Covenant Logistics Group (NYSE:CVLG) Stock Moved Up to Buy by Wall Street Zen

Key Points

• Wall Street Zen upgraded Covenant Logistics Group from “hold” to “buy.” Analysts overall rate the stock “Moderate Buy,” with an average price target of $53.20.
• The company reported quarterly EPS of $0.50, beating the $0.44 consensus estimate, on revenue of $353.89 million.
• CVLG opened at $32.54, within its 52-week range of $18.00 to $49.88; institutional investors and hedge funds own 83.72% of its shares.

Covenant Logistics Group (NYSE:CVLG - Get Free Report) was upgraded by Wall Street Zen from a "hold" rating to a "buy" rating in a research note issued on Saturday, Wall Street Zen reports.

A number of other research analysts have also recently weighed in on CVLG. Stephens set a $54.00 price target on shares of Covenant Logistics Group and gave the company an "overweight" rating in a research report on Friday, July 31st. Weiss Ratings upgraded shares of Covenant Logistics Group from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Wednesday, November 4th. TD Cowen dropped their price objective on shares of Covenant Logistics Group from $43.00 to $42.00 and set a "buy" rating for the company in a research report on Monday, October 5th. Robert W. Baird set a $50.00 price objective on shares of Covenant Logistics Group and gave the stock an "outperform" rating in a research report on Wednesday, August 19th. Finally, Zacks Research downgraded shares of Covenant Logistics Group from a "strong-buy" rating to a "hold" rating in a research note on Monday, September 7th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, Covenant Logistics Group has an average rating of "Moderate Buy" and an average price target of $53.20.

Covenant Logistics Group Stock Performance

NYSE CVLG opened at $32.54 on Friday. The firm has a market capitalization of $826.52 million, a P/E ratio of 203.38 and a beta of 1.44. Covenant Logistics Group has a 1-year low of $18.00 and a 1-year high of $49.88. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.15 and a quick ratio of 1.10. The business's 50-day simple moving average is $32.54 and its 200-day simple moving average is $34.28.

Covenant Logistics Group (NYSE:CVLG - Get Free Report) last issued its earnings results on Thursday, October 29th. The company reported $0.50 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.44 by $0.06. The business had revenue of $353.89 million during the quarter. Covenant Logistics Group had a return on equity of 9.56% and a net margin of 0.42%. Equities analysts predict that Covenant Logistics Group will post 1.71 EPS for the current year.

Institutional Investors Weigh In On Covenant Logistics Group

Large investors have recently modified their holdings of the stock. Empowered Funds LLC raised its holdings in shares of Covenant Logistics Group by 2.3% during the 3rd quarter. Empowered Funds LLC now owns 150,397 shares of the company's stock valued at $4,861,000 after buying an additional 3,325 shares during the period. Boston Partners boosted its holdings in Covenant Logistics Group by 33.2% in the 3rd quarter. Boston Partners now owns 18,173 shares of the company's stock worth $587,000 after acquiring an additional 4,530 shares during the period. Fifth Third Bancorp boosted its holdings in Covenant Logistics Group by 103.4% in the 3rd quarter. Fifth Third Bancorp now owns 777 shares of the company's stock worth $25,000 after acquiring an additional 395 shares during the period. Penn Capital Management Company LLC boosted its holdings in Covenant Logistics Group by 190.2% in the 3rd quarter. Penn Capital Management Company LLC now owns 60,971 shares of the company's stock worth $1,971,000 after acquiring an additional 39,958 shares during the period. Finally, CenterBook Partners LP acquired a new stake in Covenant Logistics Group in the third quarter valued at approximately $220,000. Institutional investors and hedge funds own 83.72% of the company's stock.

About Covenant Logistics Group

Covenant Logistics Group, Inc. is a transportation and logistics company headquartered in Chattanooga, Tennessee. Founded in 1986, it provides truckload transportation and related services to customers across a range of industries. The company's services include expedited and dedicated truckload transportation, freight brokerage, managed transportation and warehousing. Its operations primarily serve customers in the United States, with transportation services also extending into Canada and Mexico.

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