Covenant Logistics Group (NYSE:CVLG) Now Covered by Citizens Jmp

Research analysts at Citizens Jmp began coverage on shares of Covenant Logistics Group (NYSE:CVLG) in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage set a “market outperform” rating and a $60.00 price target on the stock. Citizens Jmp’s target price would indicate a potential upside of 29.34% from the stock’s previous close.

Several other brokerages have also issued reports on CVLG. National Bank Financial set a $60.00 target price on Covenant Logistics Group in a research report on Wednesday. Stephens initiated coverage on Covenant Logistics Group in a research note on Wednesday, July 8th. They issued an “overweight” rating and a $60.00 price target on the stock. Weiss Ratings downgraded Covenant Logistics Group from a “hold (c)” rating to a “hold (c-)” rating in a report on Tuesday, July 7th. Wall Street Zen raised Covenant Logistics Group from a “hold” rating to a “buy” rating in a research report on Sunday. Finally, Citigroup started coverage on shares of Covenant Logistics Group in a report on Wednesday. They set an “outperform” rating on the stock. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Buy” and an average target price of $53.75.

Covenant Logistics Group Trading Up 0.4%

Shares of CVLG opened at $46.39 on Wednesday. Covenant Logistics Group has a 1-year low of $18.00 and a 1-year high of $47.24. The company has a current ratio of 1.04, a quick ratio of 1.01 and a debt-to-equity ratio of 0.50. The firm’s 50-day moving average price is $41.03 and its 200-day moving average price is $32.26. The firm has a market capitalization of $1.17 billion, a price-to-earnings ratio of 309.27 and a beta of 1.29.

Covenant Logistics Group (NYSE:CVLG) last released its quarterly earnings results 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). Covenant Logistics Group had a return on equity of 9.41% and a net margin of 0.42%.The company had revenue of $307.16 million during the quarter. Sell-side analysts anticipate that Covenant Logistics Group will post 1.6 EPS for the current year.

Insider Activity at Covenant Logistics Group

In related news, EVP Joey Ballard sold 4,282 shares of the company’s stock in a transaction dated 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 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 sold a total of 42,150 shares of company stock valued at $1,566,515 in the last 90 days. Corporate insiders own 36.70% of the company’s stock.

Institutional Trading of Covenant Logistics Group

Institutional investors and hedge funds have recently bought and sold shares of the company. Quarry LP purchased a new stake in shares of Covenant Logistics Group during the third quarter valued at approximately $33,000. BNP Paribas Financial Markets raised 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 worth $38,000 after acquiring an additional 487 shares during the last quarter. Raymond James Financial Inc. bought a new position in Covenant Logistics Group in the 2nd quarter valued at approximately $39,000. Tower Research Capital LLC TRC lifted 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 valued at $48,000 after acquiring an additional 1,103 shares in the last quarter. Finally, State of Alaska Department of Revenue boosted its stake in 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 valued at $77,000 after purchasing an additional 2,361 shares during the last quarter. 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.