Covenant Logistics Group, Inc. (NYSE:CVLG) Receives $47.50 Average Target Price from Analysts

Covenant Logistics Group, Inc. (NYSE:CVLG) has been assigned a consensus rating of “Buy” from the six research firms that are presently covering the firm, Marketbeat reports. One equities research analyst has rated the stock with a hold recommendation, four have given a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $53.75.

A number of research analysts have recently commented on the company. Zacks Research raised Covenant Logistics Group from a “hold” rating to a “strong-buy” rating in a research report on Monday, July 13th. Wall Street Zen raised Covenant Logistics Group from a “hold” rating to a “buy” rating in a report on Sunday, July 12th. Citigroup began coverage on shares of Covenant Logistics Group in a research note on Wednesday. They issued an “outperform” rating for the company. Citizens Jmp assumed coverage on shares of Covenant Logistics Group in a research report on Wednesday. They issued a “market outperform” rating and a $60.00 price target on the stock. Finally, Weiss Ratings cut shares of Covenant Logistics Group from a “hold (c)” rating to a “hold (c-)” rating in a research note on Tuesday, July 7th.

Covenant Logistics Group Price Performance

Shares of CVLG stock opened at $47.19 on Wednesday. The business has a fifty day simple moving average of $41.87 and a 200 day simple moving average of $32.71. The company has a market cap of $1.19 billion, a P/E ratio of 314.60 and a beta of 1.29. The company has a quick ratio of 1.01, a current ratio of 1.04 and a debt-to-equity ratio of 0.50. Covenant Logistics Group has a twelve month low of $18.00 and a twelve month high of $49.33.

Covenant Logistics Group (NYSE:CVLG) last released its earnings results on Thursday, April 23rd. The company reported $0.26 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.35 by ($0.09). Covenant Logistics Group had a net margin of 0.42% and a return on equity of 9.41%. The business had revenue of $307.16 million during the quarter. On average, sell-side analysts forecast that Covenant Logistics Group will post 1.6 EPS for the current fiscal year.

Insider Buying and Selling at Covenant Logistics Group

In other Covenant Logistics Group news, EVP Joey Ballard sold 4,000 shares of the business’s stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $40.15, for a total value of $160,600.00. Following the completion of the transaction, the executive vice president owned 13,149 shares of the company’s stock, valued at $527,932.35. The trade was a 23.32% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Joey B. Hogan sold 12,800 shares of the stock in a transaction dated Wednesday, May 27th. The stock was sold at an average price of $39.18, for a total transaction of $501,504.00. Following the completion of the transaction, the director directly owned 91,294 shares of the company’s stock, valued at approximately $3,576,898.92. The trade was a 12.30% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 42,150 shares of company stock worth $1,566,515 over the last three months. 36.70% of the stock is owned by insiders.

Institutional Investors Weigh In On Covenant Logistics Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CVLG. Quarry LP purchased a new position in shares of Covenant Logistics Group in the 3rd quarter worth approximately $33,000. BNP Paribas Financial Markets increased its holdings in shares of Covenant Logistics Group by 45.3% in the second quarter. BNP Paribas Financial Markets now owns 1,562 shares of the company’s stock valued at $38,000 after purchasing an additional 487 shares during the period. Raymond James Financial Inc. purchased a new stake in shares of Covenant Logistics Group in the 2nd quarter valued at $39,000. Tower Research Capital LLC TRC grew its position in Covenant Logistics Group by 127.1% during the 2nd quarter. Tower Research Capital LLC TRC now owns 1,971 shares of the company’s stock worth $48,000 after purchasing an additional 1,103 shares during the period. Finally, State of Alaska Department of Revenue raised its position in Covenant Logistics Group by 204.6% during the fourth quarter. State of Alaska Department of Revenue now owns 3,515 shares of the company’s stock valued at $77,000 after acquiring an additional 2,361 shares in the last quarter. 83.72% of the stock is owned by hedge funds and other institutional investors.

Covenant Logistics Group Company Profile

Covenant Logistics Group provides a comprehensive suite of transportation and logistics services across North America. The company’s core offerings include less‐than‐truckload (LTL) and full truckload hauling, temperature‐controlled freight, intermodal transportation and freight brokerage. Covenant also delivers specialized solutions such as expedited “hot‐shot” deliveries, cross‐border shipping to Canada and Mexico, and dedicated contract carriage for time‐sensitive or high‐value shipments.

With a network of service centers, terminals and partner carriers strategically located throughout the United States, Covenant supports diverse industries including food and beverage, automotive, retail, energy and manufacturing.