Covenant Logistics Group (NYSE:CVLG) Announces Earnings Results

Key Points

• Covenant Logistics Group reported earnings of $0.44 per share for the quarter, falling short of analysts' estimates of $0.45.
• The company's stock price saw a slight increase, trading at $21.87, with a market cap of $547.19 million and a P/E ratio of 16.69.
• Covenant Logistics Group recently declared a quarterly dividend of $0.07 per share, equating to an annualized yield of 1.3%.

Covenant Logistics Group (NYSE:CVLG - Get Free Report) posted its quarterly earnings results on Wednesday. The company reported $0.44 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.45 by ($0.01), Zacks reports. Covenant Logistics Group had a return on equity of 11.63% and a net margin of 3.18%.

Covenant Logistics Group Price Performance

Shares of NYSE:CVLG traded up $0.06 during midday trading on Wednesday, hitting $21.87. The company's stock had a trading volume of 133,044 shares, compared to its average volume of 115,914. Covenant Logistics Group has a 12-month low of $17.46 and a 12-month high of $30.77. The company has a market cap of $547.19 million, a P/E ratio of 16.69 and a beta of 1.39. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.06 and a current ratio of 1.09. The business's 50 day simple moving average is $22.77 and its 200 day simple moving average is $22.65.

Covenant Logistics Group Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 26th. Stockholders of record on Friday, September 5th were issued a dividend of $0.07 per share. This represents a $0.28 dividend on an annualized basis and a dividend yield of 1.3%. Covenant Logistics Group's payout ratio is 21.37%.

Institutional Trading of Covenant Logistics Group

Several large investors have recently bought and sold shares of the business. Goldman Sachs Group Inc. grew its stake in Covenant Logistics Group by 161.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 179,304 shares of the company's stock valued at $3,981,000 after acquiring an additional 110,810 shares in the last quarter. Hudson Bay Capital Management LP grew its stake in Covenant Logistics Group by 20.4% during the 2nd quarter. Hudson Bay Capital Management LP now owns 132,459 shares of the company's stock valued at $3,194,000 after acquiring an additional 22,459 shares in the last quarter. AQR Capital Management LLC grew its stake in Covenant Logistics Group by 97.5% during the 1st quarter. AQR Capital Management LLC now owns 88,761 shares of the company's stock valued at $1,970,000 after acquiring an additional 43,816 shares in the last quarter. Arrowstreet Capital Limited Partnership grew its stake in Covenant Logistics Group by 163.4% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 64,806 shares of the company's stock valued at $1,562,000 after acquiring an additional 40,202 shares in the last quarter. Finally, Ameriprise Financial Inc. grew its holdings in shares of Covenant Logistics Group by 6.8% in the second quarter. Ameriprise Financial Inc. now owns 45,974 shares of the company's stock valued at $1,108,000 after purchasing an additional 2,922 shares during the period. Hedge funds and other institutional investors own 83.72% of the company's stock.

Analysts Set New Price Targets

CVLG has been the subject of several analyst reports. Weiss Ratings reiterated a "hold (c)" rating on shares of Covenant Logistics Group in a research note on Tuesday, October 14th. Zacks Research cut shares of Covenant Logistics Group from a "hold" rating to a "strong sell" rating in a research note on Friday, October 10th. Finally, Wall Street Zen cut shares of Covenant Logistics Group from a "buy" rating to a "hold" rating in a research note on Saturday, August 30th. Two analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $33.00.

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.

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