Covenant Logistics Group (NASDAQ:CVLG) Issues Earnings Results

Covenant Logistics Group (NASDAQ:CVLG) posted its quarterly earnings data 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. The business had revenue of $287.89 million during the quarter. Covenant Logistics Group had a return on equity of 13.78% and a net margin of 3.76%. During the same period in the previous year, the company posted $1.13 earnings per share.

Covenant Logistics Group Stock Performance

Shares of NASDAQ:CVLG traded down $0.46 during trading on Friday, reaching $50.90. The company had a trading volume of 65,870 shares, compared to its average volume of 61,205. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.08 and a quick ratio of 1.05. The stock’s fifty day moving average price is $52.30 and its 200 day moving average price is $49.69. Covenant Logistics Group has a fifty-two week low of $38.25 and a fifty-two week high of $56.96. The firm has a market capitalization of $665.36 million, a price-to-earnings ratio of 16.34 and a beta of 1.34.

Covenant Logistics Group Dividend Announcement

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

Insider Activity at Covenant Logistics Group

In other Covenant Logistics Group 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 position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 36.50% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

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

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.