Encompass Capital Advisors LLC Buys New Holdings in Old Dominion Freight Line, Inc. $ODFL

Key Points

• Encompass Capital Advisors purchased 310,061 Old Dominion Freight Line shares in the first quarter, valued at approximately $60.6 million. The position represents about 1.8% of the firm’s portfolio and 0.15% of ODFL’s outstanding shares.
• Analyst sentiment remains mixed: ten analysts rate ODFL a Buy, fourteen a Hold and two a Sell, producing a consensus “Hold” rating and an average price target of $223.04. Several firms recently raised their targets to $250–$256.
• ODFL recently reported better-than-expected quarterly results, with $1.14 in adjusted earnings per share and $1.33 billion in revenue, though revenue declined 2.9% year over year. The company also declared a quarterly dividend of $0.29 per share, equivalent to a 0.5% annual yield.

Encompass Capital Advisors LLC purchased a new position in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) during the 1st quarter, according to its most recent 13F filing with the SEC. The firm purchased 310,061 shares of the transportation company's stock, valued at approximately $60,586,000. Old Dominion Freight Line comprises approximately 1.8% of Encompass Capital Advisors LLC's portfolio, making the stock its 11th biggest holding. Encompass Capital Advisors LLC owned approximately 0.15% of Old Dominion Freight Line as of its most recent filing with the SEC.

Other large investors have also bought and sold shares of the company. Annis Gardner Whiting Capital Advisors LLC grew its holdings in shares of Old Dominion Freight Line by 80.5% in the first quarter. Annis Gardner Whiting Capital Advisors LLC now owns 139 shares of the transportation company's stock worth $27,000 after purchasing an additional 62 shares during the last quarter. Reflection Asset Management bought a new stake in Old Dominion Freight Line during the 4th quarter valued at $28,000. Evolution Wealth Management Inc. bought a new stake in Old Dominion Freight Line during the 1st quarter valued at $29,000. DT Investment Partners LLC boosted its position in Old Dominion Freight Line by 600.0% during the 4th quarter. DT Investment Partners LLC now owns 210 shares of the transportation company's stock valued at $33,000 after buying an additional 180 shares during the period. Finally, Cassaday & Co Wealth Management LLC purchased a new stake in Old Dominion Freight Line during the 1st quarter valued at $39,000. 77.82% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Old Dominion Freight Line news, Director Greg C. Gantt sold 22,107 shares of Old Dominion Freight Line stock in a transaction that occurred on Monday, May 4th. The stock was sold at an average price of $191.52, for a total transaction of $4,233,932.64. Following the sale, the director directly owned 88,551 shares of the company's stock, valued at approximately $16,959,287.52. The trade was a 19.98% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 10.00% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of equities analysts have issued reports on ODFL shares. Stifel Nicolaus set a $256.00 price objective on shares of Old Dominion Freight Line and gave the company a "buy" rating in a research report on Tuesday, July 21st. Truist Financial increased their target price on shares of Old Dominion Freight Line from $225.00 to $250.00 and gave the stock a "buy" rating in a report on Wednesday, July 15th. Wells Fargo & Company raised Old Dominion Freight Line from an "underweight" rating to an "overweight" rating and raised their target price for the stock from $235.00 to $250.00 in a research note on Wednesday, July 8th. Morgan Stanley restated an "equal weight" rating and set a $245.00 price target (up from $235.00) on shares of Old Dominion Freight Line in a report on Monday, July 6th. Finally, Rothschild & Co Redburn lowered their price target on Old Dominion Freight Line from $176.00 to $172.00 and set a "sell" rating for the company in a research report on Tuesday, May 12th. Ten analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the company has a consensus rating of "Hold" and an average price target of $223.04.

Old Dominion Freight Line Trading Down 2.7%

Shares of NASDAQ ODFL opened at $226.77 on Tuesday. The firm has a fifty day simple moving average of $225.95 and a two-hundred day simple moving average of $205.46. Old Dominion Freight Line, Inc. has a 12 month low of $126.01 and a 12 month high of $252.03. The firm has a market capitalization of $47.16 billion, a PE ratio of 47.44, a price-to-earnings-growth ratio of 4.21 and a beta of 1.18.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last announced its earnings results on Wednesday, April 29th. The transportation company reported $1.14 earnings per share for the quarter, beating analysts' consensus estimates of $1.05 by $0.09. The firm had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.31 billion. Old Dominion Freight Line had a net margin of 18.46% and a return on equity of 23.42%. The company's revenue for the quarter was down 2.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.19 EPS. On average, sell-side analysts predict that Old Dominion Freight Line, Inc. will post 5.56 earnings per share for the current year.

Old Dominion Freight Line Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 16th. Shareholders of record on Wednesday, September 2nd will be issued a $0.29 dividend. The ex-dividend date is Wednesday, September 2nd. This represents a $1.16 annualized dividend and a yield of 0.5%. Old Dominion Freight Line's dividend payout ratio (DPR) is 24.27%.

Old Dominion Freight Line Profile

Old Dominion Freight Line is a U.S.-based less-than-truckload (LTL) transportation company that provides regional, inter-regional and national freight services. Founded in 1934 and headquartered in Thomasville, North Carolina, the company has grown from a regional carrier into a national freight network, operating a broad system of service centers and terminals to move shipments for shippers of varying sizes and industries.

The company's core business is LTL trucking, offering scheduled pickup and delivery for palletized freight that does not require a full truckload.

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