Covenant Logistics Group (NASDAQ:CVLG) Issues Quarterly Earnings Results

Covenant Logistics Group (NASDAQ:CVLG) posted its quarterly earnings results on Wednesday. The company reported $1.09 earnings per share for the quarter, topping analysts’ consensus estimates of $1.08 by $0.01, Yahoo Finance reports. The business had revenue of $287.89 million during the quarter. Covenant Logistics Group had a net margin of 3.76% and a return on equity of 13.78%. During the same quarter in the previous year, the company earned $1.13 earnings per share.

Covenant Logistics Group Price Performance

NASDAQ CVLG traded down $0.46 during trading hours on Friday, reaching $50.90. The company’s stock had a trading volume of 65,870 shares, compared to its average volume of 61,205. The company has a quick ratio of 1.05, a current ratio of 1.08 and a debt-to-equity ratio of 0.48. Covenant Logistics Group has a 1 year low of $38.25 and a 1 year high of $56.96. The firm’s 50-day moving average price is $52.33 and its 200-day moving average price is $49.66. The company has a market capitalization of $665.36 million, a price-to-earnings ratio of 16.54 and a beta of 1.34.

Covenant Logistics Group Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 6th were paid a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a yield of 0.86%. The ex-dividend date of this dividend was Friday, September 6th. Covenant Logistics Group’s dividend payout ratio (DPR) is presently 14.10%.

Insider Activity

In related news, Director Herbert J. Schmidt sold 21,000 shares of the company’s stock in a transaction on Monday, July 29th. The shares were sold at an average price of $55.24, for a total transaction of $1,160,040.00. Following the completion of the transaction, the director now owns 12,134 shares in the company, valued at approximately $670,282.16. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 36.50% of the company’s stock.

Analysts Set New Price Targets

Separately, TD Cowen lowered their target price on shares of Covenant Logistics Group from $70.00 to $69.00 and set a “buy” rating on the stock in a research note on Friday.

About Covenant Logistics Group

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.