Covenant Logistics Group (NYSE:CVLG) Shares Gap Up Following Better-Than-Expected Earnings

Covenant Logistics Group, Inc. (NYSE:CVLG) gapped up before the market opened on Friday following a stronger than expected earnings report. The stock had previously closed at $28.82, but opened at $33.09. Covenant Logistics Group shares last traded at $31.20, with a volume of 19,054 shares traded.

The company reported $0.50 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.44 by $0.06. The company had revenue of $353.89 million for the quarter. Covenant Logistics Group had a return on equity of 9.14% and a net margin of 0.31%.

Analyst Upgrades and Downgrades

CVLG has been the subject of several recent analyst reports. National Bank Financial set a $60.00 price objective on shares of Covenant Logistics Group in a report on Wednesday, July 15th. Citigroup initiated coverage on shares of Covenant Logistics Group in a research note on Wednesday, July 15th. They issued an “outperform” rating on the stock. Robert W. Baird set a $50.00 price target on Covenant Logistics Group and gave the company an “outperform” rating in a report on Wednesday, August 19th. Citizens Jmp assumed coverage on shares of Covenant Logistics Group in a report on Wednesday, July 15th. They issued a “market outperform” rating and a $60.00 price objective for the company. Finally, Zacks Research cut shares of Covenant Logistics Group from a “strong-buy” rating to a “hold” rating in a report on Monday, September 7th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $53.20.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Ranger Investment Management L.P. acquired a new position in shares of Covenant Logistics Group during the second quarter worth approximately $10,456,000. Sei Investments Co. boosted its position 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 acquiring an additional 25,331 shares during the period. Quantinno Capital Management LP grew its stake in shares of Covenant Logistics Group by 61.1% in 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 in the last quarter. Public Employees Retirement System of Ohio bought a new stake in shares of Covenant Logistics Group during the second quarter valued at about $631,000. Finally, Vise Technologies Inc. lifted its holdings in Covenant Logistics Group by 30.7% in the third quarter. Vise Technologies Inc. now owns 7,979 shares of the company’s stock worth $258,000 after purchasing an additional 1,875 shares during the period. Institutional investors own 83.72% of the company’s stock.

Covenant Logistics Group Stock Up 7.1%

The firm’s fifty day moving average is $33.00 and its two-hundred day moving average is $33.91. The firm has a market cap of $783.23 million, a price-to-earnings ratio of 280.57 and a beta of 1.39. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.14 and a quick ratio of 1.10.

About Covenant Logistics Group

Covenant Logistics Group, Inc is a transportation and logistics company headquartered in Chattanooga, Tennessee. Founded in 1986, the company provides freight transportation, supply chain management and related logistics services to customers across North America.

Its operations include expedited and dedicated truckload transportation, refrigerated and temperature-controlled freight, freight brokerage, managed transportation and warehousing. Covenant also provides final-mile delivery, cross-docking, fulfillment and other distribution services designed to support customers’ supply chains.

The company serves a range of industries, including retail, consumer goods, food and beverage, automotive and manufacturing.