Covenant Logistics Group (NYSE:CVLG) Stock Price Up 6.6% - Time to Buy?

Key Points

• Covenant Logistics Group (NYSE:CVLG) jumped 6.6% on Thursday, trading as high as $49.15 after closing at $45.89 the day before.
• Wall Street sentiment is generally positive, with several recent analyst initiations and upgrades; the stock now carries an average Buy rating and a $53.75 average price target.
• The company recently reported Q1 EPS of $0.26, missing estimates of $0.35, while insiders have sold shares in recent months and institutional ownership remains high at 83.72%.

Covenant Logistics Group, Inc. (NYSE:CVLG - Get Free Report) traded up 6.6% on Thursday . The stock traded as high as $49.15 and last traded at $48.90. 157,361 shares changed hands during trading, a decline of 10% from the average daily volume of 174,616 shares. The stock had previously closed at $45.89.

Analyst Ratings Changes

CVLG has been the topic of several recent research reports. TD Cowen increased their price objective 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. Citizens Jmp began coverage on shares of Covenant Logistics Group in a report on Wednesday. They set a "market outperform" rating and a $60.00 target price for the company. Citigroup assumed coverage on shares of Covenant Logistics Group in a research report on Wednesday. They issued an "outperform" rating on the stock. Stephens started coverage on shares of Covenant Logistics Group in a research note on Wednesday, July 8th. They set an "overweight" rating and a $60.00 price target on the stock. Finally, Weiss Ratings downgraded shares of Covenant Logistics Group from a "hold (c)" rating to a "hold (c-)" rating in a research report on Tuesday, July 7th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Buy" and an average price target of $53.75.

Covenant Logistics Group Price Performance

The firm's fifty day moving average price is $41.29 and its 200 day moving average price is $32.43. The stock has a market cap of $1.22 billion, a PE ratio of 322.40 and a beta of 1.29. The company has a quick ratio of 1.01, a current ratio of 1.04 and a debt-to-equity ratio of 0.50.

Covenant Logistics Group (NYSE:CVLG - Get Free Report) last issued its earnings results on Thursday, April 23rd. The company reported $0.26 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.35 by ($0.09). The firm 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, equities analysts expect that Covenant Logistics Group, Inc. will post 1.6 EPS for the current fiscal year.

Insider Activity

In other news, EVP Joey Ballard sold 4,000 shares of the firm's stock in a transaction that occurred on Monday, June 1st. The stock was 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 directly owned 13,149 shares of the company's stock, valued at $527,932.35. This trade represents a 23.32% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director D Michael Kramer sold 2,650 shares of the firm's stock in a transaction dated Wednesday, April 29th. The stock was sold at an average price of $34.72, for a total transaction of $92,008.00. Following the completion of the sale, the director owned 22,086 shares of the company's stock, valued at $766,825.92. This trade represents a 10.71% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 42,150 shares of company stock valued at $1,566,515 in the last ninety days. Insiders own 36.70% of the company's stock.

Institutional Investors Weigh In On Covenant Logistics Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CVLG. Quarry LP purchased a new position in shares of Covenant Logistics Group during the third quarter worth approximately $33,000. BNP Paribas Financial Markets boosted its holdings in shares of Covenant Logistics Group by 45.3% in the second quarter. BNP Paribas Financial Markets now owns 1,562 shares of the company's stock valued at $38,000 after purchasing an additional 487 shares during the period. Raymond James Financial Inc. bought a new position in Covenant Logistics Group in the second quarter worth approximately $39,000. Tower Research Capital LLC TRC grew its stake in Covenant Logistics Group by 127.1% in the second quarter. Tower Research Capital LLC TRC now owns 1,971 shares of the company's stock worth $48,000 after purchasing an additional 1,103 shares in the last quarter. Finally, State of Alaska Department of Revenue increased its holdings in Covenant Logistics Group by 204.6% during the 4th quarter. State of Alaska Department of Revenue now owns 3,515 shares of the company's stock worth $77,000 after purchasing an additional 2,361 shares during the period. Institutional investors 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.

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