Covenant Logistics Group (NYSE:CVLG) Rating Lowered to “Hold” at Zacks Research

Covenant Logistics Group (NYSE:CVLG) was downgraded by research analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a report issued on Monday, Zacks reports.

CVLG has been the subject of a number of other reports. Citizens Jmp started coverage on Covenant Logistics Group in a report on Wednesday, July 15th. They issued a “market outperform” rating and a $60.00 price target for the company. National Bank Financial set a $60.00 price objective on shares of Covenant Logistics Group in a research note on Wednesday, July 15th. Robert W. Baird set a $50.00 target price on shares of Covenant Logistics Group and gave the company an “outperform” rating in a report on Wednesday, August 19th. Citigroup initiated coverage on shares of Covenant Logistics Group in a research note on Wednesday, July 15th. They issued an “outperform” rating for the company. Finally, Wall Street Zen downgraded shares of Covenant Logistics Group from a “buy” rating to a “hold” rating in a report on Saturday, August 8th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $51.80.

Covenant Logistics Group Stock Performance

NYSE CVLG opened at $35.22 on Monday. The stock has a 50-day simple moving average of $39.51 and a two-hundred day simple moving average of $35.68. The firm has a market capitalization of $893.88 million, a P/E ratio of 320.21 and a beta of 1.29. Covenant Logistics Group has a fifty-two week low of $18.00 and a fifty-two week high of $49.88. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.10 and a current ratio of 1.14.

Covenant Logistics Group (NYSE:CVLG) last issued its earnings results on Wednesday, July 29th. The company reported $0.42 EPS for the quarter. The firm had revenue of $332.87 million for the quarter. Covenant Logistics Group had a return on equity of 9.14% and a net margin of 0.31%. On average, equities analysts forecast that Covenant Logistics Group will post 1.6 earnings per share for the current year.

Hedge Funds Weigh In On Covenant Logistics Group

Hedge funds have recently bought and sold shares of the business. Quarry LP purchased a new stake in shares of Covenant Logistics Group in the third quarter valued at approximately $33,000. BNP Paribas Financial Markets lifted its position 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 in the last quarter. Raymond James Financial Inc. purchased a new position in shares of Covenant Logistics Group during the 2nd quarter valued at approximately $39,000. Tower Research Capital LLC TRC grew its stake 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 valued at $48,000 after acquiring an additional 1,103 shares during the period. Finally, State of Wyoming acquired a new stake in Covenant Logistics Group in the 4th quarter valued at $148,000. Hedge funds and other institutional investors own 83.72% of the company’s stock.

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.