Covenant Logistics Group (NYSE:CVLG) Hits New 1-Year High – What’s Next?

Covenant Logistics Group, Inc. (NYSE:CVLG) shares reached a new 52-week high during trading on Wednesday . The company traded as high as $47.78 and last traded at $47.09, with a volume of 12703 shares trading hands. The stock had previously closed at $46.22.

Wall Street Analyst Weigh In

CVLG has been the topic of several recent research reports. Citigroup began coverage on Covenant Logistics Group in a research note on Wednesday. They issued an “outperform” rating on the stock. Wall Street Zen upgraded shares of Covenant Logistics Group from a “hold” rating to a “buy” rating in a report on Sunday, July 12th. Citizens Jmp started coverage on shares of Covenant Logistics Group in a research report on Wednesday. They issued a “market outperform” rating and a $60.00 target price on the stock. Zacks Research upgraded shares of Covenant Logistics Group from a “hold” rating to a “strong-buy” rating in a research note on Monday. Finally, TD Cowen lifted their price target on shares of Covenant Logistics Group from $30.00 to $35.00 and gave the company a “buy” rating in a research report on Monday, April 27th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, Covenant Logistics Group currently has a consensus rating of “Buy” and a consensus target price of $53.75.

Covenant Logistics Group Stock Performance

The company has a debt-to-equity ratio of 0.50, a current ratio of 1.04 and a quick ratio of 1.01. The business has a 50 day moving average price of $41.59 and a 200 day moving average price of $32.61. The stock has a market capitalization of $1.21 billion, a PE ratio of 320.20 and a beta of 1.29.

Covenant Logistics Group (NYSE:CVLG) last posted its quarterly 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 company 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 research analysts expect that Covenant Logistics Group, Inc. will post 1.6 earnings per share for the current year.

Insiders Place Their Bets

In other Covenant Logistics Group news, EVP Joey Ballard sold 4,282 shares of Covenant Logistics Group stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $37.40, for a total value of $160,146.80. Following the completion of the transaction, the executive vice president directly owned 20,867 shares of the company’s stock, valued at approximately $780,425.80. The trade was a 17.03% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Joey B. Hogan sold 14,700 shares of the stock in a transaction that occurred on Tuesday, April 28th. The shares were sold at an average price of $34.76, for a total transaction of $510,972.00. Following the sale, the director owned 104,094 shares in the company, valued at approximately $3,618,307.44. The trade was a 12.37% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 42,150 shares of company stock valued at $1,566,515. Insiders own 36.70% of the company’s stock.

Institutional Trading of Covenant Logistics Group

Several institutional investors have recently added to or reduced their stakes in the business. Quarry LP purchased a new position in shares of Covenant Logistics Group in the third quarter worth $33,000. BNP Paribas Financial Markets boosted its position in shares of Covenant Logistics Group by 45.3% during the second quarter. BNP Paribas Financial Markets now owns 1,562 shares of the company’s stock valued at $38,000 after buying an additional 487 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in shares of Covenant Logistics Group during the second quarter valued at $39,000. Tower Research Capital LLC TRC increased its holdings in Covenant Logistics Group by 127.1% in the 2nd quarter. Tower Research Capital LLC TRC now owns 1,971 shares of the company’s stock worth $48,000 after buying 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% in the 4th quarter. State of Alaska Department of Revenue now owns 3,515 shares of the company’s stock worth $77,000 after buying an additional 2,361 shares in the last quarter. 83.72% of the stock is currently owned by hedge funds and other institutional investors.

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.