Citizens Jmp Begins Coverage on Covenant Logistics Group (NYSE:CVLG)

Key Points

• Citizens JMP initiated coverage on Covenant Logistics Group with a market outperform rating and a $60 price target, implying about 29.34% upside from the prior close.
• Other analysts have also turned bullish, with several firms issuing Buy/Overweight ratings and the stock now carrying a consensus Buy and an average price target of $53.75.
• Covenant Logistics shares were trading around $46.39 after a recent earnings miss, while insiders and institutional investors remain active; insiders sold shares recently, and hedge funds own 83.72% of the company.

Analysts at Citizens Jmp assumed coverage on shares of Covenant Logistics Group (NYSE:CVLG - Get Free Report) in a report issued on Wednesday,Benzinga reports. The brokerage set a "market outperform" rating and a $60.00 price target on the stock. Citizens Jmp's price target points to a potential upside of 29.34% from the company's previous close.

A number of other analysts have also recently issued reports on CVLG. Stephens started coverage on Covenant Logistics Group in a report on Wednesday, July 8th. They set an "overweight" rating and a $60.00 price objective on the stock. National Bank Financial set a $60.00 price target on Covenant Logistics Group in a report on Wednesday. Zacks Research raised shares of Covenant Logistics Group from a "hold" rating to a "strong-buy" rating in a research note on Monday. Wall Street Zen upgraded Covenant Logistics Group from a "hold" rating to a "buy" rating in a research report on Sunday. Finally, TD Cowen lifted their price target on shares of Covenant Logistics Group from $30.00 to $35.00 and gave the stock a "buy" rating in a research note on Monday, April 27th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average price target of $53.75.

Covenant Logistics Group Trading Up 0.4%

Shares of Covenant Logistics Group stock opened at $46.39 on Wednesday. The stock has a market capitalization of $1.17 billion, a P/E ratio of 309.27 and a beta of 1.29. Covenant Logistics Group has a 52-week low of $18.00 and a 52-week high of $47.24. 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 stock's 50-day simple moving average is $41.03 and its 200 day simple moving average is $32.26.

Covenant Logistics Group (NYSE:CVLG - Get Free Report) last posted its earnings results on Thursday, April 23rd. The company reported $0.26 earnings per share for the quarter, missing the consensus estimate of $0.35 by ($0.09). The business had revenue of $307.16 million during the quarter. Covenant Logistics Group had a return on equity of 9.41% and a net margin of 0.42%. As a group, research analysts anticipate that Covenant Logistics Group will post 1.6 EPS for the current year.

Insider Transactions at Covenant Logistics Group

In related news, EVP Joey Ballard sold 4,282 shares of Covenant Logistics Group stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $37.40, for a total value of $160,146.80. Following the transaction, the executive vice president directly owned 20,867 shares of the company's stock, valued at $780,425.80. The trade was a 17.03% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Joey B. Hogan sold 14,700 shares of Covenant Logistics Group stock in a transaction on Tuesday, April 28th. The stock was sold at an average price of $34.76, for a total transaction of $510,972.00. Following the completion of the transaction, the director directly owned 104,094 shares in the company, valued at approximately $3,618,307.44. The trade was a 12.37% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 42,150 shares of company stock worth $1,566,515. Insiders own 36.70% of the company's stock.

Hedge Funds Weigh In On Covenant Logistics Group

A number of hedge funds have recently modified their holdings of CVLG. T. Rowe Price Investment Management Inc. lifted its holdings in Covenant Logistics Group by 46.6% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 714,516 shares of the company's stock worth $15,748,000 after buying an additional 227,216 shares during the period. Goldman Sachs Group Inc. grew its position in shares of Covenant Logistics Group by 161.8% in the 1st quarter. Goldman Sachs Group Inc. now owns 179,304 shares of the company's stock worth $3,981,000 after buying an additional 110,810 shares during the last quarter. Algert Global LLC increased its stake in shares of Covenant Logistics Group by 655.0% during the third quarter. Algert Global LLC now owns 110,144 shares of the company's stock valued at $2,386,000 after buying an additional 95,556 shares during the period. Russell Investments Group Ltd. increased its stake in shares of Covenant Logistics Group by 19.2% during the third quarter. Russell Investments Group Ltd. now owns 363,022 shares of the company's stock valued at $7,863,000 after buying an additional 58,577 shares during the period. Finally, Polaris Capital Management LLC raised its holdings in shares of Covenant Logistics Group by 1,061.0% during the fourth quarter. Polaris Capital Management LLC now owns 56,682 shares of the company's stock valued at $1,249,000 after acquiring an additional 51,800 shares in the last quarter. Hedge funds and other institutional investors own 83.72% of the company's stock.

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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