Covenant Logistics’ (NASDAQ: CVLG) fourth-quarter earnings, beyond being another solid step in what company officials have said is a major transformation in the company’s structure, took two significant steps in its administration and its relationship with shareholders.
First, the truckload carrier, which has not paid a dividend for several years, is set to return money to shareholders through a $40 million share buyback. The move appears to be driven by the fact that Covenant stock has lagged...