TD Cowen Cuts Covenant Logistics Group (NYSE:CVLG) Price Target to $42.00

Covenant Logistics Group (NYSE:CVLG) had its target price lowered by TD Cowen from $43.00 to $42.00 in a research note issued to investors on Monday morning,Benzinga reports. The firm currently has a buy rating on the stock.

Several other equities research analysts have also commented on CVLG. Wall Street Zen lowered Covenant Logistics Group from a “buy” rating to a “hold” rating in a research report on Saturday, August 8th. Robert W. Baird set a $50.00 price objective on shares of Covenant Logistics Group and gave the company an “outperform” rating in a report on Wednesday, August 19th. Stephens set a $54.00 target price on Covenant Logistics Group and gave the company an “overweight” rating in a report on Friday, July 31st. National Bank Financial set a $60.00 price target on Covenant Logistics Group in a research report on Wednesday, July 15th. Finally, Citizens Jmp assumed coverage on Covenant Logistics Group in a research note on Wednesday, July 15th. They set a “market outperform” rating and a $60.00 price objective on the stock. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Covenant Logistics Group presently has an average rating of “Moderate Buy” and an average target price of $53.20.

Covenant Logistics Group Price Performance

Shares of NYSE:CVLG opened at $32.62 on Monday. The firm has a 50 day moving average of $34.47 and a 200-day moving average of $36.64. The company has a current ratio of 1.14, a quick ratio of 1.10 and a debt-to-equity ratio of 0.55. Covenant Logistics Group has a 12 month low of $18.00 and a 12 month high of $49.88. The stock has a market capitalization of $827.90 million, a PE ratio of 296.57 and a beta of 1.39.

Covenant Logistics Group (NYSE:CVLG) last announced its quarterly earnings results on Wednesday, July 29th. The company reported $0.42 earnings per share (EPS) for the quarter. The company had revenue of $332.87 million for the quarter. Covenant Logistics Group had a net margin of 0.31% and a return on equity of 9.14%. On average, equities research analysts predict that Covenant Logistics Group will post 1.55 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. MCF Advisors LLC raised its holdings in shares of Covenant Logistics Group by 96.4% in the 2nd quarter. MCF Advisors LLC now owns 754 shares of the company’s stock worth $33,000 after purchasing an additional 370 shares during the period. Public Employees Retirement System of Ohio bought a new position in Covenant Logistics Group during the second quarter valued at $631,000. Ranger Investment Management L.P. purchased a new stake in Covenant Logistics Group in the second quarter worth $10,456,000. Janus Henderson Group PLC bought a new stake in shares of Covenant Logistics Group in the first quarter valued at $245,000. Finally, Quantinno Capital Management LP raised 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 valued at $1,044,000 after buying an additional 14,590 shares during the period. 83.72% of the stock is owned by institutional investors.

About Covenant Logistics Group

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

Its operations include asset-based truckload transportation, dedicated transportation, expedited freight, refrigerated and dry-van services, brokerage, freight management, warehousing and distribution. Through these offerings, Covenant Logistics helps businesses move and manage goods while providing related supply chain and logistics support.

The company serves a range of industries and customer needs through a combination of company-owned equipment, contracted capacity and logistics services.