Recent Insider Transactions Derivative • Jun 02
Executive VP exercised options and sold US$330k worth of stock On the 28th of May, James Grant exercised 35.79k options at around US$7.89, then sold 10k of the shares acquired at an average of US$39.55 per share and kept the remainder. Since September 2025, James' direct individual holding has decreased from 51.11k shares to 46.28k. Company insiders have collectively sold US$15m more than they bought, via options and on-market transactions in the last 12 months. Recent Insider Transactions • Jun 02
Executive VP & Director recently sold US$502k worth of stock On the 27th of May, Joey Hogan sold around 13k shares on-market at roughly US$39.18 per share. This transaction amounted to 12% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth US$511k. Insiders have been net sellers, collectively disposing of US$14m more than they bought in the last 12 months. Board Change • Jun 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 4 highly experienced directors. Executive VP & Director Joey Hogan was the last director to join the board, commencing their role in 2023. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Recent Insider Transactions Derivative • May 28
President exercised options and sold US$591k worth of stock On the 22nd of May, M. Bunn exercised 64.20k options at around US$7.89, then sold 20k of the shares acquired at an average of US$37.41 per share and kept the remainder. Since September 2025, Bunn's direct individual holding has decreased from 206.96k shares to 201.56k. Company insiders have collectively sold US$15m more than they bought, via options and on-market transactions in the last 12 months. Declared Dividend • May 20
First quarter dividend of US$0.07 announced Dividend of US$0.07 is the same as last year. Ex-date: 5th June 2026 Payment date: 26th June 2026 Dividend yield will be 0.8%, which is lower than the industry average of 1.6%. Sustainability & Growth Dividend is not covered by earnings (312% earnings payout ratio) and the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 22% per year over the past 4 years and payments have been stable during that time. The company's earnings per share (EPS) would need to grow by 247% to bring the payout ratio under control. However, EPS has declined by 12% over the last 5 years so the company would need to reverse this trend. Announcement • May 16
Covenant Logistics Group, Inc. Announces Quarterly Cash Dividend on Class A and Class B Common Stock, Payable on June 26, 2026 Covenant Logistics Group, Inc. announced that its board of directors has declared a quarterly cash dividend of $0.07 per share of Class A and Class B common stock. The quarterly cash dividend is payable to stockholders of record on June 5, 2026, and is expected to be paid on June 26, 2026. Recent Insider Transactions • May 05
Executive VP & Director recently sold US$511k worth of stock On the 28th of April, Joey Hogan sold around 15k shares on-market at roughly US$34.76 per share. This transaction amounted to 12% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth US$4.4m. Insiders have been net sellers, collectively disposing of US$13m more than they bought in the last 12 months. Price Target Changed • Apr 26
Price target increased by 8.9% to US$34.50 Up from US$31.67, the current price target is an average from 2 analysts. New target price is approximately in line with last closing price of US$34.07. Stock is up 72% over the past year. The company is forecast to post earnings per share of US$1.60 for next year compared to US$0.17 last year. Buy Or Sell Opportunity • Apr 24
Now 30% overvalued after recent price rise Over the last 90 days, the stock has risen 28% to US$34.07. The fair value is estimated to be US$26.14, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 58%. Announcement • Apr 13
Covenant Logistics Group, Inc., Annual General Meeting, May 13, 2026 Covenant Logistics Group, Inc., Annual General Meeting, May 13, 2026. Location: 400 birmingham highway, tennessee 37419, chattanooga, United States Announcement • Apr 02
Covenant Logistics Group, Inc. to Report Q1, 2026 Results on Apr 23, 2026 Covenant Logistics Group, Inc. announced that they will report Q1, 2026 results at 4:00 PM, US Eastern Standard Time on Apr 23, 2026 Reported Earnings • Mar 02
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: US$0.17 (down from US$1.34 in FY 2024). Revenue: US$1.16b (up 2.9% from FY 2024). Net income: US$4.41m (down 88% from FY 2024). Profit margin: 0.4% (down from 3.1% in FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 79%. Revenue is forecast to grow 6.1% p.a. on average during the next 2 years, compared to a 7.3% growth forecast for the Transportation industry in the US. Over the last 3 years on average, earnings per share has fallen by 51% per year but the company’s share price has increased by 20% per year, which means it is well ahead of earnings. Upcoming Dividend • Feb 27
