Shares of Covenant Logistics Group, Inc. (NYSE:CVLG – Get Free Report) have been assigned an average rating of “Moderate Buy” from the six analysts that are presently covering the company, MarketBeat.com reports. One analyst has rated the stock with a sell rating, four have given a buy rating and one has assigned a strong buy rating to the company. The average 1-year price target among brokers that have covered the stock in the last year is $52.25.
A number of brokerages recently weighed in on CVLG. Citigroup initiated coverage on shares of Covenant Logistics Group in a report on Wednesday, July 15th. They issued an “outperform” rating for the company. Weiss Ratings cut shares of Covenant Logistics Group from a “hold (c)” rating to a “sell (d+)” rating in a research report on Tuesday. Wall Street Zen downgraded shares of Covenant Logistics Group from a “buy” rating to a “hold” rating in a research note on Saturday, August 8th. Citizens Jmp began coverage on Covenant Logistics Group in a research report on Wednesday, July 15th. They set a “market outperform” rating and a $60.00 price objective on the stock. Finally, National Bank Financial set a $60.00 price objective on Covenant Logistics Group in a research note on Wednesday, July 15th.
View Our Latest Analysis on Covenant Logistics Group
Covenant Logistics Group Stock Performance
Covenant Logistics Group (NYSE:CVLG – Get Free Report) last issued its quarterly earnings results on Wednesday, July 29th. The company reported $0.42 earnings per share (EPS) for the quarter. The company had revenue of $332.87 million for the quarter. Covenant Logistics Group had a net margin of 0.31% and a return on equity of 9.14%. As a group, sell-side analysts forecast that Covenant Logistics Group will post 1.6 earnings per share for the current year.
Insiders Place Their Bets
In other news, Director Joey B. Hogan sold 12,800 shares of the business’s 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 sale, the director owned 91,294 shares in the company, valued at approximately $3,576,898.92. The trade was a 12.30% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Joey Ballard sold 4,000 shares of the firm’s stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $40.15, for a total value of $160,600.00. Following the transaction, the executive vice president owned 13,149 shares in the company, valued at $527,932.35. This represents a 23.32% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 24,800 shares of company stock worth $963,535 over the last 90 days. Company insiders own 36.70% of the company’s stock.
Institutional Inflows and Outflows
Several large investors have recently added to or reduced their stakes in the company. Quarry LP acquired a new stake in shares of Covenant Logistics Group in the third quarter valued at about $33,000. BNP Paribas Financial Markets grew its position in Covenant Logistics Group by 45.3% during the second quarter. BNP Paribas Financial Markets now owns 1,562 shares of the company’s stock worth $38,000 after buying an additional 487 shares during the period. Raymond James Financial Inc. acquired a new position in Covenant Logistics Group during the second quarter worth about $39,000. Tower Research Capital LLC TRC increased its holdings in Covenant Logistics Group by 127.1% in the second quarter. Tower Research Capital LLC TRC now owns 1,971 shares of the company’s stock valued at $48,000 after buying an additional 1,103 shares in the last quarter. Finally, State of Alaska Department of Revenue increased its holdings in Covenant Logistics Group by 204.6% in the fourth quarter. State of Alaska Department of Revenue now owns 3,515 shares of the company’s stock valued at $77,000 after buying 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.
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