Covenant Logistics Group (NYSE:CVLG) Announces Earnings Results

Covenant Logistics Group (NYSE:CVLG) announced its 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 firm had revenue of $332.87 million for the quarter.

Covenant Logistics Group Stock Performance

Shares of NYSE CVLG traded down $1.68 during midday trading on Wednesday, hitting $41.72. 205,404 shares of the company’s stock were exchanged, compared to its average volume of 177,151. 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 firm has a market capitalization of $1.05 billion, a PE ratio of 278.13 and a beta of 1.29. Covenant Logistics Group has a 12 month low of $18.00 and a 12 month high of $49.88. The company’s 50 day moving average price is $43.76 and its 200 day moving average price is $33.97.

Insiders Place Their Bets

In other Covenant Logistics Group news, Director Joey B. Hogan sold 12,800 shares of the company’s stock in a transaction on Wednesday, May 27th. The shares were sold at an average price of $39.18, for a total value of $501,504.00. Following the transaction, the director directly owned 91,294 shares in the company, valued at $3,576,898.92. The trade was a 12.30% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Joey Ballard sold 4,000 shares of the stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $40.15, for a total transaction of $160,600.00. Following the completion of the transaction, the executive vice president directly owned 13,149 shares in the company, valued at $527,932.35. The trade was a 23.32% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 24,800 shares of company stock worth $963,535. 36.70% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of CVLG. Quarry LP acquired a new stake in Covenant Logistics Group during the third quarter worth approximately $33,000. BNP Paribas Financial Markets increased its stake in shares of Covenant Logistics Group by 45.3% during the second quarter. BNP Paribas Financial Markets now owns 1,562 shares of the company’s stock worth $38,000 after purchasing an additional 487 shares during the period. Raymond James Financial Inc. bought a new position in shares of Covenant Logistics Group during the second quarter worth approximately $39,000. Tower Research Capital LLC TRC lifted its holdings in 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 purchasing an additional 1,103 shares during the last quarter. Finally, State of Wyoming bought a new stake in Covenant Logistics Group in the 4th quarter valued at $148,000. Institutional investors and hedge funds own 83.72% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on CVLG. Zacks Research raised shares of Covenant Logistics Group from a “hold” rating to a “strong-buy” rating in a research report on Monday, July 13th. TD Cowen lifted their price target on Covenant Logistics Group from $30.00 to $35.00 and gave the company a “buy” rating in a research note on Monday, April 27th. Citigroup started coverage on Covenant Logistics Group in a research note on Wednesday, July 15th. They issued an “outperform” rating on the stock. Wall Street Zen upgraded shares of Covenant Logistics Group from a “hold” rating to a “buy” rating in a research note on Sunday, July 12th. Finally, Citizens Jmp initiated coverage on 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. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, Covenant Logistics Group presently has an average rating of “Buy” and an average price target of $53.75.

About Covenant Logistics Group

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.