Covenant Logistics Group (NYSE:CVLG) Reaches New 52-Week High – Here’s What Happened

Covenant Logistics Group, Inc. (NYSE:CVLG) shares reached a new 52-week high on Friday . The company traded as high as $44.20 and last traded at $43.80, with a volume of 60100 shares changing hands. The stock had previously closed at $43.22.

Analysts Set New Price Targets

A number of research firms have recently weighed in on CVLG. Zacks Research upgraded shares of Covenant Logistics Group from a “strong sell” rating to a “hold” rating in a research note on Friday, April 3rd. Wall Street Zen downgraded shares of Covenant Logistics Group from a “buy” rating to a “hold” rating in a research note on Sunday, March 8th. Weiss Ratings restated a “hold (c-)” rating on shares of Covenant Logistics Group in a research note on Friday, May 29th. Finally, TD Cowen raised their price target on shares of Covenant Logistics Group from $30.00 to $35.00 and gave the company a “buy” rating in a research note on Monday, April 27th. One equities research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $35.00.

Covenant Logistics Group Trading Up 0.8%

The business’s fifty day moving average is $33.24 and its 200-day moving average is $27.80. The firm has a market cap of $1.10 billion, a P/E ratio of 290.40 and a beta of 1.30. 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 issued its quarterly earnings data on Thursday, April 23rd. The company reported $0.26 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.35 by ($0.09). The business had revenue of $307.16 million during the quarter. Covenant Logistics Group had a net margin of 0.42% and a return on equity of 9.41%. Analysts predict that Covenant Logistics Group, Inc. will post 1.6 EPS for the current year.

Insiders Place Their Bets

In related news, EVP Joey Ballard sold 4,282 shares of the business’s stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $37.40, for a total value of $160,146.80. Following the transaction, the executive vice president owned 20,867 shares in the company, valued at $780,425.80. The trade was a 17.03% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, 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 stock was sold at an average price of $34.76, for a total value of $510,972.00. Following the sale, the director owned 104,094 shares of the company’s stock, valued at approximately $3,618,307.44. The trade was a 12.37% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 42,150 shares of company stock worth $1,566,515. 36.70% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Covenant Logistics Group

A number of hedge funds have recently added to or reduced their stakes in CVLG. Quarry LP acquired a new position in Covenant Logistics Group in the third quarter valued at approximately $33,000. BNP Paribas Financial Markets grew 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 worth $38,000 after buying an additional 487 shares during the period. Raymond James Financial Inc. acquired a new stake in shares of Covenant Logistics Group during the 2nd quarter worth approximately $39,000. Tower Research Capital LLC TRC grew its position in shares of 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 worth $48,000 after buying an additional 1,103 shares during the period. Finally, State of Alaska Department of Revenue grew its position in shares of Covenant Logistics Group by 204.6% during the 4th quarter. State of Alaska Department of Revenue now owns 3,515 shares of the company’s stock worth $77,000 after buying an additional 2,361 shares during the period. 83.72% of the stock is currently owned by institutional investors.

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.