Upcoming dividend of US$0.07 per share Eligible shareholders must have bought the stock before 06 March 2026. Payment date: 27 March 2026. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 0.9%. Lower than top quartile of American dividend payers (4.2%). Lower than average of industry peers (1.6%). Declared Dividend • Feb 13
Fourth quarter dividend of US$0.07 announced Dividend of US$0.07 is the same as last year. Ex-date: 6th March 2026 Payment date: 27th March 2026 Dividend yield will be 1.0%, which is lower than the industry average of 1.6%. Sustainability & Growth Dividend is not covered by earnings (163% earnings payout ratio) and the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 22% per year over the past 4 years and payments have been stable during that time. The company's earnings per share (EPS) would need to grow by 81% to bring the payout ratio under control. EPS is expected to grow by 218% over the next 2 years, which is sufficient to bring the dividend into a sustainable range. Recent Insider Transactions • Feb 12
Chairman of the Board & CEO recently sold US$4.4m worth of stock On the 11th of February, David Parker sold around 153k shares on-market at roughly US$28.96 per share. This transaction amounted to 7.5% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was David's only on-market trade for the last 12 months. Announcement • Feb 11
Covenant Logistics Group Announces Quarterly Cash Dividend on Class A and Class B Common Stock, Payable on March 27, 2026 Covenant Logistics Group, Inc. announced that its board of directors has declared a quarterly cash dividend of $0.07 per share of Class A and Class B common stock. The quarterly cash dividend is payable to stockholders of record on March 6, 2026, and is expected to be paid on March 27, 2026. The quarterly cash dividend is pursuant to a cash dividend program previously approved by the Company’s board of directors. The actual declaration of future cash dividends, and the establishment of record and payment dates is subject to final determination by the board of directors each quarter. New Risk • Jan 30
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 1.2x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.2x net interest cover). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.4% net profit margin). Reported Earnings • Jan 30
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: US$0.17 (down from US$1.34 in FY 2024). Revenue: US$1.16b (up 2.9% from FY 2024). Net income: US$4.41m (down 88% from FY 2024). Profit margin: 0.4% (down from 3.1% in FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 79%. Over the last 3 years on average, earnings per share has fallen by 51% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Announcement • Jan 30
Covenant Logistics Group, Inc. Reports Goodwill Impairment Charges for the Fourth Quarter Ended December 31, 2025 Covenant Logistics Group, Inc. reported goodwill impairment charges for the fourth quarter ended December 31, 2025. For the quarter, the company reported impairment of goodwill of $10,698,000. Announcement • Jan 06
Covenant Logistics Group, Inc. to Report Q4, 2025 Results on Jan 29, 2026 Covenant Logistics Group, Inc. announced that they will report Q4, 2025 results at 4:00 PM, US Eastern Standard Time on Jan 29, 2026 Declared Dividend • Nov 26
Third quarter dividend of US$0.07 announced Shareholders will receive a dividend of US$0.07. Ex-date: 5th December 2025 Payment date: 26th December 2025 Dividend yield will be 1.4%, which is lower than the industry average of 1.6%. Sustainability & Growth Dividend is covered by earnings (24% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 22% per year over the past 4 years and payments have been stable during that time. EPS is expected to grow by 52% over the next year, which should provide support to the dividend and adequate earnings cover. Announcement • Nov 22
Covenant Logistics Group, Inc. Declares Quarterly Cash Dividend on Class A and Class B Common Stock, Payable on December 26, 2025 Covenant Logistics Group, Inc. announced on November 21, 2025 that its board of directors has declared a quarterly cash dividend of $0.07 per share of Class A and Class B common stock. The quarterly cash dividend is payable to stockholders of record on December 5, 2025, and is expected to be paid on December 26, 2025. Reported Earnings • Oct 23
