Virtualized network device has no link detected and is reporting a NO-CARRIER status

Issue

• The link has an IP address, but is not able to ping anything other than itself:

3: enp7s0: <NO-CARRIER,BROADCAST,MULTICAST,UP> mtu 1500 qdisc fq_codel state DOWN group default qlen 1000
    link/ether 0a:1b:2c:3d:4e:5f brd ff:ff:ff:ff:ff:ff
    inet 10.20.30.40/24 brd 10.20.30.255 scope global noprefixroute enp7s0
       valid_lft forever preferred_lft forever
    inet6 fe80::ac63:25f9:d40:d4ed/64 scope link tentative noprefixroute 
       valid_lft forever preferred_lft forever

# ping -I enp7s0 10.20.30.40 -c 3
PING 10.20.30.40 (10.20.30.40) from 10.20.30.40 enp7s0: 56(84) bytes of data.
64 bytes from 10.20.30.40: icmp_seq=1 ttl=64 time=0.066 ms
64 bytes from 10.20.30.40: icmp_seq=2 ttl=64 time=0.071 ms
64 bytes from 10.20.30.40: icmp_seq=3 ttl=64 time=0.017 ms

--- 10.20.30.40 ping statistics ---
3 packets transmitted, 3 received, 0% packet loss, time 38ms
rtt min/avg/max/mdev = 0.017/0.051/0.071/0.025 ms

# ping -I enp7s0 10.20.30.1 -c 1
PING 10.20.30.1 (10.20.30.1) from 10.20.30.40 enp7s0: 56(84) bytes of data.
^C
--- 10.20.30.1 ping statistics ---
1 packets transmitted, 0 received, 100% packet loss, time 0ms