TD Cowen Issues Pessimistic Forecast for Covenant Logistics Group (NYSE:CVLG) Stock Price

Key Points

• TD Cowen lowered its price target for Covenant Logistics Group from $43 to $42 but maintained a “buy” rating, implying approximately 28% upside from the stock’s $32.76 price.
• Analyst sentiment remains generally positive, with a consensus “Moderate Buy” rating and an average price target of $53.20, although ratings range from “Strong Buy” to “Sell.”
• Shares fell 3% in Monday trading, while the company reported quarterly EPS of $0.42 on revenue of $332.87 million; institutional investors own 83.72% of the stock.

Covenant Logistics Group (NYSE:CVLG - Get Free Report) had its price objective decreased by stock analysts at TD Cowen from $43.00 to $42.00 in a research report issued to clients and investors on Monday, Benzinga reports. The firm presently has a "buy" rating on the stock. TD Cowen's target price indicates a potential upside of 28.21% from the stock's current price.

A number of other research firms also recently weighed in on CVLG. Robert W. Baird set a $50.00 target price on Covenant Logistics Group and gave the stock an "outperform" rating in a report on Wednesday, August 19th. Stephens set a $54.00 price target on Covenant Logistics Group and gave the company an "overweight" rating in a research report on Friday, July 31st. Citizens Jmp started coverage on Covenant Logistics Group in a research note on Wednesday, July 15th. They issued a "market outperform" rating and a $60.00 price target on the stock. Wall Street Zen downgraded Covenant Logistics Group from a "buy" rating to a "hold" rating in a report on Saturday, August 8th. Finally, Weiss Ratings lowered Covenant Logistics Group from a "hold (c-)" rating to a "sell (d+)" rating in a research report on Friday, September 11th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $53.20.

Covenant Logistics Group Trading Down 3.0%

Shares of Covenant Logistics Group stock traded down $1.00 during trading on Monday, reaching $32.76. 42,449 shares of the stock were exchanged, compared to its average volume of 187,180. The company has a quick ratio of 1.10, a current ratio of 1.14 and a debt-to-equity ratio of 0.55. The firm has a market cap of $831.45 million, a price-to-earnings ratio of 297.85 and a beta of 1.39. Covenant Logistics Group has a 1 year low of $18.00 and a 1 year high of $49.88. The stock's fifty day moving average is $35.09 and its 200 day moving average is $36.48.

Covenant Logistics Group (NYSE:CVLG - Get Free Report) last announced 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 return on equity of 9.14% and a net margin of 0.31%. As a group, equities research analysts expect that Covenant Logistics Group will post 1.6 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. MCF Advisors LLC grew its stake in shares of Covenant Logistics Group by 96.4% in the second quarter. MCF Advisors LLC now owns 754 shares of the company's stock worth $33,000 after acquiring an additional 370 shares during the last quarter. Public Employees Retirement System of Ohio bought a new position in Covenant Logistics Group in the 2nd quarter worth about $631,000. Ranger Investment Management L.P. bought a new position in Covenant Logistics Group in the 2nd quarter worth about $10,456,000. Janus Henderson Group PLC purchased a new stake in Covenant Logistics Group during the 1st quarter valued at about $245,000. Finally, Quantinno Capital Management LP increased its stake in Covenant Logistics Group by 61.1% during the 1st quarter. Quantinno Capital Management LP now owns 38,453 shares of the company's stock valued at $1,044,000 after purchasing an additional 14,590 shares in the last quarter. Institutional investors 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 as Covenant Transport, the company provides freight transportation and supply chain services to customers across North America.

Its operations include asset-based truckload transportation, dedicated transportation, expedited freight, refrigerated and dry-van services, brokerage, freight management, warehousing and distribution. Through these offerings, Covenant Logistics helps businesses move and manage goods while providing related supply chain and logistics support.

The company serves a range of industries and customer needs through a combination of company-owned equipment, contracted capacity and logistics services.

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