Third quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2025 results: EPS: US$0.25 (down from US$0.49 in 3Q 2024). Revenue: US$296.9m (up 3.1% from 3Q 2024). Net income: US$6.26m (down 51% from 3Q 2024). Profit margin: 2.1% (down from 4.5% in 3Q 2024). Revenue exceeded analyst estimates by 2.3%. Earnings per share (EPS) missed analyst estimates by 12%. Revenue is forecast to grow 2.6% p.a. on average during the next 2 years, compared to a 7.9% growth forecast for the Transportation industry in the US. Over the last 3 years on average, earnings per share has fallen by 42% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Announcement • Oct 02
Covenant Logistics Group, Inc. to Report Q3, 2025 Results on Oct 22, 2025 Covenant Logistics Group, Inc. announced that they will report Q3, 2025 results at 4:00 PM, US Eastern Standard Time on Oct 22, 2025 Declared Dividend • Aug 20
Second quarter dividend of US$0.07 announced Shareholders will receive a dividend of US$0.07. Ex-date: 5th September 2025 Payment date: 26th September 2025 Dividend yield will be 1.1%, which is lower than the industry average of 1.6%. Sustainability & Growth Dividend is covered by earnings (18% earnings payout ratio) but not covered by cash flows (438% cash payout ratio). The dividend has increased by an average of 22% per year over the past 4 years and payments have been stable during that time. EPS is expected to grow by 41% over the next year, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Jul 24
Second quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2025 results: EPS: US$0.38 (down from US$0.46 in 2Q 2024). Revenue: US$302.9m (up 5.3% from 2Q 2024). Net income: US$9.84m (down 18% from 2Q 2024). Profit margin: 3.2% (down from 4.2% in 2Q 2024). Revenue exceeded analyst estimates by 6.8%. Earnings per share (EPS) missed analyst estimates by 5.3%. Revenue is forecast to grow 2.7% p.a. on average during the next 2 years, compared to a 7.1% growth forecast for the Transportation industry in the US. Over the last 3 years on average, earnings per share has fallen by 35% per year but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. Announcement • Jul 02
Covenant Logistics Group, Inc. to Report Q2, 2025 Results on Jul 23, 2025 Covenant Logistics Group, Inc. announced that they will report Q2, 2025 results at 4:00 PM, US Eastern Standard Time on Jul 23, 2025 Declared Dividend • May 21
First quarter dividend of US$0.07 announced Shareholders will receive a dividend of US$0.07. Ex-date: 6th June 2025 Payment date: 27th June 2025 Dividend yield will be 1.1%, which is lower than the industry average of 1.6%. Sustainability & Growth Dividend is covered by earnings (16% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 31% per year over the past 3 years and payments have been stable during that time. EPS is expected to grow by 29% over the next year, which should provide support to the dividend and adequate earnings cover. Announcement • May 17
Covenant Logistics Group Announces Quarterly Cash Dividend on Class A and Class B Common Stock, Payable on June 27, 2025 Covenant Logistics Group, Inc. announced that its board of directors has declared a quarterly cash dividend of $0.07 per share of Class A and Class B common stock. The quarterly cash dividend is payable to stockholders of record on June 6, 2025, and is expected to be paid on June 27, 2025. Buy Or Sell Opportunity • May 12
Now 26% overvalued Over the last 90 days, the stock has fallen 15% to US$23.00. The fair value is estimated to be US$18.22, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 27%. Revenue is forecast to grow by 2.9% in a year. Earnings are forecast to grow by 45% in the next year. Reported Earnings • Apr 24
First quarter 2025 earnings: EPS and revenues miss analyst expectations First quarter 2025 results: EPS: US$0.25 (up from US$0.15 in 1Q 2024). Revenue: US$269.4m (down 3.4% from 1Q 2024). Net income: US$6.56m (up 72% from 1Q 2024). Profit margin: 2.4% (up from 1.4% in 1Q 2024). Revenue missed analyst estimates by 3.4%. Earnings per share (EPS) also missed analyst estimates by 11%. Revenue is forecast to grow 5.1% p.a. on average during the next 2 years, compared to a 7.3% growth forecast for the Transportation industry in the US. Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has increased by 27% per year, which means it is well ahead of earnings. Announcement • Apr 24
Covenant Logistics Group, Inc. (NYSE:CVLG) announces an Equity Buyback for $50 million worth of its shares. Covenant Logistics Group, Inc. (NYSE:CVLG) announces a share repurchase program. Under the program, the company will repurchase up to $50 million worth of its class A common stock. The repurchase program does not have any time limits. New Risk • Apr 17
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: US$61k This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. Currently, the following risks have been identified for the company: Minor Risks High level of debt (49% net debt to equity). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (3.1% net profit margin). Significant insider selling over the past 3 months (US$61k sold). Price Target Changed • Apr 16
