Covenant Logistics Group (NYSE:CVLG) Price Target Cut to $42.00 by Analysts at TD Cowen

by · The Cerbat Gem

Covenant Logistics Group (NYSE:CVLG – Free Report) had its price objective trimmed by TD Cowen from $43.00 to $42.00 in a research note released on Monday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

A number of other equities research analysts have also weighed in on the company. Robert W. Baird set a $50.00 price target on Covenant Logistics Group and gave the stock an “outperform” rating in a research note on Wednesday, August 19th. Zacks Research lowered shares of Covenant Logistics Group from a “strong-buy” rating to a “hold” rating in a research report on Monday, September 7th. Wall Street Zen cut shares of Covenant Logistics Group from a “buy” rating to a “hold” rating in a research note on Saturday, August 8th. Citizens Jmp assumed coverage on shares of Covenant Logistics Group in a research report on Wednesday, July 15th. They set a “market outperform” rating and a $60.00 target price on the stock. Finally, Stephens set a $54.00 price target on shares of Covenant Logistics Group and gave the company an “overweight” rating in a research note on Friday, July 31st. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Covenant Logistics Group has an average rating of “Moderate Buy” and an average target price of $53.20.

Read Our Latest Analysis on Covenant Logistics Group

Covenant Logistics Group Stock Down 1.7%

Covenant Logistics Group stock opened at $33.19 on Monday. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.14 and a quick ratio of 1.10. The stock has a market capitalization of $842.36 million, a price-to-earnings ratio of 301.75 and a beta of 1.39. Covenant Logistics Group has a 1-year low of $18.00 and a 1-year high of $49.88. The business has a fifty day moving average price of $34.86 and a 200-day moving average price of $36.53.

Covenant Logistics Group (NYSE:CVLG – Get Free Report) last announced its earnings results on Wednesday, July 29th. The company reported $0.42 earnings per share for the quarter. Covenant Logistics Group had a return on equity of 9.14% and a net margin of 0.31%.The firm had revenue of $332.87 million for the quarter. Equities research analysts forecast that Covenant Logistics Group will post 1.6 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of CVLG. Ranger Investment Management L.P. purchased a new stake in Covenant Logistics Group in the second quarter valued at approximately $10,456,000. Sei Investments Co. raised its position in Covenant Logistics Group by 95.8% during the 1st quarter. Sei Investments Co. now owns 51,766 shares of the company’s stock worth $1,405,000 after buying an additional 25,331 shares during the last quarter. Wesbanco Bank Inc. lifted its stake in Covenant Logistics Group by 88.4% during the 1st quarter. Wesbanco Bank Inc. now owns 40,500 shares of the company’s stock valued at $1,100,000 after acquiring an additional 19,000 shares during the period. Quantinno Capital Management LP lifted its stake in Covenant Logistics Group by 61.1% during the 1st quarter. Quantinno Capital Management LP now owns 38,453 shares of the company’s stock valued at $1,044,000 after acquiring an additional 14,590 shares during the period. Finally, Corient Private Wealth LLC boosted its holdings in shares of Covenant Logistics Group by 1.1% in the 4th quarter. Corient Private Wealth LLC now owns 41,740 shares of the company’s stock valued at $920,000 after acquiring an additional 446 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

(Get Free Report)

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.

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