Covenant Logistics Group (NYSE:CVLG) Stock Price Up 6.6% – Here’s Why

Shares of Covenant Logistics Group, Inc. (NYSE:CVLG) rose 6.6% during mid-day trading on Thursday . The stock traded as high as $49.15 and last traded at $48.90. 157,361 shares changed hands during trading, a decline of 10% from the average daily volume of 174,616 shares. The stock had previously closed at $45.89.

Wall Street Analyst Weigh In

CVLG has been the subject of a number of analyst reports. Citigroup began coverage on shares of Covenant Logistics Group in a research report on Wednesday. They set an “outperform” rating for the company. Stephens started coverage on shares of Covenant Logistics Group in a research note on Wednesday, July 8th. They issued an “overweight” rating and a $60.00 target price for the company. Zacks Research raised shares of Covenant Logistics Group from a “hold” rating to a “strong-buy” rating in a research report on Monday. Citizens Jmp started coverage on shares of Covenant Logistics Group in a research note on Wednesday. They set a “market outperform” rating and a $60.00 price target on the stock. Finally, National Bank Financial set a $60.00 price target on Covenant Logistics Group in a research note on Wednesday. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $53.75.

Covenant Logistics Group Trading Up 5.4%

The company has a quick ratio of 1.01, a current ratio of 1.04 and a debt-to-equity ratio of 0.50. The company’s 50-day moving average is $41.29 and its 200 day moving average is $32.43. The company has a market cap of $1.22 billion, a price-to-earnings ratio of 322.40 and a beta of 1.29.

Covenant Logistics Group (NYSE:CVLG) last issued its quarterly earnings results on Thursday, April 23rd. The company reported $0.26 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.35 by ($0.09). Covenant Logistics Group had a return on equity of 9.41% and a net margin of 0.42%.The business had revenue of $307.16 million for the quarter. Research analysts predict that Covenant Logistics Group, Inc. will post 1.6 EPS for the current year.

Insider Buying and Selling

In other news, EVP Joey Ballard sold 4,000 shares of the company’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 completion of the sale, the executive vice president owned 13,149 shares of the company’s stock, valued at $527,932.35. This represents a 23.32% 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 12,800 shares of the stock in a transaction dated Wednesday, May 27th. The shares were sold at an average price of $39.18, for a total transaction of $501,504.00. Following the completion of the sale, the director owned 91,294 shares of the company’s stock, valued at approximately $3,576,898.92. The trade was a 12.30% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 42,150 shares of company stock worth $1,566,515. Insiders own 36.70% of the company’s stock.

Institutional Trading of Covenant Logistics Group

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Janus Henderson Group PLC purchased a new position in Covenant Logistics Group during the first quarter worth about $245,000. Quantinno Capital Management LP increased its stake in Covenant Logistics Group by 61.1% during the first quarter. Quantinno Capital Management LP now owns 38,453 shares of the company’s stock worth $1,044,000 after purchasing an additional 14,590 shares during the period. Sei Investments Co. lifted its holdings in Covenant Logistics Group by 95.8% during the 1st quarter. Sei Investments Co. now owns 51,766 shares of the company’s stock worth $1,405,000 after buying an additional 25,331 shares in the last quarter. DGS Capital Management LLC grew its stake in Covenant Logistics Group by 8.1% during the 1st quarter. DGS Capital Management LLC now owns 14,613 shares of the company’s stock worth $397,000 after purchasing an additional 1,092 shares in the last quarter. Finally, 1492 Capital Management LLC acquired a new position in shares of Covenant Logistics Group during the first quarter worth about $241,000. 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.