Covenant Logistics Group (NYSE:CVLG) Shares Down 3.2% - What's Next?

Key Points

• Covenant Logistics Group shares fell 3.2% to $34.88 on unusually light trading volume, with 7,950 shares changing hands versus an average of 189,511.
• Analysts remain broadly positive, with a consensus “Moderate Buy” rating and an average price target of $51.80, despite one recent downgrade to “Hold.”
• The company reported quarterly EPS of $0.42 on $332.87 million in revenue, while institutional investors own a substantial 83.72% of outstanding shares.

Shares of Covenant Logistics Group, Inc. (NYSE:CVLG - Get Free Report) fell 3.2% during trading on Thursday . The company traded as low as $34.63 and last traded at $34.88. 7,950 shares traded hands during trading, a decline of 96% from the average session volume of 189,511 shares. The stock had previously closed at $36.05.

Analysts Set New Price Targets

A number of analysts recently weighed in on CVLG shares. Citigroup began coverage on shares of Covenant Logistics Group in a research report on Wednesday, July 15th. They issued an "outperform" rating on the stock. Robert W. Baird set a $50.00 price target on Covenant Logistics Group and gave the stock an "outperform" rating in a report on Wednesday, August 19th. Citizens Jmp began coverage on Covenant Logistics Group in a research note on Wednesday, July 15th. They set a "market outperform" rating and a $60.00 price target for the company. Zacks Research cut Covenant Logistics Group from a "strong-buy" rating to a "hold" rating in a report on Monday, September 7th. Finally, National Bank Financial set a $60.00 price objective on Covenant Logistics Group in a research report on Wednesday, July 15th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $51.80.

Covenant Logistics Group Stock Up 0.6%

The company has a quick ratio of 1.10, a current ratio of 1.14 and a debt-to-equity ratio of 0.55. The stock has a market cap of $877.89 million, a P/E ratio of 314.48 and a beta of 1.29. The company's 50 day moving average price is $38.45 and its two-hundred day moving average price is $35.96.

Covenant Logistics Group (NYSE:CVLG - Get Free Report) last released its quarterly earnings data on Wednesday, July 29th. The company reported $0.42 EPS for the quarter. The company had revenue of $332.87 million for 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 expect that Covenant Logistics Group, Inc. will post 1.6 earnings per share for the current year.

Institutional Trading of Covenant Logistics Group

Institutional investors and hedge funds have recently made changes to their positions in the company. Ranger Investment Management L.P. purchased a new stake in shares of Covenant Logistics Group in the 2nd quarter worth approximately $10,456,000. Prescott Group Capital Management L.L.C. bought a new position in Covenant Logistics Group in the fourth quarter worth approximately $353,000. Wesbanco Bank Inc. raised its stake in Covenant Logistics Group by 88.4% in the first quarter. Wesbanco Bank Inc. now owns 40,500 shares of the company's stock worth $1,100,000 after buying an additional 19,000 shares in the last quarter. Quantinno Capital Management LP boosted its position 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 acquiring an additional 14,590 shares in the last quarter. Finally, Public Employees Retirement System of Ohio purchased a new stake in shares of Covenant Logistics Group during the 2nd quarter worth $631,000. 83.72% of the stock is currently owned by institutional investors.

About Covenant Logistics Group

Covenant Logistics Group, Inc is a transportation and logistics company headquartered in Chattanooga, Tennessee. The company provides freight transportation, supply chain management and related services primarily throughout the United States, serving manufacturers, retailers, distributors and other commercial customers.

Its operations include dedicated and expedited truckload transportation, refrigerated and dry-van freight services, freight brokerage, warehousing and distribution, and transportation management.

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