Covenant Logistics Group (NASDAQ:CVLG) Earns “Hold” Rating from Cowen

Covenant Logistics Group (NASDAQ:CVLGGet Rating)‘s stock had its “hold” rating reaffirmed by stock analysts at Cowen in a research report issued on Friday, TipRanks reports. They currently have a $22.00 price objective on the stock. Cowen’s price objective points to a potential upside of 4.96% from the company’s previous close.

A number of other equities analysts have also recently issued reports on CVLG. Cowen cut Covenant Logistics Group from an “outperform” rating to a “market perform” rating and lowered their target price for the stock from $40.00 to $21.00 in a report on Thursday, April 14th. Wolfe Research lowered their target price on Covenant Logistics Group from $21.00 to $20.00 and set an “underperform” rating for the company in a report on Tuesday, April 5th. Zacks Investment Research raised Covenant Logistics Group from a “sell” rating to a “hold” rating in a report on Monday, May 2nd. Finally, Stephens cut Covenant Logistics Group from an “overweight” rating to an “equal weight” rating and lowered their target price for the stock from $30.00 to $25.00 in a report on Friday, April 1st. One research analyst has rated the stock with a sell rating and five have assigned a hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $22.20.

NASDAQ:CVLG traded up $1.02 during mid-day trading on Friday, reaching $20.96. The stock had a trading volume of 159,983 shares, compared to its average volume of 96,107. The stock has a 50-day simple moving average of $21.09 and a two-hundred day simple moving average of $23.07. The stock has a market capitalization of $326.98 million, a PE ratio of 4.93 and a beta of 1.47. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.30 and a quick ratio of 1.27. Covenant Logistics Group has a 12 month low of $17.23 and a 12 month high of $34.75.

Covenant Logistics Group (NASDAQ:CVLGGet Rating) last announced its quarterly earnings data on Wednesday, April 27th. The company reported $1.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.86 by $0.49. The business had revenue of $291.59 million for the quarter, compared to analysts’ expectations of $276.60 million. Covenant Logistics Group had a net margin of 6.43% and a return on equity of 21.98%. During the same period last year, the firm posted $0.56 earnings per share. Equities analysts expect that Covenant Logistics Group will post 4.11 EPS for the current year.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Citigroup Inc. grew its stake in Covenant Logistics Group by 121.7% during the third quarter. Citigroup Inc. now owns 1,297 shares of the company’s stock worth $36,000 after purchasing an additional 712 shares during the period. Nisa Investment Advisors LLC acquired a new stake in Covenant Logistics Group during the fourth quarter worth approximately $33,000. Dorsey Wright & Associates acquired a new stake in Covenant Logistics Group during the fourth quarter worth approximately $50,000. Denali Advisors LLC bought a new position in Covenant Logistics Group in the fourth quarter worth approximately $63,000. Finally, O Shaughnessy Asset Management LLC bought a new position in Covenant Logistics Group in the third quarter worth approximately $69,000. 51.03% of the stock is owned by institutional investors and hedge funds.

About Covenant Logistics Group (Get Rating)

Covenant Logistics Group, Inc, together with its subsidiaries, provides transportation and logistics services in the United States. It operates through four segments: Expedited, Dedicated, Managed Freight, and Warehousing. The Expedited segment primarily provides truckload services with high service freight and delivery standards, such as 1,000 miles in 22 hours or 15-minute delivery windows.

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