Price target decreased by 7.5% to US$32.67 Down from US$35.33, the current price target is an average from 3 analysts. New target price is 84% above last closing price of US$17.73. Stock is down 19% over the past year. The company is forecast to post earnings per share of US$1.81 for next year compared to US$1.34 last year. Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to US$18.68, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 21x in the Transportation industry in the US. Total returns to shareholders of 102% over the past three years. Announcement • Apr 03
Covenant Logistics Group, Inc., Annual General Meeting, May 14, 2025 Covenant Logistics Group, Inc., Annual General Meeting, May 14, 2025. Location: 400 birmingham highway, tennessee 37419, chattanooga, United States Announcement • Apr 02
Covenant Logistics Group, Inc. to Report Q1, 2025 Results on Apr 23, 2025 Covenant Logistics Group, Inc. announced that they will report Q1, 2025 results at 4:00 PM, US Eastern Standard Time on Apr 23, 2025 Reported Earnings • Mar 04
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: EPS: US$1.34 (down from US$2.09 in FY 2023). Revenue: US$1.13b (up 2.5% from FY 2023). Net income: US$35.3m (down 35% from FY 2023). Profit margin: 3.1% (down from 5.0% in FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 23%. Revenue is forecast to grow 5.3% p.a. on average during the next 2 years, compared to a 7.4% growth forecast for the Transportation industry in the US. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has increased by 32% per year, which means it is well ahead of earnings. Declared Dividend • Feb 19
Fourth quarter dividend of US$0.07 announced Shareholders will receive a dividend of US$0.07. Ex-date: 7th March 2025 Payment date: 28th March 2025 Dividend yield will be 1.5%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by earnings (14% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 21% per year over the past 3 years and payments have been stable during that time. EPS is expected to grow by 77% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Announcement • Feb 17
Covenant Logistics Group, Inc. Declares Quarterly Cash Dividend, Payable on March 28, 2025 Covenant Logistics Group, Inc. announced that its board of directors has declared a quarterly cash dividend of $0.07 per share of Class A and Class B common stock. The quarterly cash dividend is payable to stockholders of record on March 7, 2025, and is expected to be paid on March 28, 2025. Reported Earnings • Jan 24
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: EPS: US$0.65 (down from US$2.09 in FY 2023). Revenue: US$1.13b (up 2.5% from FY 2023). Net income: US$35.3m (down 35% from FY 2023). Profit margin: 3.1% (down from 5.0% in FY 2023). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 23%. Revenue is forecast to grow 6.5% p.a. on average during the next 2 years, compared to a 7.5% growth forecast for the Transportation industry in the US. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has increased by 39% per year, which means it is well ahead of earnings. Price Target Changed • Jan 07
Price target increased by 33% to US$46.67 Up from US$35.00, the current price target is an average from 3 analysts. New target price is 74% above last closing price of US$26.83. Stock is up 22% over the past year. The company is forecast to post earnings per share of US$1.69 for next year compared to US$2.09 last year. Announcement • Jan 03
Covenant Logistics Group, Inc. to Report Q4, 2024 Results on Jan 23, 2025 Covenant Logistics Group, Inc. announced that they will report Q4, 2024 results at 4:00 PM, Eastern Standard Time on Jan 23, 2025 Announcement • Jan 01
Covenant Logistics Group, Inc. Announces Retirement of Samuel F. Hough as Executive Vice President – Expedited Operations Covenant Logistics Group, Inc. announced that on December 27, 2024, Samuel F. Hough notified the board of directors of his decision to retire from his position as Executive Vice President – Expedited Operations, which won’t be effective until December 31, 2024. Mr. Hough is expected to continue to be employed by the Company in a reduced capacity following his retirement, focusing on customer development and retention. In association with his retirement, the Compensation Committee of the Board changed Mr. Hough’s annualized base to $220,000.00, effective January 1, 2025. Declared Dividend • Nov 29
