Covenant Logistics Group (NYSE:CVLG) Shares Gap Up After Better-Than-Expected Earnings

Key Points

• Covenant Logistics Group shares jumped after the company reported quarterly earnings of $0.50 per share, beating analyst expectations of $0.44. The stock opened at $33.09 versus its prior close of $28.82 and later traded at $31.20.
• The company generated quarterly revenue of $353.89 million, with a 9.14% return on equity and a 0.31% net margin.
• Analyst sentiment remains broadly positive, with a consensus rating of “Moderate Buy” and an average price target of $53.20. Institutional investors own 83.72% of the company’s shares.

Covenant Logistics Group, Inc. (NYSE:CVLG - Get Free Report) shares gapped up prior to trading on Friday after the company announced better than expected quarterly earnings. The stock had previously closed at $28.82, but opened at $33.09. Covenant Logistics Group shares last traded at $31.20, with a volume of 19,054 shares.

The company reported $0.50 earnings per share for the quarter, beating the consensus estimate of $0.44 by $0.06. Covenant Logistics Group had a return on equity of 9.14% and a net margin of 0.31%. The business had revenue of $353.89 million for the quarter.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the stock. Stephens set a $54.00 price objective on shares of Covenant Logistics Group and gave the stock an "overweight" rating in a research note on Friday, July 31st. Zacks Research downgraded shares of Covenant Logistics Group from a "strong-buy" rating to a "hold" rating in a research note on Monday, September 7th. Robert W. Baird set a $50.00 target price on shares of Covenant Logistics Group and gave the company an "outperform" rating in a report on Wednesday, August 19th. Citizens Jmp assumed coverage on shares of Covenant Logistics Group in a research report on Wednesday, July 15th. They set a "market outperform" rating and a $60.00 price target for the company. Finally, National Bank Financial set a $60.00 price target on Covenant Logistics Group in a 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 given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Covenant Logistics Group currently has an average rating of "Moderate Buy" and a consensus target price of $53.20.

Institutional Trading of Covenant Logistics Group

Large investors have recently bought and sold shares of the company. MCF Advisors LLC lifted its holdings in Covenant Logistics Group by 96.4% in the 2nd quarter. MCF Advisors LLC now owns 754 shares of the company's stock worth $33,000 after buying an additional 370 shares in the last quarter. Corient Private Wealth LLC boosted its position in Covenant Logistics Group by 1.1% in the 4th quarter. Corient Private Wealth LLC now owns 41,740 shares of the company's stock valued at $920,000 after buying an additional 446 shares during the last quarter. Copeland Capital Management LLC grew its stake in shares of Covenant Logistics Group by 40.2% during the third quarter. Copeland Capital Management LLC now owns 2,724 shares of the company's stock valued at $88,000 after acquiring an additional 781 shares in the last quarter. DGS Capital Management LLC grew its stake in shares of Covenant Logistics Group by 8.1% during the first quarter. DGS Capital Management LLC now owns 14,613 shares of the company's stock valued at $397,000 after acquiring an additional 1,092 shares in the last quarter. Finally, Nisa Investment Advisors LLC increased its position in shares of Covenant Logistics Group by 100.3% during the third quarter. Nisa Investment Advisors LLC now owns 3,299 shares of the company's stock worth $107,000 after acquiring an additional 1,652 shares during the last quarter. Institutional investors and hedge funds own 83.72% of the company's stock.

Covenant Logistics Group Stock Performance

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 stock has a 50-day moving average price of $33.00 and a 200-day moving average price of $33.91. The firm has a market capitalization of $783.23 million, a PE ratio of 280.57 and a beta of 1.39.

About Covenant Logistics Group

Covenant Logistics Group, Inc is a transportation and logistics company headquartered in Chattanooga, Tennessee. Founded in 1986, the company provides freight transportation, supply chain management and related logistics services to customers across North America.

Its operations include expedited and dedicated truckload transportation, refrigerated and temperature-controlled freight, freight brokerage, managed transportation and warehousing. Covenant also provides final-mile delivery, cross-docking, fulfillment and other distribution services designed to support customers' supply chains.

The company serves a range of industries, including retail, consumer goods, food and beverage, automotive 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.