Covenant Logistics Group (NYSE:CVLG) Hits New 12-Month High - Here's What Happened

Key Points

• Covenant Logistics Group hit a new 52-week high, trading as high as $49.37 after closing previously at $47.34.
• Recent analyst action has been mostly positive, with multiple firms raising ratings and setting $60 price targets; the stock now has a consensus Buy rating and average target of $53.75.
• The company’s latest earnings missed expectations, reporting $0.26 EPS versus $0.35 expected, even as revenue came in at $307.16 million and shares have climbed well above their 50-day and 200-day moving averages.

Covenant Logistics Group, Inc. (NYSE:CVLG - Get Free Report)'s stock price hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $49.37 and last traded at $48.54, with a volume of 211830 shares traded. The stock had previously closed at $47.34.

Analyst Ratings Changes

Several research analysts recently commented on CVLG shares. National Bank Financial set a $60.00 price objective on Covenant Logistics Group in a research note on Wednesday, July 15th. Zacks Research raised shares of Covenant Logistics Group from a "hold" rating to a "strong-buy" rating in a research note on Monday, July 13th. Wall Street Zen raised shares of Covenant Logistics Group from a "hold" rating to a "buy" rating in a report on Sunday, July 12th. Weiss Ratings cut shares of Covenant Logistics Group from a "hold (c)" rating to a "hold (c-)" rating in a research report on Tuesday, July 7th. Finally, Stephens assumed coverage on shares of Covenant Logistics Group in a research note on Wednesday, July 8th. They issued an "overweight" rating and a $60.00 price target on the stock. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, Covenant Logistics Group has an average rating of "Buy" and a consensus price target of $53.75.

Covenant Logistics Group Stock Performance

The stock has a market cap of $1.22 billion, a price-to-earnings ratio of 323.60 and a beta of 1.29. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.04 and a quick ratio of 1.01. The firm has a fifty day moving average of $42.19 and a 200 day moving average of $32.97.

Covenant Logistics Group (NYSE:CVLG - Get Free Report) last released its quarterly earnings data 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 company 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, sell-side analysts forecast that Covenant Logistics Group, Inc. 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 the firm's stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $37.40, for a total transaction of $160,146.80. Following the completion of the sale, the executive vice president directly owned 20,867 shares in the company, valued at approximately $780,425.80. This trade represents a 17.03% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Joey B. Hogan sold 14,700 shares of Covenant Logistics Group stock in a transaction dated Tuesday, April 28th. The stock was sold at an average price of $34.76, for a total transaction of $510,972.00. Following the transaction, the director directly owned 104,094 shares in the company, valued at $3,618,307.44. This trade represents a 12.37% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 42,150 shares of company stock worth $1,566,515 in the last quarter. Company insiders own 36.70% of the company's stock.

Institutional Trading of Covenant Logistics Group

Hedge funds and other institutional investors have recently made changes to their positions in the company. Quarry LP purchased a new stake in shares of Covenant Logistics Group during the 3rd quarter valued at approximately $33,000. BNP Paribas Financial Markets grew its position in Covenant Logistics Group by 45.3% in the second quarter. BNP Paribas Financial Markets now owns 1,562 shares of the company's stock worth $38,000 after acquiring an additional 487 shares during the period. Raymond James Financial Inc. acquired a new stake in Covenant Logistics Group during the second quarter worth $39,000. Tower Research Capital LLC TRC increased its stake in Covenant Logistics Group by 127.1% during the second quarter. Tower Research Capital LLC TRC now owns 1,971 shares of the company's stock worth $48,000 after acquiring an additional 1,103 shares during the last quarter. Finally, State of Alaska Department of Revenue raised its position in Covenant Logistics Group by 204.6% in the fourth quarter. State of Alaska Department of Revenue now owns 3,515 shares of the company's stock valued at $77,000 after purchasing an additional 2,361 shares during the period. Institutional investors and hedge funds own 83.72% of the company's stock.

About Covenant Logistics Group

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.