MATLAB / Octave - 159 158 bytes
a=input('','s');m=ismember(a,'aeiouy');s='pgt vkh jglmn bqrzd fwx s';m(1:find(m,1))=1;i=find(~m,1);f=a(1:i);d=s(f(end)-97);m(1:i)=0;v=a(find(m,1));[f d v d v]
a = input('','s');: Gets a string from STDIN.
m=ismember(a,'aeiouy');: Returns a Boolean array that is the same size as the string a determining where vowels are located
s='pgt vkh jglmn bqrzd fwx s'; The covfefe mapping of consonants as a string. This string is 25 characters long and omitting the vowels. The first position where a is supposed to be is removed while the other positions where the vowels are located are placed with a dummy space character. This is so that when we determine the first consonant appearing after the vowel, we will convert the consonant to a position to access a character in this string to determine the first component of the converted word.
m(1:find(m,1))=1: Sets the first position of the Boolean array up to where we have found the first vowel as all vowels. This will be so that when we search for the next consonant that follows the first vowel, we will ignore these characters.
i=find(~m,1);: Finds the first position of the string that is a consonant after the first vowel.
f=a(1:i): Removes the string after the first consonant that follows the vowel. We simply sample from the first position of the string up to this point.
d=s(f(end)-97);: Take the last character of the string that is remaining and finds where we need to sample from the lookup string and gets that character. Subtracting a character and a number in MATLAB or Octave coalesces to form an integer by converting the character into its ASCII code. In this case, we subtract the last character by the character at the beginning of the alphabet to give us the position relative to the beginning. However, instead of subtracting by b (98), we subtract by a as MATLAB starts indexing by 1 instead of 0. 'a''s ASCII code is 97.
m(1:i)=0;: Takes the Boolean mask and sets all characters in the input string from the first position to the first consonant following a vowel to false.
v=a(find(m,1));: Finds the next vowel that follows the first consonant from the input string.
[f d v d v]: Output our covfefeied string.
>> a=input('','s');m=ismember(a,'aeiouy');s='pgt vkh jglmn bqrzd fwx s';m(1:find(m,1))=1;i=find(~m,1);f=a(1:i);d=s(f(end)-97);m(1:i)=0;v=a(find(m,1));[f d v d v]
coverage
ans =
covfefe
>> a=input('','s');m=ismember(a,'aeiouy');s='pgt vkh jglmn bqrzd fwx s';m(1:find(m,1))=1;i=find(~m,1);f=a(1:i);d=s(f(end)-97);m(1:i)=0;v=a(find(m,1));[f d v d v]
example
ans =
exxaxa
>> a=input('','s');m=ismember(a,'aeiouy');s='pgt vkh jglmn bqrzd fwx s';m(1:find(m,1))=1;i=find(~m,1);f=a(1:i);d=s(f(end)-97);m(1:i)=0;v=a(find(m,1));[f d v d v]
programming
ans =
progkaka
>> a=input('','s');m=ismember(a,'aeiouy');s='pgt vkh jglmn bqrzd fwx s';m(1:find(m,1))=1;i=find(~m,1);f=a(1:i);d=s(f(end)-97);m(1:i)=0;v=a(find(m,1));[f d v d v]
code
ans =
codtete
>> a=input('','s');m=ismember(a,'aeiouy');s='pgt vkh jglmn bqrzd fwx s';m(1:find(m,1))=1;i=find(~m,1);f=a(1:i);d=s(f(end)-97);m(1:i)=0;v=a(find(m,1));[f d v d v]
president
ans =
preszizi
http://www.tutorialspoint.com/execute_octave_online.php?PID=0Bw_CjBb95KQMdjROYVR0aFNrWXM
When you hit the Execute button at the top, wait a few moments, then enter the desired string. Enter the string slowly as there seems to be a delay when entering in text.