Covenant Logistics Group, Inc. (NYSE:CVLG) Receives Consensus Recommendation of "Buy" from Analysts

Key Points

• Analysts broadly favor Covenant Logistics Group: Six analysts have issued a consensus “Buy” rating, with four buys, one strong buy and one hold. The average 12-month price target is $52.25.
• Recent operating results were modest: Covenant reported quarterly earnings of $0.42 per share on revenue of $332.87 million, while analysts expect full-year earnings of approximately $1.60 per share.
• Insiders have been selling shares while institutions increased exposure: Insiders sold 24,800 shares worth about $963,535 during the past quarter, whereas hedge funds and other institutions own 83.72% of the company and several investors expanded their stakes.

Covenant Logistics Group, Inc. (NYSE:CVLG - Get Free Report) has been given an average recommendation of "Buy" by the six brokerages that are covering the firm, Marketbeat Ratings reports. One equities research analyst has rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. The average 12 month price target among analysts that have updated their coverage on the stock in the last year is $52.25.

CVLG has been the subject of several recent research reports. Weiss Ratings raised shares of Covenant Logistics Group from a "hold (c-)" rating to a "hold (c)" rating in a research note on Thursday, July 23rd. 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. Zacks Research upgraded shares of Covenant Logistics Group from a "hold" rating to a "strong-buy" rating in a report on Monday, July 13th. TD Cowen raised their price target on shares of Covenant Logistics Group from $30.00 to $35.00 and gave the company a "buy" rating in a research report on Monday, April 27th. Finally, Stephens set a $54.00 price target on shares of Covenant Logistics Group and gave the stock an "overweight" rating in a research note on Friday, July 31st.

Insiders Place Their Bets

In related news, Director Joey B. Hogan sold 12,800 shares of the business's stock in a transaction on Wednesday, May 27th. The stock was sold at an average price of $39.18, for a total transaction of $501,504.00. Following the completion of the transaction, the director directly owned 91,294 shares of the company's stock, valued at $3,576,898.92. The trade was a 12.30% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Joey Ballard sold 4,282 shares of the company's stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $37.40, for a total value of $160,146.80. Following the sale, the executive vice president owned 20,867 shares in the company, valued at approximately $780,425.80. This trade represents a 17.03% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 24,800 shares of company stock valued at $963,535. 36.70% of the stock is currently owned by company insiders.

Institutional Trading of Covenant Logistics Group

Large investors have recently made changes to their positions in the company. Janus Henderson Group PLC acquired a new stake in Covenant Logistics Group in the first quarter valued at approximately $245,000. Quantinno Capital Management LP lifted its stake in Covenant Logistics Group by 61.1% in the first quarter. Quantinno Capital Management LP now owns 38,453 shares of the company's stock worth $1,044,000 after acquiring an additional 14,590 shares during the last quarter. Sei Investments Co. grew its holdings in Covenant Logistics Group by 95.8% during the 1st quarter. Sei Investments Co. now owns 51,766 shares of the company's stock worth $1,405,000 after acquiring an additional 25,331 shares in the last quarter. DGS Capital Management LLC increased its position in shares of Covenant Logistics Group by 8.1% in the 1st quarter. DGS Capital Management LLC now owns 14,613 shares of the company's stock valued at $397,000 after purchasing an additional 1,092 shares during the last quarter. Finally, 1492 Capital Management LLC purchased a new stake in shares of Covenant Logistics Group in the 1st quarter valued at approximately $241,000. 83.72% of the stock is currently owned by hedge funds and other institutional investors.

Covenant Logistics Group Price Performance

CVLG opened at $34.77 on Friday. The stock's 50-day moving average price is $43.44 and its 200 day moving average price is $34.52. Covenant Logistics Group has a 12-month low of $18.00 and a 12-month high of $49.88. The firm has a market cap of $875.16 million, a price-to-earnings ratio of 316.12 and a beta of 1.32. The company has a current ratio of 1.04, a quick ratio of 1.01 and a debt-to-equity ratio of 0.50.

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 for the quarter. The company had revenue of $332.87 million during the quarter. Covenant Logistics Group had a return on equity of 9.15% and a net margin of 0.31%. As a group, sell-side analysts expect that Covenant Logistics Group will post 1.6 earnings per share for the current year.

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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