Covenant Logistics Group (NYSE:CVLG) Posts Quarterly Earnings Results, Misses Expectations By $0.01 EPS

Covenant Logistics Group (NYSE:CVLG) announced its quarterly earnings data on Thursday. The company reported $0.31 EPS for the quarter, missing analysts’ consensus estimates of $0.32 by ($0.01), FiscalAI reports. Covenant Logistics Group had a return on equity of 9.57% and a net margin of 0.62%.The company had revenue of $295.37 million for the quarter.

Covenant Logistics Group Stock Down 4.4%

Shares of NYSE:CVLG opened at $24.72 on Friday. The company has a current ratio of 1.01, a quick ratio of 0.98 and a debt-to-equity ratio of 0.49. The firm has a 50 day simple moving average of $23.33 and a 200-day simple moving average of $22.67. The company has a market capitalization of $619.24 million, a PE ratio of 112.37 and a beta of 1.21. Covenant Logistics Group has a twelve month low of $17.46 and a twelve month high of $28.34.

Institutional Investors Weigh In On Covenant Logistics Group

Large investors have recently modified their holdings of the company. CSM Advisors LLC purchased a new position in Covenant Logistics Group during the second quarter worth about $9,458,000. Ranger Investment Management L.P. purchased a new position in Covenant Logistics Group in the 2nd quarter valued at approximately $4,450,000. Russell Investments Group Ltd. raised its stake in shares of Covenant Logistics Group by 97.8% during the 2nd quarter. Russell Investments Group Ltd. now owns 304,445 shares of the company’s stock worth $7,340,000 after buying an additional 150,523 shares during the last quarter. Goldman Sachs Group Inc. raised its position in Covenant Logistics Group by 161.8% during the first quarter. Goldman Sachs Group Inc. now owns 179,304 shares of the company’s stock worth $3,981,000 after acquiring an additional 110,810 shares during the last quarter. Finally, Algert Global LLC lifted its stake in Covenant Logistics Group by 655.0% in the 3rd quarter. Algert Global LLC now owns 110,144 shares of the company’s stock valued at $2,386,000 after buying an additional 95,556 shares in the last quarter. 83.72% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

CVLG has been the subject of a number of recent analyst reports. Weiss Ratings restated a “hold (c)” rating on shares of Covenant Logistics Group in a report on Friday, January 9th. Zacks Research cut shares of Covenant Logistics Group from a “hold” rating to a “strong sell” rating in a research report on Wednesday, January 21st. One investment analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Covenant Logistics Group has an average rating of “Hold” and an average price target of $30.00.

About Covenant Logistics Group

Covenant Logistics Group provides a comprehensive suite of transportation and logistics services across North America. The company’s core offerings include less‐than‐truckload (LTL) and full truckload hauling, temperature‐controlled freight, intermodal transportation and freight brokerage. Covenant also delivers specialized solutions such as expedited “hot‐shot” deliveries, cross‐border shipping to Canada and Mexico, and dedicated contract carriage for time‐sensitive or high‐value shipments.

With a network of service centers, terminals and partner carriers strategically located throughout the United States, Covenant supports diverse industries including food and beverage, automotive, retail, energy and manufacturing.