Covenant Logistics Group (NYSE:CVLG) Releases Quarterly Earnings Results

Covenant Logistics Group (NYSE:CVLG) posted its quarterly earnings results on Wednesday. The company reported $0.42 EPS for the quarter, Zacks reports. Covenant Logistics Group had a net margin of 0.42% and a return on equity of 9.41%. The business had revenue of $332.87 million for the quarter.

Covenant Logistics Group Trading Down 3.9%

NYSE:CVLG opened at $41.72 on Thursday. Covenant Logistics Group has a 12 month low of $18.00 and a 12 month high of $49.88. The firm has a market cap of $1.05 billion, a price-to-earnings ratio of 278.13 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. The company’s 50 day moving average is $43.86 and its 200-day moving average is $34.09.

Wall Street Analysts Forecast Growth

CVLG has been the subject of a number of research reports. Stephens began coverage on Covenant Logistics Group in a research report on Wednesday, July 8th. They set an “overweight” rating and a $60.00 price objective for the company. Zacks Research raised Covenant Logistics Group from a “hold” rating to a “strong-buy” rating in a research report on Monday, July 13th. Wall Street Zen raised Covenant Logistics Group from a “hold” rating to a “buy” rating in a research report on Sunday, July 12th. Citigroup started coverage on Covenant Logistics Group in a research note on Wednesday, July 15th. They set an “outperform” rating for the company. Finally, National Bank Financial set a $60.00 price target on Covenant Logistics Group in a report on Wednesday, July 15th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $53.75.

Insiders Place Their Bets

In related news, EVP Joey Ballard sold 4,000 shares of Covenant Logistics Group 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 transaction, the executive vice president owned 13,149 shares in the company, valued at $527,932.35. This trade represents a 23.32% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Joey B. Hogan sold 12,800 shares of the business’s stock in a transaction on Wednesday, May 27th. The stock was sold at an average price of $39.18, for a total transaction of $501,504.00. Following the transaction, the director directly owned 91,294 shares of the company’s stock, valued at approximately $3,576,898.92. This represents a 12.30% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 24,800 shares of company stock valued at $963,535 over the last 90 days. 36.70% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Covenant Logistics Group

A number of institutional investors have recently made changes to their positions in the business. Quarry LP acquired a new position in shares of Covenant Logistics Group during the 3rd quarter worth about $33,000. BNP Paribas Financial Markets grew its holdings 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 buying an additional 487 shares during the last quarter. Raymond James Financial Inc. bought a new position in Covenant Logistics Group in the 2nd quarter worth approximately $39,000. Tower Research Capital LLC TRC increased its position in Covenant Logistics Group by 127.1% in 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 Wyoming bought a new position in Covenant Logistics Group in the 4th quarter worth approximately $148,000. 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.