Third quarter dividend of US$0.11 announced Dividend of US$0.11 is the same as last year. Ex-date: 6th December 2024 Payment date: 27th December 2024 Dividend yield will be 0.8%, which is lower than the industry average of 1.6%. Sustainability & Growth Dividend is covered by earnings (14% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 21% per year over the past 3 years and payments have been stable during that time. EPS is expected to grow by 59% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Announcement • Nov 26
Covenant Logistics Group, Inc. Announces Quarterly Cash Dividend, Payable on December 27, 2024 Covenant Logistics Group, Inc. announced that its board of directors has declared a quarterly cash dividend of $0.11 per share of Class A and Class B common stock. The quarterly cash dividend is payable to stockholders of record on December 6, 2024, and is expected to be paid on December 27, 2024. Recent Insider Transactions • Nov 15
Independent Director recently sold US$599k worth of stock On the 12th of November, Bradley Moline sold around 10k shares on-market at roughly US$59.89 per share. This transaction amounted to 19% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$13m more than they bought in the last 12 months. Valuation Update With 7 Day Price Move • Nov 11
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to US$60.21, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 21x in the Transportation industry in the US. Total returns to shareholders of 102% over the past three years. Reported Earnings • Oct 24
Third quarter 2024 earnings: EPS and revenues miss analyst expectations Third quarter 2024 results: EPS: US$0.98 (down from US$1.03 in 3Q 2023). Revenue: US$287.9m (flat on 3Q 2023). Net income: US$12.9m (down 3.5% from 3Q 2023). Profit margin: 4.5% (down from 4.6% in 3Q 2023). Revenue missed analyst estimates by 2.8%. Earnings per share (EPS) also missed analyst estimates by 9.3%. Revenue is forecast to grow 6.6% p.a. on average during the next 3 years, compared to a 8.1% growth forecast for the Transportation industry in the US. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 21% per year, which means it is well ahead of earnings. Announcement • Oct 03
Covenant Logistics Group, Inc. to Report Q3, 2024 Results on Oct 23, 2024 Covenant Logistics Group, Inc. announced that they will report Q3, 2024 results After-Market on Oct 23, 2024 Declared Dividend • Aug 22
Second quarter dividend of US$0.11 announced Dividend of US$0.11 is the same as last year. Ex-date: 6th September 2024 Payment date: 27th September 2024 Dividend yield will be 0.8%, which is lower than the industry average of 1.6%. Sustainability & Growth Dividend is covered by earnings (14% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 21% per year over the past 3 years and payments have been stable during that time. EPS is expected to grow by 33% over the next year, which should provide support to the dividend and adequate earnings cover. Announcement • Aug 20
Covenant Logistics Group, Inc. Announces Quarterly Cash Dividend, Payable on September 27, 2024 Covenant Logistics Group, Inc. announced that its board of directors has declared a quarterly cash dividend of $0.11 per share of Class A and Class B common stock. The quarterly cash dividend is payable to stockholders of record on September 6, 2024, and is expected to be paid on September 27, 2024. Announcement • Aug 07
Covenant Logistics Group, Inc.(NYSE:CVLG) dropped from NASDAQ Composite Index Covenant Logistics Group, Inc. has been removed from NASDAQ Composite Index . Announcement • Aug 06
Covenant Logistics Group, Inc.(NYSE:CVLG) dropped from NASDAQ Transportation Index Covenant Logistics Group, Inc. has been removed from NASDAQ Transportation Index . Recent Insider Transactions • Aug 01
Independent Director recently sold US$1.2m worth of stock On the 29th of July, Herbert Schmidt sold around 21k shares on-market at roughly US$55.24 per share. This transaction amounted to 68% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$12m more than they bought in the last 12 months. Buy Or Sell Opportunity • Aug 01
Now 21% undervalued Over the last 90 days, the stock has risen 18% to US$53.91. The fair value is estimated to be US$67.94, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.3% over the last 3 years. Earnings per share has grown by 6.6%. Revenue is forecast to grow by 7.2% in a year. Earnings are forecast to grow by 54% in the next year. Price Target Changed • Jul 26
Price target increased by 8.2% to US$70.33 Up from US$65.00, the current price target is an average from 3 analysts. New target price is 26% above last closing price of US$56.04. Stock is down 1.4% over the past year. The company is forecast to post earnings per share of US$3.55 for next year compared to US$4.19 last year. Reported Earnings • Jul 25
