Covenant Logistics Group (NASDAQ:CVLG) Earns Overweight Rating from Stephens

Covenant Logistics Group (NASDAQ:CVLG)‘s stock had its “overweight” rating reaffirmed by Stephens in a report released on Friday,Benzinga reports. They presently have a $36.00 price target on the stock. Stephens’ target price would indicate a potential upside of 30.84% from the stock’s current price.

Separately, TD Cowen decreased their target price on shares of Covenant Logistics Group from $35.00 to $34.50 and set a “buy” rating on the stock in a research report on Friday, October 25th.

Covenant Logistics Group Stock Performance

NASDAQ:CVLG traded down $1.44 during midday trading on Friday, reaching $27.52. The stock had a trading volume of 67,810 shares, compared to its average volume of 105,191. The firm has a fifty day simple moving average of $28.61 and a two-hundred day simple moving average of $27.07. Covenant Logistics Group has a 12-month low of $21.51 and a 12-month high of $30.77. The company has a quick ratio of 1.07, a current ratio of 1.10 and a debt-to-equity ratio of 0.46. The stock has a market cap of $725.30 million, a P/E ratio of 18.10 and a beta of 1.41.

Covenant Logistics Group (NASDAQ:CVLG) last issued its earnings results on Wednesday, October 23rd. The company reported $0.55 EPS for the quarter, topping the consensus estimate of $0.54 by $0.01. The company had revenue of $287.89 million for the quarter. Covenant Logistics Group had a net margin of 3.72% and a return on equity of 13.43%. During the same quarter in the previous year, the firm posted $0.57 earnings per share. On average, equities analysts expect that Covenant Logistics Group will post 1.99 EPS for the current year.

Insider Buying and Selling

In related news, Director Bradley A. Moline sold 14,000 shares of the business’s stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $29.82, for a total value of $417,480.00. Following the sale, the director now directly owns 93,984 shares in the company, valued at $2,802,602.88. The trade was a 12.96 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 36.50% of the company’s stock.

Institutional Investors Weigh In On Covenant Logistics Group

Institutional investors and hedge funds have recently made changes to their positions in the business. Franklin Resources Inc. raised its stake in Covenant Logistics Group by 1,226.7% in the 3rd quarter. Franklin Resources Inc. now owns 70,063 shares of the company’s stock valued at $3,711,000 after purchasing an additional 64,782 shares during the last quarter. FMR LLC raised its stake in Covenant Logistics Group by 3,423.0% in the 3rd quarter. FMR LLC now owns 46,151 shares of the company’s stock valued at $2,439,000 after purchasing an additional 44,841 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in Covenant Logistics Group by 24.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 109,639 shares of the company’s stock valued at $5,793,000 after purchasing an additional 21,401 shares during the last quarter. Oliver Luxxe Assets LLC raised its stake in Covenant Logistics Group by 109.7% in the 3rd quarter. Oliver Luxxe Assets LLC now owns 34,734 shares of the company’s stock valued at $1,835,000 after purchasing an additional 18,168 shares during the last quarter. Finally, Victory Capital Management Inc. raised its stake in Covenant Logistics Group by 74.9% in the 3rd quarter. Victory Capital Management Inc. now owns 35,314 shares of the company’s stock valued at $1,866,000 after purchasing an additional 15,128 shares during the last quarter. 83.72% of the stock is currently owned by hedge funds and other institutional investors.

Covenant Logistics Group Company Profile

Covenant Logistics Group, Inc, together with its subsidiaries, provides transportation and logistics services in the United States. It operates through four segments: Expedited, Dedicated, Managed Freight, and Warehousing. The Expedited segment primarily provides truckload services with high service freight and delivery standards, such as 1,000 miles in 22 hours or 15-minute delivery windows.