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

Covenant Logistics Group (NASDAQ:CVLG) issued its earnings results on Wednesday. The company reported $1.09 earnings per share for the quarter, topping 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 company had revenue of $287.89 million for the quarter. During the same quarter in the previous year, the company posted $1.13 earnings per share.

Covenant Logistics Group Price Performance

Shares of CVLG stock traded down $0.46 during trading hours on Friday, hitting $50.90. The company’s stock had a trading volume of 65,870 shares, compared to its average volume of 61,205. The business has a fifty day moving average of $52.33 and a 200-day moving average of $49.66. The stock has a market cap of $665.36 million, a price-to-earnings ratio of 16.54 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. The company has a current ratio of 1.08, a quick ratio of 1.05 and a debt-to-equity ratio of 0.48.

Covenant Logistics Group Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 6th were given a $0.11 dividend. The ex-dividend date 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 is presently 14.10%.

Analyst Ratings Changes

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 report on Friday.

Insider Activity

In related news, Director Herbert J. Schmidt sold 21,000 shares of the firm’s stock in a transaction that occurred 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 sale, the director now owns 12,134 shares in the company, valued at approximately $670,282.16. This trade 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.

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.