Covenant Logistics Group (NASDAQ:CVLG) Announces Earnings Results

Covenant Logistics Group (NASDAQ:CVLG) announced its quarterly earnings data on Wednesday. The company reported $1.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.95 by $0.09, Zacks reports. Covenant Logistics Group had a net margin of 3.76% and a return on equity of 13.93%. The firm had revenue of $287.50 million for the quarter. During the same period in the previous year, the business posted $1.07 earnings per share.

Covenant Logistics Group Trading Up 2.0 %

Shares of NASDAQ CVLG traded up $1.09 during midday trading on Friday, reaching $56.04. 125,088 shares of the stock were exchanged, compared to its average volume of 56,812. The business has a 50-day simple moving average of $48.73 and a two-hundred day simple moving average of $47.78. The company has a market capitalization of $732.44 million, a price-to-earnings ratio of 17.96 and a beta of 1.38. Covenant Logistics Group has a 12 month low of $38.25 and a 12 month high of $57.57. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.04 and a quick ratio of 1.01.

Covenant Logistics Group Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 7th were given a dividend of $0.11 per share. The ex-dividend date was Friday, June 7th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 0.79%. Covenant Logistics Group’s dividend payout ratio is 14.10%.

Analyst Upgrades and Downgrades

Separately, TD Cowen lifted their price target on shares of Covenant Logistics Group from $65.00 to $70.00 and gave the stock a “buy” rating in a research report on Friday.

Insider Transactions at Covenant Logistics Group

In other news, Director D Michael Kramer sold 3,725 shares of Covenant Logistics Group stock in a transaction on Tuesday, May 14th. The shares were sold at an average price of $46.64, for a total transaction of $173,734.00. Following the transaction, the director now directly owns 11,285 shares of the company’s stock, valued at $526,332.40. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 36.50% of the company’s stock.

Covenant Logistics Group Company Profile

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.