Second quarter 2024 earnings: EPS and revenues miss analyst expectations Second quarter 2024 results: EPS: US$0.92 (down from US$0.94 in 2Q 2023). Revenue: US$287.5m (up 4.9% from 2Q 2023). Net income: US$12.0m (flat on 2Q 2023). Profit margin: 4.2% (down from 4.4% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 4.0%. Earnings per share (EPS) also missed analyst estimates by 12%. Revenue is forecast to grow 7.6% p.a. on average during the next 2 years, compared to a 7.8% growth forecast for the Transportation industry in the US. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 38% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jul 02
Covenant Logistics Group, Inc. to Report Q2, 2024 Results on Jul 24, 2024 Covenant Logistics Group, Inc. announced that they will report Q2, 2024 results at 4:00 PM, US Eastern Standard Time on Jul 24, 2024 Declared Dividend • May 22
First quarter dividend of US$0.11 announced Dividend of US$0.11 is the same as last year. Ex-date: 7th June 2024 Payment date: 28th June 2024 Dividend yield will be 0.9%, which is lower than the industry average of 1.6%. Sustainability & Growth Dividend is covered by earnings (14% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 33% per year over the past 2 years and payments have been stable during that time. EPS is expected to grow by 30% over the next year, which should provide support to the dividend and adequate earnings cover. Recent Insider Transactions • May 19
Independent Director recently sold US$174k worth of stock On the 14th of May, David Kramer sold around 4k shares on-market at roughly US$46.64 per share. This transaction amounted to 28% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth US$6.1m. Insiders have been net sellers, collectively disposing of US$11m more than they bought in the last 12 months. Announcement • May 18
Covenant Logistics Group, Inc. Announces Quarterly Cash Dividend, Payable on June 28, 2024 Covenant Logistics Group, Inc. announced that its board of directors has declared a quarterly cash dividend of $0.11 per share of Class A and Class B common stock. The quarterly cash dividend is payable to stockholders of record on June 7, 2024, and is expected to be paid on June 28, 2024. Major Estimate Revision • May 01
Consensus EPS estimates fall by 14% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from US$4.20 to US$3.62 per share. Revenue forecast steady at US$1.19b. Net income forecast to grow 48% next year vs 27% growth forecast for Transportation industry in the US. Consensus price target up from US$65.00 to US$67.00. Share price rose 2.2% to US$45.19 over the past week. Announcement • Apr 30
Covenant Logistics Group, Inc. Announces Appointment of Dustin Koehl as Chief Operating Officer Covenant Logistics Group, Inc. announced Dustin Koehl has been appointed as the Company’s Chief Operating Officer, effective May 13, 2024. Mr. Koehl has over 17 years of transportation experience, including senior leadership positions in operations and sales. Dustin Koehl, 40, joined the Company as Chief Operating Officer in May 2024. Mr. Koehl previously served as the Head of Commercialization at Waabi, an AI-centered self-driving truck developer, where he was responsible for customer adoption, transportation strategy, and safety. An active member of the transportation industry, Mr. Koehl is a partner with the Massachusetts Institute of Technology’s FreightLab and has served on several industry committees, including positions at the American Trucking Associations and the American Transportation Research Institute. Mr. Koehl has over 17 years of experience in transportation, including 12 years at Total Transportation of Mississippi, including as Vice President – Sales and Operations. Reported Earnings • Apr 25
First quarter 2024 earnings: EPS misses analyst expectations First quarter 2024 results: EPS: US$0.29 (down from US$1.23 in 1Q 2023). Revenue: US$278.8m (up 4.5% from 1Q 2023). Net income: US$3.82m (down 77% from 1Q 2023). Profit margin: 1.4% (down from 6.2% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 63%. Revenue is forecast to grow 8.6% p.a. on average during the next 2 years, compared to a 7.8% growth forecast for the Transportation industry in the US. Over the last 3 years on average, earnings per share has increased by 26% per year whereas the company’s share price has increased by 27% per year. Announcement • Apr 13
Covenant Logistics Group, Inc., Annual General Meeting, May 15, 2024 Covenant Logistics Group, Inc., Annual General Meeting, May 15, 2024, at 10:00 US Eastern Standard Time. Location: Covenant Logistics Group, Inc., 400 Birmingham Highway, Chattanooga Tennessee United States Agenda: To consider and act upon a proposal to elect nine (9) directors; to consider and act upon an advisory and non-binding vote on executive compensation; to ratify the appointment of Grant Thornton LLP as the Company’s independent registered public accounting firm for 2024; and to consider and act upon such other matters as may properly come before the meeting and any adjournment thereof. Announcement • Apr 05
