Covenant Logistics Group (NYSE:CVLG) Upgraded at Robert W. Baird

Key Points

• Robert W. Baird upgraded Covenant Logistics Group to “strong buy,” following a similar upgrade from Zacks Research. Analysts collectively rate the stock “Buy,” with an average price target of $51.80.
• Covenant Logistics reported quarterly earnings of $0.42 per share on revenue of $332.87 million. Analysts expect full-year earnings of approximately $1.60 per share.
• The stock opened at $34.64, compared with a 52-week range of $18.00 to $49.88, while institutional investors own 83.72% of outstanding shares. Insiders sold 20,518 shares worth $803,388 during the latest quarter.

Covenant Logistics Group (NYSE:CVLG - Get Free Report) was upgraded by stock analysts at Robert W. Baird to a "strong-buy" rating in a research note issued to investors on Wednesday,Zacks.com reports.

Other analysts also recently issued reports about the company. Zacks Research upgraded Covenant Logistics Group from a "hold" rating to a "strong-buy" rating in a research report on Monday, July 13th. TD Cowen lifted their target price on Covenant Logistics Group from $30.00 to $35.00 and gave the company a "buy" rating in a research report on Monday, April 27th. National Bank Financial set a $60.00 target price on Covenant Logistics Group in a research note on Wednesday, July 15th. Citizens Jmp assumed coverage on shares of Covenant Logistics Group in a report on Wednesday, July 15th. They issued a "market outperform" rating and a $60.00 target price for the company. Finally, Wall Street Zen lowered shares of Covenant Logistics Group from a "buy" rating to a "hold" rating in a report on Saturday, August 8th. Two equities research analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Buy" and an average price target of $51.80.

Covenant Logistics Group Stock Performance

Shares of NYSE:CVLG opened at $34.64 on Wednesday. Covenant Logistics Group has a 1 year low of $18.00 and a 1 year high of $49.88. The stock has a market capitalization of $879.16 million, a price-to-earnings ratio of 314.94 and a beta of 1.32. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.14 and a quick ratio of 1.10. The company's 50 day simple moving average is $41.79 and its 200 day simple moving average is $35.11.

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 firm 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%. As a group, research analysts predict that Covenant Logistics Group will post 1.6 EPS for the current fiscal year.

Insider Activity

In other news, EVP Joey Ballard sold 4,000 shares of Covenant Logistics Group stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $40.15, for a total transaction of $160,600.00. Following the sale, the executive vice president directly owned 13,149 shares of the company's stock, valued at approximately $527,932.35. This trade represents a 23.32% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Joey B. Hogan sold 12,800 shares of the business's stock in a transaction dated Wednesday, May 27th. The stock was sold at an average price of $39.18, for a total value of $501,504.00. Following the sale, the director owned 91,294 shares in the company, valued at approximately $3,576,898.92. This trade represents a 12.30% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 20,518 shares of company stock valued at $803,388 over the last quarter. Corporate insiders own 36.70% of the company's stock.

Hedge Funds Weigh In On Covenant Logistics Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in CVLG. Quarry LP bought a new position in shares of Covenant Logistics Group during the third quarter valued at $33,000. BNP Paribas Financial Markets grew its stake 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 worth $38,000 after purchasing an additional 487 shares during the last quarter. Raymond James Financial Inc. bought a new stake in shares of Covenant Logistics Group in the second quarter worth $39,000. Tower Research Capital LLC TRC increased its holdings 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 valued at $48,000 after purchasing an additional 1,103 shares during the period. Finally, State of Alaska Department of Revenue increased its holdings 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. 83.72% of the stock is currently owned by institutional investors and hedge funds.

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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