Covenant Logistics Group (NYSE:CVLG) Issues Quarterly Earnings Results

Covenant Logistics Group (NYSE:CVLG) announced its earnings results on Wednesday. The company reported $0.42 earnings per share for the quarter, Zacks reports. Covenant Logistics Group had a return on equity of 9.41% and a net margin of 0.42%.The company had revenue of $332.87 million during the quarter.

Covenant Logistics Group Stock Performance

NYSE:CVLG traded down $1.68 during trading hours on Wednesday, reaching $41.72. 205,404 shares of the stock were exchanged, compared to its average volume of 177,151. The stock has a market capitalization of $1.05 billion, a P/E ratio of 278.13 and a beta of 1.29. The firm has a 50 day simple moving average of $43.76 and a 200-day simple moving average of $33.97. The company has a quick ratio of 1.01, a current ratio of 1.04 and a debt-to-equity ratio of 0.50. Covenant Logistics Group has a 52 week low of $18.00 and a 52 week high of $49.88.

Analysts Set New Price Targets

CVLG has been the topic of a number of recent analyst reports. Zacks Research raised Covenant Logistics Group from a “hold” rating to a “strong-buy” rating in a research report on Monday, July 13th. TD Cowen raised their price target on shares of Covenant Logistics Group from $30.00 to $35.00 and gave the stock a “buy” rating in a research report on Monday, April 27th. Wall Street Zen upgraded shares of Covenant Logistics Group from a “hold” rating to a “buy” rating in a research note on Sunday, July 12th. Weiss Ratings raised shares of Covenant Logistics Group from a “hold (c-)” rating to a “hold (c)” rating in a report on Thursday, July 23rd. Finally, National Bank Financial set a $60.00 price objective on shares of Covenant Logistics Group in a research note on Wednesday, July 15th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $53.75.

Insider Buying and Selling

In other Covenant Logistics Group news, Director Joey B. Hogan sold 12,800 shares of Covenant Logistics Group stock in a transaction on Wednesday, May 27th. The shares were sold at an average price of $39.18, for a total value of $501,504.00. Following the completion of the transaction, the director owned 91,294 shares of the company’s stock, valued at $3,576,898.92. The trade was a 12.30% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Joey Ballard sold 4,000 shares of the business’s stock in a transaction on Monday, June 1st. The shares were sold at an average price of $40.15, for a total transaction of $160,600.00. Following the sale, the executive vice president owned 13,149 shares of the company’s stock, valued at approximately $527,932.35. The trade was a 23.32% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 24,800 shares of company stock valued at $963,535 over the last quarter. Company insiders own 36.70% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Quarry LP bought a new stake in shares of Covenant Logistics Group during the 3rd quarter valued at about $33,000. BNP Paribas Financial Markets boosted its stake in Covenant Logistics Group by 45.3% in the second quarter. BNP Paribas Financial Markets now owns 1,562 shares of the company’s stock valued at $38,000 after acquiring an additional 487 shares during the period. Raymond James Financial Inc. bought a new position in shares of Covenant Logistics Group during the second quarter valued at approximately $39,000. Tower Research Capital LLC TRC grew its holdings in shares of Covenant Logistics Group by 127.1% during 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 last quarter. Finally, State of Wyoming acquired a new stake in shares of Covenant Logistics Group during the 4th quarter worth approximately $148,000. 83.72% of the stock is currently owned by 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.