Covenant Logistics Group (NYSE:CVLG) Hits New 52-Week High – Here’s Why

by · The Markets Daily

Shares of Covenant Logistics Group, Inc. (NYSE:CVLG – Get Free Report) reached a new 52-week high on Tuesday . The company traded as high as $29.53 and last traded at $29.42, with a volume of 87181 shares trading hands. The stock had previously closed at $28.60.

Analyst Ratings Changes

CVLG has been the topic of a number of recent research reports. Zacks Research cut Covenant Logistics Group from a “hold” rating to a “strong sell” rating in a research note on Wednesday, January 21st. Weiss Ratings reissued a “hold (c)” rating on shares of Covenant Logistics Group in a research report on Friday, January 9th. One equities research analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Covenant Logistics Group has an average rating of “Hold” and an average target price of $30.00.

Get Our Latest Research Report on CVLG

Covenant Logistics Group Stock Performance

The company has a quick ratio of 0.98, a current ratio of 1.01 and a debt-to-equity ratio of 0.49. The stock has a market capitalization of $733.97 million, a P/E ratio of 133.19 and a beta of 1.21. The business has a fifty day moving average price of $24.34 and a 200-day moving average price of $22.82.

Covenant Logistics Group (NYSE:CVLG – Get Free Report) last announced its quarterly earnings results on Thursday, January 29th. The company reported $0.31 EPS for the quarter, missing analysts’ consensus estimates of $0.32 by ($0.01). The company had revenue of $295.37 million during the quarter. Covenant Logistics Group had a return on equity of 9.57% and a net margin of 0.62%.

Hedge Funds Weigh In On Covenant Logistics Group

A number of institutional investors and hedge funds have recently modified their holdings of CVLG. CSM Advisors LLC bought a new stake in Covenant Logistics Group during the second quarter valued at approximately $9,458,000. Ranger Investment Management L.P. purchased a new stake in shares of Covenant Logistics Group in the 2nd quarter worth $4,450,000. Russell Investments Group Ltd. raised its holdings in Covenant Logistics Group by 97.8% in the 2nd quarter. Russell Investments Group Ltd. now owns 304,445 shares of the company’s stock worth $7,340,000 after purchasing an additional 150,523 shares during the period. Goldman Sachs Group Inc. raised its holdings in Covenant Logistics Group by 161.8% in the 1st quarter. Goldman Sachs Group Inc. now owns 179,304 shares of the company’s stock worth $3,981,000 after purchasing an additional 110,810 shares during the period. Finally, Algert Global LLC lifted its position in Covenant Logistics Group by 655.0% during the third quarter. Algert Global LLC now owns 110,144 shares of the company’s stock valued at $2,386,000 after purchasing an additional 95,556 shares in the last quarter. 83.72% of the stock is currently owned by hedge funds and other institutional investors.

About Covenant Logistics Group

(Get Free Report)

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.

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