Covenant Logistics Group, Inc. (NYSE:CVLG) Stock Has Average Target Price of $53.20 According to Brokerages

Key Points

• Analysts have a moderately bullish view of Covenant Logistics Group: Seven analysts collectively rate the stock “Moderate Buy,” with an average 12-month price target of $53.20 versus its recent price of $29.80.
• Recent research has been mixed, including a price-target cut by TD Cowen to $42 and a downgrade by Zacks Research to “hold,” while Stephens and Citizens JMP issued more optimistic targets of $54 and $60, respectively.
• Institutional ownership remains high at 83.72%: Several hedge funds increased their positions recently, although the company reported only $0.42 in quarterly EPS, $332.87 million in revenue, and a slim 0.31% net margin.

Shares of Covenant Logistics Group, Inc. (NYSE:CVLG - Get Free Report) have received a consensus recommendation of "Moderate Buy" from the seven analysts that are currently covering the company, Marketbeat Ratings reports. Two analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating on the company. The average 12 month price target among brokers that have covered the stock in the last year is $53.20.

CVLG has been the topic of several recent research reports. TD Cowen dropped their price objective on shares of Covenant Logistics Group from $43.00 to $42.00 and set a "buy" rating on the stock in a report on Monday, October 5th. Stephens set a $54.00 target price on shares of Covenant Logistics Group and gave the stock an "overweight" rating in a research report on Friday, July 31st. Citizens Jmp initiated coverage on shares of Covenant Logistics Group in a research note on Wednesday, July 15th. They issued a "market outperform" rating and a $60.00 target price for the company. Zacks Research lowered shares of Covenant Logistics Group from a "strong-buy" rating to a "hold" rating in a research report on Monday, September 7th. Finally, Citigroup started coverage on shares of Covenant Logistics Group in a research note on Wednesday, July 15th. They set an "outperform" rating on the stock.

Hedge Funds Weigh In On Covenant Logistics Group

Hedge funds have recently made changes to their positions in the stock. Inspire Investing LLC lifted its holdings in Covenant Logistics Group by 26.5% during the 3rd quarter. Inspire Investing LLC now owns 19,506 shares of the company's stock worth $630,000 after purchasing an additional 4,083 shares in the last quarter. Kings Path Partners LLC purchased a new position in Covenant Logistics Group during the 3rd quarter valued at about $275,000. Nisa Investment Advisors LLC grew its holdings in Covenant Logistics Group by 100.3% during the 3rd quarter. Nisa Investment Advisors LLC now owns 3,299 shares of the company's stock valued at $107,000 after buying an additional 1,652 shares in the last quarter. Copeland Capital Management LLC increased its position in shares of Covenant Logistics Group by 40.2% during the third quarter. Copeland Capital Management LLC now owns 2,724 shares of the company's stock valued at $88,000 after buying an additional 781 shares during the period. Finally, MCF Advisors LLC increased its position in shares of Covenant Logistics Group by 96.4% during the second quarter. MCF Advisors LLC now owns 754 shares of the company's stock valued at $33,000 after buying an additional 370 shares during the period. 83.72% of the stock is currently owned by hedge funds and other institutional investors.

Covenant Logistics Group Price Performance

Shares of NYSE CVLG opened at $29.80 on Friday. The stock has a fifty day simple moving average of $33.55 and a two-hundred day simple moving average of $36.93. Covenant Logistics Group has a 1-year low of $18.00 and a 1-year high of $49.88. The firm has a market cap of $756.32 million, a price-to-earnings ratio of 270.93 and a beta of 1.39. The company has a current ratio of 1.14, a quick ratio of 1.10 and a debt-to-equity ratio of 0.55.

Covenant Logistics Group (NYSE:CVLG - Get Free Report) last released its earnings results on Wednesday, July 29th. The company reported $0.42 earnings per share (EPS) for the quarter. The business had revenue of $332.87 million during the quarter. Covenant Logistics Group had a return on equity of 9.14% and a net margin of 0.31%. Analysts anticipate that Covenant Logistics Group will post 1.55 earnings per share for the current year.

About Covenant Logistics Group

Covenant Logistics Group, Inc is a transportation and logistics company headquartered in Chattanooga, Tennessee. Founded in 1986, the company provides freight transportation, supply chain management and related logistics services to customers across North America.

Its operations include expedited and dedicated truckload transportation, refrigerated and temperature-controlled freight, freight brokerage, managed transportation and warehousing. Covenant also provides final-mile delivery, cross-docking, fulfillment and other distribution services designed to support customers' supply chains.

The company serves a range of industries, including retail, consumer goods, food and beverage, automotive and manufacturing.

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