Covenant Logistics Group, Inc. Announces Retirement of Lynn Doster as Executive Vice President, Effective December 31, 2024 On March 31, 2024, Lynn Doster notified the board of directors of Covenant Logistics Group, Inc. of her decision to retire from her position as Executive Vice President – Dedicated and Warehousing Operations, which won’t be effective until December 31, 2024. It is expected that Ms. Doster will provide services to the Company following her retirement to ensure a smooth transition. Announcement • Apr 02
Covenant Logistics Group, Inc. to Report Q1, 2024 Results on Apr 24, 2024 Covenant Logistics Group, Inc. announced that they will report Q1, 2024 results at 4:00 PM, US Eastern Standard Time on Apr 24, 2024 Reported Earnings • Mar 01
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: EPS: US$4.19 (down from US$7.19 in FY 2022). Revenue: US$1.10b (down 9.3% from FY 2022). Net income: US$54.6m (down 49% from FY 2022). Profit margin: 5.0% (down from 8.9% in FY 2022). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 3.6%. Revenue is forecast to grow 5.7% p.a. on average during the next 2 years, compared to a 7.7% growth forecast for the Transportation industry in the US. Over the last 3 years on average, earnings per share has increased by 48% per year but the company’s share price has only increased by 34% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • Feb 25
Chairman of the Board & CEO recently sold US$2.3m worth of stock On the 21st of February, David Parker sold around 45k shares on-market at roughly US$52.14 per share. This transaction amounted to 2.8% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was David's only on-market trade for the last 12 months. Upcoming Dividend • Feb 22
Upcoming dividend of US$0.11 per share Eligible shareholders must have bought the stock before 29 February 2024. Payment date: 29 March 2024. Trailing yield: 0.8%. Lower than top quartile of American dividend payers (4.7%). Lower than average of industry peers (1.6%). Recent Insider Transactions Derivative • Feb 19
Chairman of the Board & CEO notifies of intention to sell stock David Parker intends to sell 300k shares in the next 90 days after lodging an Intent To Sell Form on the 16th of February. If the sale is conducted around the recent share price of US$54.62, it would amount to US$16m. For the year to December 2017, David's total compensation was 35% salary and 65% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since March 2023, David's direct individual holding has increased from 2.07m shares to 3.94m. Company insiders have collectively sold US$1.0m more than they bought, via options and on-market transactions in the last 12 months. Declared Dividend • Feb 19
Fourth quarter dividend of US$0.11 announced Dividend of US$0.11 is the same as last year. Ex-date: 29th February 2024 Payment date: 29th March 2024 Dividend yield will be 0.8%, which is lower than the industry average of 1.6%. Sustainability & Growth Dividend is covered by earnings (11% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 33% per year over the past 2 years and payments have been stable during that time. EPS is expected to grow by 24% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Recent Insider Transactions • Feb 18
Insider recently sold US$192k worth of stock On the 14th of February, Lynn Doster sold around 4k shares on-market at roughly US$53.31 per share. This transaction amounted to 16% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth US$504k. Insiders have been net sellers, collectively disposing of US$1.0m more than they bought in the last 12 months. Announcement • Feb 16
Covenant Logistics Group Announces Quarterly Cash Dividend, Payable on March 29, 2024 Covenant Logistics Group, Inc. announced that its board of directors has declared a quarterly cash dividend of $0.11 per share of Class A and Class B common stock. The quarterly cash dividend is payable to stockholders of record on March 1, 2024, and is expected to be paid on March 29, 2024. The quarterly cash dividend is pursuant to a cash dividend program previously approved by the Company’s board of directors. The actual declaration of future cash dividends, and the establishment of record and payment dates is subject to final determination by the board of directors each quarter. Recent Insider Transactions • Jan 31
Executive VP & Director recently sold US$504k worth of stock On the 26th of January, Joey Hogan sold around 10k shares on-market at roughly US$50.37 per share. This transaction amounted to 9.5% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$826k more than they bought in the last 12 months. 
