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

Covenant Logistics Group (NYSE:CVLG) released its earnings results on Wednesday. The company reported $0.42 earnings per share (EPS) for the quarter, Zacks reports. Covenant Logistics Group had a net margin of 0.31% and a return on equity of 9.15%. The business had revenue of $332.87 million for the quarter.

Covenant Logistics Group Stock Down 1.5%

CVLG stock traded down $0.57 during midday trading on Friday, reaching $36.28. 80,271 shares of the company’s stock traded hands, compared to its average volume of 179,385. The company has a market cap of $913.17 million, a price-to-earnings ratio of 329.85 and a beta of 1.29. The firm’s fifty day moving average price is $43.85 and its 200-day moving average price is $34.17. The company has a quick ratio of 1.01, a current ratio of 1.04 and a debt-to-equity ratio of 0.50. Covenant Logistics Group has a 52 week low of $18.00 and a 52 week high of $49.88.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the company. Zacks Research raised Covenant Logistics Group from a “hold” rating to a “strong-buy” rating in a research note on Monday, July 13th. TD Cowen raised their target price on Covenant Logistics Group from $30.00 to $35.00 and gave the stock a “buy” rating in a research note on Monday, April 27th. Wall Street Zen upgraded Covenant Logistics Group from a “hold” rating to a “buy” rating in a report on Sunday, July 12th. Citigroup initiated coverage on Covenant Logistics Group in a research note on Wednesday, July 15th. They issued an “outperform” rating on the stock. Finally, Citizens Jmp assumed coverage on Covenant Logistics Group in a report on Wednesday, July 15th. They set a “market outperform” rating and a $60.00 price target on the stock. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $52.25.

Insiders Place Their Bets

In other news, EVP Joey Ballard sold 4,282 shares of the business’s stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $37.40, for a total transaction of $160,146.80. Following the completion of the sale, the executive vice president directly owned 20,867 shares of the company’s stock, valued at $780,425.80. The trade was a 17.03% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Joey B. Hogan sold 12,800 shares of the company’s stock in a transaction dated Wednesday, May 27th. The stock was sold at an average price of $39.18, for a total transaction of $501,504.00. Following the completion of the sale, the director owned 91,294 shares in the company, valued at $3,576,898.92. This represents a 12.30% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 24,800 shares of company stock worth $963,535 over the last ninety days. Insiders own 36.70% of the company’s stock.

Hedge Funds Weigh In On Covenant Logistics Group

A number of hedge funds have recently added to or reduced their stakes in the stock. Tudor Investment Corp ET AL bought a new stake in shares of Covenant Logistics Group in the 4th quarter worth $689,000. Numerai GP LLC purchased a new stake in shares of Covenant Logistics Group in the fourth quarter valued at about $585,000. Royal Bank of Canada lifted its position in shares of Covenant Logistics Group by 90.5% during the first quarter. Royal Bank of Canada now owns 24,108 shares of the company’s stock valued at $535,000 after purchasing an additional 11,454 shares in the last quarter. ExodusPoint Capital Management LP bought a new position in shares of Covenant Logistics Group during the fourth quarter valued at about $521,000. Finally, Nomura Holdings Inc. purchased a new position in Covenant Logistics Group during the third quarter worth about $360,000. Institutional investors and hedge funds own 83.72% of the company’s stock.

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.