Covenant Logistics Group (NYSE:CVLG) Sets New 1-Year High – Here’s What Happened

Shares of Covenant Logistics Group, Inc. (NYSE:CVLG) reached a new 52-week high on Tuesday . The stock traded as high as $38.00 and last traded at $37.79, with a volume of 7273 shares trading hands. The stock had previously closed at $37.37.

Analyst Upgrades and Downgrades

Several research firms have recently commented on CVLG. Zacks Research upgraded Covenant Logistics Group from a “strong sell” rating to a “hold” rating in a research note on Friday, April 3rd. TD Cowen upped their price target on Covenant Logistics Group from $30.00 to $35.00 and gave the stock a “buy” rating in a research note on Monday, April 27th. Finally, Wall Street Zen cut Covenant Logistics Group from a “buy” rating to a “hold” rating in a research note on Sunday, March 8th. One investment analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $35.00.

Covenant Logistics Group Price Performance

The company has a debt-to-equity ratio of 0.50, a current ratio of 1.04 and a quick ratio of 1.01. The company has a 50 day moving average price of $30.48 and a 200 day moving average price of $26.50. The firm has a market cap of $978.11 million, a PE ratio of 259.07 and a beta of 1.28.

Covenant Logistics Group (NYSE:CVLG) last released its quarterly earnings data 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 during the quarter. Covenant Logistics Group had a return on equity of 9.41% and a net margin of 0.42%. Sell-side analysts expect that Covenant Logistics Group, Inc. will post 1.6 EPS for the current fiscal year.

Insider Buying and Selling at Covenant Logistics Group

In other Covenant Logistics Group news, Director Joey B. Hogan sold 14,700 shares of the stock in a transaction on Tuesday, April 28th. The stock was sold at an average price of $34.76, for a total value of $510,972.00. Following the completion of the transaction, the director owned 104,094 shares in the company, valued at approximately $3,618,307.44. This represents a 12.37% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director D Michael Kramer sold 2,650 shares of the stock in a transaction on Wednesday, April 29th. The stock was sold at an average price of $34.72, for a total value of $92,008.00. Following the completion of the transaction, the director owned 22,086 shares of the company’s stock, valued at $766,825.92. The trade was a 10.71% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 36.70% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of CVLG. Quarry LP purchased a new position in Covenant Logistics Group in the third quarter worth $33,000. BNP Paribas Financial Markets grew its holdings in Covenant Logistics Group by 45.3% in the second quarter. BNP Paribas Financial Markets now owns 1,562 shares of the company’s stock valued at $38,000 after purchasing an additional 487 shares during the last quarter. Raymond James Financial Inc. acquired a new stake in Covenant Logistics Group in the second quarter valued at $39,000. Tower Research Capital LLC TRC grew its holdings in Covenant Logistics Group by 127.1% in the second 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 grew its holdings in Covenant Logistics Group by 204.6% in the fourth quarter. State of Alaska Department of Revenue now owns 3,515 shares of the company’s stock valued at $77,000 after purchasing an additional 2,361 shares during 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.