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

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

Covenant Logistics Group Price Performance

NASDAQ CVLG traded up $0.39 on Friday, reaching $51.75. The company’s stock had a trading volume of 19,432 shares, compared to its average volume of 60,981. The firm’s 50 day moving average is $52.33 and its two-hundred day moving average is $49.66. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.05 and a current ratio of 1.08. The stock has a market cap of $676.48 million, a PE ratio of 16.66 and a beta of 1.34. Covenant Logistics Group has a twelve month low of $38.25 and a twelve month high of $56.96.

Covenant Logistics Group Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Friday, September 6th were issued a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a yield of 0.85%. The ex-dividend date of this dividend was Friday, September 6th. Covenant Logistics Group’s payout ratio is 14.10%.

Analysts Set New Price Targets

Separately, TD Cowen boosted their price target on shares of Covenant Logistics Group from $65.00 to $70.00 and gave the company a “buy” rating in a report on Friday, July 26th.

Insiders Place Their Bets

In other Covenant Logistics Group news, Director Herbert J. Schmidt sold 21,000 shares of the business’s stock in a transaction dated Monday, July 29th. The stock was sold at an average price of $55.24, for a total transaction of $1,160,040.00. Following the sale, the director now owns 12,134 shares in the company, valued at approximately $670,282.16. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate 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.