Covenant Logistics Group (NYSE:CVLG) Rating Increased to Buy at Wall Street Zen

Wall Street Zen upgraded shares of Covenant Logistics Group (NYSE:CVLG) from a hold rating to a buy rating in a research note issued to investors on Saturday morning.

A number of other brokerages also recently weighed in on CVLG. Zacks Research downgraded shares of Covenant Logistics Group from a “hold” rating to a “strong sell” rating in a research report on Wednesday, January 21st. Weiss Ratings reiterated a “hold (c)” rating on shares of Covenant Logistics Group in a report on Friday, January 9th. One investment analyst has rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $30.00.

Covenant Logistics Group Stock Up 0.3%

NYSE:CVLG opened at $29.49 on Friday. The company has a quick ratio of 0.98, a current ratio of 1.01 and a debt-to-equity ratio of 0.49. Covenant Logistics Group has a 12-month low of $17.46 and a 12-month high of $30.38. The stock’s fifty day simple moving average is $26.19 and its 200-day simple moving average is $23.30. The firm has a market capitalization of $738.72 million, a P/E ratio of 134.05 and a beta of 1.21.

Covenant Logistics Group (NYSE:CVLG) last released its earnings results on Thursday, January 29th. The company reported $0.31 earnings per share for the quarter, missing the consensus estimate of $0.32 by ($0.01). Covenant Logistics Group had a net margin of 0.62% and a return on equity of 9.57%. The company had revenue of $295.37 million during the quarter.

Insider Buying and Selling

In other news, CEO David Ray Parker sold 30,400 shares of the stock in a transaction on Friday, February 20th. The shares were sold at an average price of $29.18, for a total transaction of $887,072.00. Following the completion of the sale, the chief executive officer owned 2,047,544 shares of the company’s stock, valued at $59,747,333.92. This represents a 1.46% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In the last 90 days, insiders have sold 438,800 shares of company stock worth $12,826,748. Company insiders own 35.10% of the company’s stock.

Hedge Funds Weigh In On Covenant Logistics Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CVLG. Quarry LP bought a new position in Covenant Logistics Group during the 3rd quarter worth about $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 worth $38,000 after buying an additional 487 shares during the period. Raymond James Financial Inc. acquired a new position in shares of Covenant Logistics Group during the second quarter worth about $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 worth $48,000 after buying an additional 1,103 shares in the last quarter. Finally, State of Alaska Department of Revenue raised its position 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 valued at $77,000 after buying an additional 2,361 shares during the last quarter. 83.72% of the stock is owned by institutional investors and hedge funds.

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.