Covenant Logistics Group (NYSE:CVLG) Reaches New 52-Week High – Still a Buy?

Covenant Logistics Group, Inc. (NYSE:CVLG)’s share price reached a new 52-week high during trading on Tuesday . The stock traded as high as $49.37 and last traded at $48.54, with a volume of 211830 shares changing hands. The stock had previously closed at $47.34.

Wall Street Analyst Weigh In

CVLG has been the topic of several recent research reports. Citigroup started coverage on Covenant Logistics Group in a report on Wednesday, July 15th. They set an “outperform” rating on the stock. TD Cowen upped their target price on Covenant Logistics Group from $30.00 to $35.00 and gave the company a “buy” rating in a research note 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. Zacks Research raised shares of Covenant Logistics Group from a “hold” rating to a “strong-buy” rating in a report on Monday, July 13th. 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 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 stock. According to MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $53.75.

Covenant Logistics Group Stock Performance

The company has a market capitalization of $1.23 billion, a P/E ratio of 326.07 and a beta of 1.29. The firm has a 50 day moving average price of $42.89 and a two-hundred day moving average price of $33.35. 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 posted its earnings results on Thursday, April 23rd. The company reported $0.26 EPS for the quarter, missing the consensus estimate of $0.35 by ($0.09). The company had revenue of $307.16 million for the quarter. Covenant Logistics Group had a return on equity of 9.41% and a net margin of 0.42%. On average, research analysts expect that Covenant Logistics Group, Inc. will post 1.6 earnings per share for the current fiscal year.

Insider Activity

In other news, 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 value of $160,600.00. Following the sale, the executive vice president owned 13,149 shares in the company, valued at approximately $527,932.35. The trade was a 23.32% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Joey B. Hogan sold 12,800 shares of the stock in a transaction dated Wednesday, May 27th. The stock was sold at an average price of $39.18, for a total transaction of $501,504.00. Following the sale, the director owned 91,294 shares of the company’s stock, valued at $3,576,898.92. This trade represents a 12.30% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 42,150 shares of company stock worth $1,566,515. Corporate insiders own 36.70% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Quarry LP bought a new position in Covenant Logistics Group in the 3rd quarter valued at $33,000. BNP Paribas Financial Markets raised 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 acquiring an additional 487 shares during the last quarter. Raymond James Financial Inc. bought a new stake in shares of Covenant Logistics Group during the second quarter worth $39,000. Tower Research Capital LLC TRC lifted its stake 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 acquiring an additional 1,103 shares during the period. Finally, State of Alaska Department of Revenue lifted its stake in shares of Covenant Logistics Group by 204.6% during the fourth quarter. State of Alaska Department of Revenue now owns 3,515 shares of the company’s stock valued at $77,000 after acquiring an additional 2,361 shares during the period. 83.72% of the stock is owned by institutional investors and hedge funds.

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.