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

Covenant Logistics Group, Inc. (NYSE:CVLG) has earned an average rating of “Buy” from the six analysts that are covering the stock, MarketBeat.com reports. One research analyst has rated the stock with a hold recommendation, four have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year target price among brokers that have issued ratings on the stock in the last year is $53.75.

CVLG has been the topic of a number of analyst reports. TD Cowen increased their price target on Covenant Logistics Group from $30.00 to $35.00 and gave the stock a “buy” rating in a research report on Monday, April 27th. Stephens started coverage on Covenant Logistics Group in a report on Wednesday, July 8th. They issued an “overweight” rating and a $60.00 price objective for the company. Weiss Ratings downgraded Covenant Logistics Group from a “hold (c)” rating to a “hold (c-)” rating in a research report on Tuesday, July 7th. Zacks Research raised Covenant Logistics Group from a “hold” rating to a “strong-buy” rating in a report on Monday, July 13th. Finally, Citigroup started coverage on Covenant Logistics Group in a research report on Wednesday. They issued an “outperform” rating on the stock.

Covenant Logistics Group Price Performance

NYSE:CVLG opened at $47.19 on Wednesday. Covenant Logistics Group has a 52 week low of $18.00 and a 52 week high of $49.33. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.01 and a current ratio of 1.04. The firm’s 50-day simple moving average is $41.87 and its 200 day simple moving average is $32.78. The firm has a market cap of $1.19 billion, a price-to-earnings ratio of 314.60 and a beta of 1.29.

Covenant Logistics Group (NYSE:CVLG) last announced 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 return on equity of 9.41% and a net margin of 0.42%.The business had revenue of $307.16 million for the quarter. As a group, sell-side analysts predict that Covenant Logistics Group will post 1.6 earnings per share for the current year.

Insiders Place Their Bets

In related news, EVP Joey Ballard sold 4,000 shares of the stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $40.15, for a total transaction of $160,600.00. Following the sale, the executive vice president owned 13,149 shares in the company, valued at approximately $527,932.35. This trade represents a 23.32% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Joey B. Hogan sold 12,800 shares of Covenant Logistics Group stock in a transaction that occurred on Wednesday, May 27th. The shares were 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 in the company, valued at $3,576,898.92. This trade represents a 12.30% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 42,150 shares of company stock worth $1,566,515 over the last ninety days. Corporate insiders own 36.70% of the company’s stock.

Institutional Investors Weigh In On Covenant Logistics Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in CVLG. Quarry LP acquired a new position in shares of Covenant Logistics Group during the 3rd quarter worth $33,000. BNP Paribas Financial Markets lifted 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 worth $38,000 after acquiring an additional 487 shares during the last quarter. Raymond James Financial Inc. acquired a new stake in shares of Covenant Logistics Group in the 2nd quarter valued at approximately $39,000. Tower Research Capital LLC TRC boosted its stake in shares of Covenant Logistics Group by 127.1% in the 2nd quarter. Tower Research Capital LLC TRC now owns 1,971 shares of the company’s stock valued at $48,000 after purchasing an additional 1,103 shares in the last quarter. Finally, State of Alaska Department of Revenue grew its holdings in shares of Covenant Logistics Group by 204.6% during the 4th quarter. State of Alaska Department of Revenue now owns 3,515 shares of the company’s stock valued at $77,000 after purchasing an additional 2,361 shares during the last quarter. 83.72% of the stock is currently owned by 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.