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

Covenant Logistics Group (NYSE:CVLG) released its quarterly earnings data on Thursday. The company reported $0.50 EPS for the quarter, beating the consensus estimate 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 business had revenue of $353.89 million during the quarter.

Covenant Logistics Group Trading Down 0.7%

NYSE CVLG traded down $0.19 on Thursday, hitting $28.78. 216,979 shares of the stock were exchanged, compared to its average volume of 186,526. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.10 and a current ratio of 1.14. The stock has a fifty day moving average price of $33.10 and a two-hundred day moving average price of $33.89. The firm has a market capitalization of $730.38 million, a P/E ratio of 261.66 and a beta of 1.39. Covenant Logistics Group has a 52-week low of $18.00 and a 52-week high of $49.88.

Analysts Set New Price Targets

A number of research firms have recently weighed in on CVLG. Zacks Research downgraded shares of Covenant Logistics Group from a “strong-buy” rating to a “hold” rating in a report on Monday, September 7th. National Bank Financial set a $60.00 price target on shares of Covenant Logistics Group in a report on Wednesday, July 15th. Robert W. Baird set a $50.00 price objective on Covenant Logistics Group and gave the stock an “outperform” rating in a research note on Wednesday, August 19th. Citigroup began coverage on Covenant Logistics Group in a research report on Wednesday, July 15th. They set an “outperform” rating on the stock. Finally, Wall Street Zen lowered Covenant Logistics Group from a “buy” rating to a “hold” rating in a research note on Saturday, August 8th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Covenant Logistics Group has an average rating of “Moderate Buy” and an average price target 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.