Covenant Logistics Group (NYSE:CVLG) Upgraded to "Buy" at Wall Street Zen

Key Points

• Covenant Logistics Group was upgraded by Wall Street Zen from “hold” to “buy,” adding to mixed analyst sentiment that now includes a consensus Moderate Buy and an average price target of $47.50.
• The stock fell 1.1% to $46.00 despite the upgrade, and it has traded near its 52-week high of $47.24 after a strong run above both its 50-day and 200-day moving averages.
• The company recently reported earnings of $0.26 per share, missing estimates, while insiders have been selling shares and institutional investors continue to hold a large majority of the stock.

Covenant Logistics Group (NYSE:CVLG - Get Free Report) was upgraded by research analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a research note issued on Sunday.

A number of other equities analysts also recently issued reports on CVLG. Zacks Research raised Covenant Logistics Group from a "strong sell" rating to a "hold" rating in a research report on Friday, April 3rd. Weiss Ratings lowered Covenant Logistics Group from a "hold (c)" rating to a "hold (c-)" rating in a report on Tuesday. TD Cowen upped their price objective on Covenant Logistics Group from $30.00 to $35.00 and gave the stock a "buy" rating in a research note on Monday, April 27th. Finally, Stephens began coverage on Covenant Logistics Group in a research report on Wednesday. They set an "overweight" rating and a $60.00 price objective on the stock. Two investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $47.50.

Covenant Logistics Group Trading Down 1.1%

Shares of Covenant Logistics Group stock traded down $0.50 on Friday, hitting $46.00. 117,420 shares of the company traded hands, compared to its average volume of 163,145. The company has a current ratio of 1.04, a quick ratio of 1.01 and a debt-to-equity ratio of 0.50. The company has a market cap of $1.16 billion, a PE ratio of 306.67 and a beta of 1.29. The stock's 50 day moving average price is $40.52 and its 200-day moving average price is $31.86. Covenant Logistics Group has a 52 week low of $18.00 and a 52 week high of $47.24.

Covenant Logistics Group (NYSE:CVLG - Get Free Report) last announced its quarterly earnings data 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%. Equities research analysts predict that Covenant Logistics Group 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 company's stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $37.40, for a total transaction of $160,146.80. Following the transaction, the executive vice president directly owned 20,867 shares of the company's stock, valued at $780,425.80. This represents a 17.03% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director D Michael Kramer sold 2,650 shares of the stock in a transaction dated Wednesday, April 29th. The shares were sold at an average price of $34.72, for a total value of $92,008.00. Following the completion of the sale, the director owned 22,086 shares of the company's stock, valued at approximately $766,825.92. This trade represents a 10.71% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 42,150 shares of company stock valued at $1,566,515. Corporate insiders own 36.70% of the company's stock.

Hedge Funds Weigh In On Covenant Logistics Group

Several hedge funds have recently modified their holdings of the stock. Janus Henderson Group PLC acquired a new stake in Covenant Logistics Group in the 1st quarter worth approximately $245,000. Quantinno Capital Management LP increased its stake in Covenant Logistics Group by 61.1% during the 1st quarter. Quantinno Capital Management LP now owns 38,453 shares of the company's stock valued at $1,044,000 after purchasing an additional 14,590 shares in the last quarter. Sei Investments Co. raised its holdings in shares of Covenant Logistics Group by 95.8% in the first quarter. Sei Investments Co. now owns 51,766 shares of the company's stock worth $1,405,000 after buying an additional 25,331 shares during the last quarter. DGS Capital Management LLC raised its holdings in shares of Covenant Logistics Group by 8.1% in the first quarter. DGS Capital Management LLC now owns 14,613 shares of the company's stock worth $397,000 after buying an additional 1,092 shares during the last quarter. Finally, 1492 Capital Management LLC acquired a new stake in shares of Covenant Logistics Group during the first quarter worth $241,000. Institutional investors and hedge funds own 83.72% of the company's stock.

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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