Patterson Companies

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0.09 (0.52%)

, HSIC

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PDCO

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HSIC

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0.83 (1.34%)

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HSIC

Henry Schein

$62.41

0.56 (0.91%)

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XLF

Financial Select Sector

$28.06

-0.02 (-0.07%)

11:50
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Upside call buyer in Financial Sector ETF tied to hedge »

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IRBT

iRobot

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  • 23

    Oct

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RNET

RigNet

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ATNI

ATN International

11:46
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Initiation
ATN International initiated  »

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