Covenant Logistics Group (NYSE:CVLG) Sets New 52-Week High – Here’s What Happened

Shares of Covenant Logistics Group, Inc. (NYSE:CVLG) hit a new 52-week high on Thursday . The stock traded as high as $47.24 and last traded at $46.30, with a volume of 26572 shares. The stock had previously closed at $45.50.

Analysts Set New Price Targets

CVLG has been the subject of a number of recent analyst reports. Weiss Ratings downgraded shares of Covenant Logistics Group from a “hold (c)” rating to a “hold (c-)” rating in a report on Tuesday. Stephens assumed coverage on shares of Covenant Logistics Group in a research note on Wednesday. They set an “overweight” rating and a $60.00 price target on the stock. 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 report on Monday, April 27th. Finally, Zacks Research upgraded shares of Covenant Logistics Group from a “strong sell” rating to a “hold” rating in a report on Friday, April 3rd. Two investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $47.50.

Covenant Logistics Group Trading Down 1.1%

The business has a fifty day moving average price of $40.52 and a 200 day moving average price of $31.86. The company has a market capitalization of $1.16 billion, a PE ratio of 306.67 and a beta of 1.29. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.01 and a current ratio of 1.04.

Covenant Logistics Group (NYSE:CVLG) last released its quarterly earnings data on Thursday, April 23rd. The company reported $0.26 earnings per share 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 net margin of 0.42% and a return on equity of 9.41%. Analysts expect that Covenant Logistics Group, Inc. will post 1.6 EPS for the current fiscal year.

Insider Buying and Selling at Covenant Logistics Group

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

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Quarry LP purchased a new stake in shares of Covenant Logistics Group in the third quarter worth about $33,000. BNP Paribas Financial Markets raised its holdings in shares of Covenant Logistics Group by 45.3% during the 2nd 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 period. Raymond James Financial Inc. purchased a new stake in shares of Covenant Logistics Group during the 2nd quarter valued at about $39,000. Tower Research Capital LLC TRC lifted its position in Covenant Logistics Group by 127.1% during the 2nd quarter. Tower Research Capital LLC TRC now owns 1,971 shares of the company’s stock worth $48,000 after acquiring an additional 1,103 shares in the last quarter. Finally, State of Alaska Department of Revenue lifted its position in Covenant Logistics Group by 204.6% during the 4th quarter. State of Alaska Department of Revenue now owns 3,515 shares of the company’s stock worth $77,000 after acquiring an additional 2,361 shares in the last quarter. 83.72% of the stock is owned by hedge funds and other institutional investors.

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.