Covenant Logistics Group (NYSE:CVLG) Issues Quarterly Earnings Results

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

Covenant Logistics Group Price Performance

Shares of CVLG stock opened at $21.87 on Thursday. Covenant Logistics Group has a 12-month low of $17.46 and a 12-month high of $30.77. The firm has a market capitalization of $547.19 million, a price-to-earnings ratio of 16.69 and a beta of 1.39. The company has a quick ratio of 1.06, a current ratio of 1.09 and a debt-to-equity ratio of 0.52. The firm has a fifty day moving average of $22.71 and a 200-day moving average of $22.64.

Covenant Logistics Group Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 26th. Stockholders of record on Friday, September 5th were issued a $0.07 dividend. This represents a $0.28 annualized dividend and a dividend yield of 1.3%. Covenant Logistics Group’s dividend payout ratio (DPR) is 21.37%.

Hedge Funds Weigh In On Covenant Logistics Group

Several institutional investors and hedge funds have recently made changes to their positions in CVLG. Goldman Sachs Group Inc. grew its holdings in shares of Covenant Logistics Group by 161.8% in the 1st quarter. Goldman Sachs Group Inc. now owns 179,304 shares of the company’s stock valued at $3,981,000 after buying an additional 110,810 shares during the period. AQR Capital Management LLC lifted its stake in Covenant Logistics Group by 97.5% in the first quarter. AQR Capital Management LLC now owns 88,761 shares of the company’s stock valued at $1,970,000 after buying an additional 43,816 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its stake in Covenant Logistics Group by 163.4% in the second quarter. Arrowstreet Capital Limited Partnership now owns 64,806 shares of the company’s stock valued at $1,562,000 after buying an additional 40,202 shares in the last quarter. Hudson Bay Capital Management LP lifted its stake in Covenant Logistics Group by 20.4% in the second quarter. Hudson Bay Capital Management LP now owns 132,459 shares of the company’s stock valued at $3,194,000 after buying an additional 22,459 shares in the last quarter. Finally, Brevan Howard Capital Management LP bought a new position in Covenant Logistics Group in the second quarter valued at approximately $376,000. Institutional investors and hedge funds own 83.72% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently commented on CVLG. Wall Street Zen cut shares of Covenant Logistics Group from a “buy” rating to a “hold” rating in a research report on Saturday, August 30th. Weiss Ratings reiterated a “hold (c)” rating on shares of Covenant Logistics Group in a research report on Tuesday, October 14th. Finally, Zacks Research cut shares of Covenant Logistics Group from a “hold” rating to a “strong sell” rating in a research report on Friday, October 10th. Two investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price 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.