Covenant Logistics Group (NYSE:CVLG) Posts Earnings Results, Beats Expectations By $0.06 EPS

Key Points

• Covenant Logistics Group reported quarterly EPS of $0.50, beating analysts’ $0.44 consensus estimate by $0.06, with revenue of $353.89 million.
• Shares fell to $28.78 during Thursday trading, well below their 52-week high of $49.88; the company reported a 0.31% net margin and 9.14% return on equity.
• Analyst sentiment remains broadly positive, with a “Moderate Buy” consensus rating and a $53.20 average price target, despite some recent downgrades to hold and sell.

Covenant Logistics Group (NYSE:CVLG - Get Free Report) announced its quarterly earnings results on Thursday. The company reported $0.50 EPS for the quarter, topping analysts' consensus estimates of $0.44 by $0.06, Zacks reports. Covenant Logistics Group had a net margin of 0.31% and a return on equity of 9.14%. The firm had revenue of $353.89 million during the quarter.

Covenant Logistics Group Price Performance

Shares of CVLG traded down $0.19 during midday trading on Thursday, hitting $28.78. 216,979 shares of the company traded hands, compared to its average volume of 186,526. The stock has a market cap of $730.38 million, a price-to-earnings ratio of 261.66 and a beta of 1.39. The firm has a 50 day moving average of $33.10 and a 200-day moving average of $33.89. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.10 and a current ratio of 1.14. Covenant Logistics Group has a 52 week low of $18.00 and a 52 week high of $49.88.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on CVLG shares. Citigroup started coverage on shares of Covenant Logistics Group in a report on Wednesday, July 15th. They issued an "outperform" rating on the stock. Stephens set a $54.00 price target on Covenant Logistics Group and gave the company an "overweight" rating in a report on Friday, July 31st. Robert W. Baird set a $50.00 price target on Covenant Logistics Group and gave the company an "outperform" rating in a report on Wednesday, August 19th. Wall Street Zen downgraded Covenant Logistics Group from a "buy" rating to a "hold" rating in a research note on Saturday, August 8th. Finally, Weiss Ratings lowered Covenant Logistics Group from a "hold (c-)" rating to a "sell (d+)" rating in a report on Friday, October 23rd. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, Covenant Logistics Group currently has a consensus rating of "Moderate Buy" and a consensus target price of $53.20.

About Covenant Logistics Group

Covenant Logistics Group, Inc is a transportation and logistics company headquartered in Chattanooga, Tennessee. Founded in 1986, the company provides freight transportation, supply chain management and related logistics services to customers across North America.

Its operations include expedited and dedicated truckload transportation, refrigerated and temperature-controlled freight, freight brokerage, managed transportation and warehousing. Covenant also provides final-mile delivery, cross-docking, fulfillment and other distribution services designed to support customers' supply chains.

The company serves a range of industries, including retail, consumer goods, food and beverage, automotive and manufacturing.

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