Covenant Logistics Group (NASDAQ:CVLG) Releases Quarterly Earnings Results, Beats Expectations By $0.01 EPS

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

Covenant Logistics Group Stock Down 0.9 %

Covenant Logistics Group stock traded down $0.46 during mid-day trading on Friday, hitting $50.90. 65,870 shares of the company’s stock were exchanged, compared to its average volume of 61,205. The company has a current ratio of 1.08, a quick ratio of 1.05 and a debt-to-equity ratio of 0.48. The stock has a market cap of $665.36 million, a P/E ratio of 16.54 and a beta of 1.34. Covenant Logistics Group has a 1-year low of $38.25 and a 1-year high of $56.96. The stock has a 50 day moving average of $52.33 and a two-hundred day moving average of $49.66.

Covenant Logistics Group Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Friday, September 6th were given a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a yield of 0.86%. 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 cut their price objective on Covenant Logistics Group from $70.00 to $69.00 and set a “buy” rating for the company in a report on Friday.

Insiders Place Their Bets

In other Covenant Logistics Group news, Director Herbert J. Schmidt sold 21,000 shares of the 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 transaction, the director now directly owns 12,134 shares of the company’s stock, valued at $670,282.16. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Company 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.