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Strength Seen in Covenant Logistics (CVLG): