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

Covenant Logistics Group (NYSE:CVLG) announced its quarterly earnings data on Thursday. The company reported $0.50 earnings per share for the quarter, beating the consensus estimate of $0.44 by $0.06, Zacks reports. The firm had revenue of $353.89 million for the quarter. Covenant Logistics Group had a net margin of 0.31% and a return on equity of 9.14%.

Covenant Logistics Group Price Performance

Shares of CVLG traded up $2.99 during trading hours on Friday, reaching $31.81. 141,605 shares of the stock traded hands, compared to its average volume of 186,268. Covenant Logistics Group has a 52-week low of $18.00 and a 52-week high of $49.88. The company has a current ratio of 1.14, a quick ratio of 1.10 and a debt-to-equity ratio of 0.55. The company has a market cap of $807.34 million, a P/E ratio of 289.21 and a beta of 1.39. The company’s 50-day moving average price is $33.00 and its two-hundred day moving average price is $33.91.

Analysts Set New Price Targets

Several 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 research note on Monday, September 7th. Citizens Jmp initiated coverage on shares of Covenant Logistics Group in a report on Wednesday, July 15th. They issued a “market outperform” rating and a $60.00 price target for the company. Citigroup started coverage on Covenant Logistics Group in a research report on Wednesday, July 15th. They set an “outperform” rating for the company. Weiss Ratings downgraded shares of Covenant Logistics Group from a “hold (c-)” rating to a “sell (d+)” rating in a report on Friday, October 23rd. Finally, Wall Street Zen lowered Covenant Logistics Group from a “buy” rating to a “hold” rating in a research report on Saturday, August 8th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $53.20.

Covenant Logistics Group Company Profile

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.