Covenant Logistics Group (NASDAQ:CVLG) Announces Earnings Results

Covenant Logistics Group (NASDAQ:CVLG) issued its earnings results 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. The firm had revenue of $287.89 million for the quarter. Covenant Logistics Group had a net margin of 3.76% and a return on equity of 13.78%. During the same quarter in the prior year, the company posted $1.13 EPS.

Covenant Logistics Group Stock Performance

CVLG stock traded down $0.46 during trading on Friday, reaching $50.90. The stock had a trading volume of 65,870 shares, compared to its average volume of 61,205. The firm has a market cap of $665.36 million, a PE ratio of 16.54 and a beta of 1.34. 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’s 50 day moving average is $52.33 and its two-hundred day moving average is $49.66. Covenant Logistics Group has a 52 week low of $38.25 and a 52 week high of $56.96.

Covenant Logistics Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 6th were given a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a yield of 0.86%. The ex-dividend date was Friday, September 6th. Covenant Logistics Group’s dividend payout ratio (DPR) is presently 14.10%.

Insider Buying and Selling 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 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 completion of the sale, the director now directly owns 12,134 shares of the company’s stock, valued at approximately $670,282.16. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 36.50% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, TD Cowen lowered their price objective on Covenant Logistics Group from $70.00 to $69.00 and set a “buy” rating on the stock in a research report on Friday.

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.