Covenant Logistics Group (NYSE:CVLG) Raised to Buy at Wall Street Zen

Covenant Logistics Group (NYSE:CVLG) was upgraded by analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a report released on Saturday.

Other equities analysts have also issued research reports about the company. Weiss Ratings reiterated a “hold (c)” rating on shares of Covenant Logistics Group in a research note on Friday, January 9th. Zacks Research lowered Covenant Logistics Group from a “hold” rating to a “strong sell” rating in a report on Wednesday, January 21st. One research analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $30.00.

Covenant Logistics Group Stock Performance

Shares of NYSE CVLG opened at $29.49 on Friday. The company has a 50 day simple moving average of $26.19 and a two-hundred day simple moving average of $23.31. The stock has a market cap of $738.72 million, a price-to-earnings ratio of 134.05 and a beta of 1.21. The company has a current ratio of 1.01, a quick ratio of 0.98 and a debt-to-equity ratio of 0.49. Covenant Logistics Group has a 12 month low of $17.46 and a 12 month high of $30.38.

Covenant Logistics Group (NYSE:CVLG) last issued its earnings results on Thursday, January 29th. The company reported $0.31 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.32 by ($0.01). The business had revenue of $295.37 million for the quarter. Covenant Logistics Group had a return on equity of 9.57% and a net margin of 0.62%.

Insiders Place Their Bets

In other Covenant Logistics Group news, CEO David Ray Parker sold 100,000 shares of the stock in a transaction that occurred on Tuesday, February 17th. The stock was sold at an average price of $29.67, for a total transaction of $2,967,000.00. Following the transaction, the chief executive officer owned 2,197,944 shares in the company, valued at approximately $65,212,998.48. This represents a 4.35% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Over the last ninety days, insiders sold 438,800 shares of company stock valued at $12,826,748. Corporate insiders own 35.10% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. CSM Advisors LLC acquired a new stake in Covenant Logistics Group in the 2nd quarter valued at $9,458,000. T. Rowe Price Investment Management Inc. lifted its holdings in Covenant Logistics Group by 46.6% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 714,516 shares of the company’s stock valued at $15,748,000 after purchasing an additional 227,216 shares in the last quarter. Ranger Investment Management L.P. acquired a new stake in shares of Covenant Logistics Group in the second quarter valued at about $4,450,000. Russell Investments Group Ltd. increased its stake in shares of Covenant Logistics Group by 97.8% during the second quarter. Russell Investments Group Ltd. now owns 304,445 shares of the company’s stock worth $7,340,000 after purchasing an additional 150,523 shares in the last quarter. Finally, Goldman Sachs Group Inc. raised its position in shares of Covenant Logistics Group by 161.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 179,304 shares of the company’s stock worth $3,981,000 after purchasing an additional 110,810 shares during the last quarter. 83.72% of the stock is owned by institutional investors and hedge funds.

About Covenant Logistics Group

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.