Covenant Logistics Group (NASDAQ:CVLG) Issues Earnings Results

Covenant Logistics Group (NASDAQ:CVLG) released its earnings results on Wednesday. The company reported $1.04 earnings per share for the quarter, topping analysts’ consensus estimates of $0.95 by $0.09, Zacks reports. The firm had revenue of $287.50 million during the quarter. Covenant Logistics Group had a return on equity of 13.93% and a net margin of 3.76%. During the same quarter last year, the company earned $1.07 earnings per share.

Covenant Logistics Group Price Performance

CVLG traded up $1.09 during trading on Friday, reaching $56.04. The stock had a trading volume of 125,088 shares, compared to its average volume of 56,812. The firm has a market capitalization of $732.44 million, a price-to-earnings ratio of 17.96 and a beta of 1.38. The company has a quick ratio of 1.01, a current ratio of 1.04 and a debt-to-equity ratio of 0.47. Covenant Logistics Group has a 1-year low of $38.25 and a 1-year high of $57.57. The stock has a 50 day moving average of $48.73 and a two-hundred day moving average of $47.78.

Covenant Logistics Group Announces Dividend

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

Analyst Upgrades and Downgrades

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

Insider Activity

In other news, Director D Michael Kramer sold 3,725 shares of the stock in a transaction on Tuesday, May 14th. The stock was sold at an average price of $46.64, for a total transaction of $173,734.00. Following the completion of the sale, the director now owns 11,285 shares in the company, valued at approximately $526,332.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 36.50% of the company’s stock.

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.