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

Key Points

• Covenant Logistics Group has a consensus analyst rating of "Buy" from five covering analysts, with an average 12-month price target of $47.50.
• The company’s stock was trading near its 52-week high, opening at $46.39 versus a one-year range of $18.00 to $47.24.
• Recent quarterly results showed EPS of $0.26, which missed estimates of $0.35, even as revenue reached $307.16 million.

Shares of Covenant Logistics Group, Inc. (NYSE:CVLG - Get Free Report) have earned an average recommendation of "Buy" from the five analysts that are presently covering the company, MarketBeat Ratings reports. One analyst has rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. The average 12 month price target among brokers that have issued a report on the stock in the last year is $47.50.

CVLG has been the subject of a number of research analyst reports. Weiss Ratings lowered Covenant Logistics Group from a "hold (c)" rating to a "hold (c-)" rating in a research report on Tuesday, July 7th. Zacks Research raised 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 report on Sunday. Stephens started coverage on Covenant Logistics Group in a research report on Wednesday, July 8th. They set an "overweight" rating and a $60.00 target price on the stock. Finally, TD Cowen increased their target price on Covenant Logistics Group from $30.00 to $35.00 and gave the stock a "buy" rating in a report on Monday, April 27th.

Insider Buying and Selling

In other Covenant Logistics Group news, EVP Joey Ballard sold 4,000 shares of the stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $40.15, for a total value of $160,600.00. Following the completion of the sale, the executive vice president owned 13,149 shares in the company, valued at approximately $527,932.35. This trade represents a 23.32% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director D Michael Kramer sold 2,650 shares of Covenant Logistics Group stock in a transaction that occurred on Wednesday, April 29th. The stock was sold at an average price of $34.72, for a total transaction of $92,008.00. Following the transaction, the director directly owned 22,086 shares in the company, valued at approximately $766,825.92. This represents a 10.71% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 42,150 shares of company stock worth $1,566,515. 36.70% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of CVLG. Polaris Capital Management LLC raised its holdings in shares of Covenant Logistics Group by 1,061.0% in the 4th quarter. Polaris Capital Management LLC now owns 56,682 shares of the company's stock worth $1,249,000 after purchasing an additional 51,800 shares during the period. Prescott Group Capital Management L.L.C. purchased a new stake in Covenant Logistics Group in the fourth quarter worth $353,000. Wesbanco Bank Inc. bought a new stake in shares of Covenant Logistics Group in the fourth quarter valued at $474,000. Royce & Associates LP lifted its position in shares of Covenant Logistics Group by 6.1% during the 4th quarter. Royce & Associates LP now owns 316,868 shares of the company's stock valued at $6,984,000 after buying an additional 18,220 shares during the last quarter. Finally, Penn Capital Management Company LLC grew its stake in shares of Covenant Logistics Group by 14.2% during the 4th quarter. Penn Capital Management Company LLC now owns 27,871 shares of the company's stock worth $614,000 after acquiring an additional 3,464 shares during the period. 83.72% of the stock is owned by institutional investors.

Covenant Logistics Group Stock Performance

Shares of CVLG stock opened at $46.39 on Wednesday. The stock has a market capitalization of $1.17 billion, a PE ratio of 309.27 and a beta of 1.29. The business's 50 day simple moving average is $41.03 and its 200 day simple moving average is $32.26. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.04 and a quick ratio of 1.01. Covenant Logistics Group has a one year low of $18.00 and a one year high of $47.24.

Covenant Logistics Group (NYSE:CVLG - Get Free Report) last issued its quarterly earnings results on Thursday, April 23rd. The company reported $0.26 earnings per share for the quarter, missing analysts' consensus estimates of $0.35 by ($0.09). The business had revenue of $307.16 million for 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 forecast 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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