Covenant Logistics Group (NYSE:CVLG) Hits New 12-Month High – What’s Next?

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

Wall Street Analysts Forecast Growth

CVLG has been the subject of a number of research analyst reports. Stephens assumed coverage on Covenant Logistics Group in a research note on Wednesday. They issued an “overweight” rating and a $60.00 price target for the company. Weiss Ratings lowered shares of Covenant Logistics Group from a “hold (c)” rating to a “hold (c-)” rating in a research note on Tuesday. Zacks Research upgraded shares of Covenant Logistics Group from a “strong sell” rating to a “hold” rating in a report on Friday, April 3rd. Finally, TD Cowen upped their target price on Covenant Logistics Group from $30.00 to $35.00 and gave the stock a “buy” rating in a report on Monday, April 27th. Two research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $47.50.

Covenant Logistics Group Trading Up 2.4%

The stock’s fifty day simple moving average is $40.07 and its two-hundred day simple moving average is $31.60. The firm has a market cap of $1.17 billion, a PE ratio of 310.47 and a beta of 1.29. The company has a quick ratio of 1.01, a current ratio of 1.04 and a debt-to-equity ratio of 0.50.

Covenant Logistics Group (NYSE:CVLG) last released its earnings results on Thursday, April 23rd. The company reported $0.26 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.35 by ($0.09). The business had revenue of $307.16 million for the quarter. Covenant Logistics Group had a net margin of 0.42% and a return on equity of 9.41%. On average, sell-side analysts forecast that Covenant Logistics Group, Inc. will post 1.6 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director D Michael Kramer sold 2,650 shares of the company’s stock in a transaction dated Wednesday, April 29th. The shares were sold at an average price of $34.72, for a total value of $92,008.00. Following the transaction, the director owned 22,086 shares in the company, valued at $766,825.92. The trade was a 10.71% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Joey B. Hogan sold 14,700 shares of the stock in a transaction dated Tuesday, April 28th. The shares were sold at an average price of $34.76, for a total transaction of $510,972.00. Following the sale, the director directly owned 104,094 shares in the company, valued at $3,618,307.44. This trade represents a 12.37% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 42,150 shares of company stock worth $1,566,515 in the last quarter. Corporate insiders own 36.70% of the company’s stock.

Institutional Investors Weigh In On Covenant Logistics Group

A number of institutional investors have recently made changes to their positions in the company. Quarry LP bought a new stake in shares of Covenant Logistics Group during the third quarter valued at approximately $33,000. BNP Paribas Financial Markets lifted its position in Covenant Logistics Group by 45.3% in the 2nd quarter. BNP Paribas Financial Markets now owns 1,562 shares of the company’s stock valued at $38,000 after acquiring an additional 487 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in Covenant Logistics Group during the 2nd quarter valued at $39,000. Tower Research Capital LLC TRC boosted its stake 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 valued at $48,000 after purchasing an additional 1,103 shares during the last quarter. Finally, State of Alaska Department of Revenue increased its holdings in shares of 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 worth $77,000 after purchasing an additional 2,361 shares in the last quarter. 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.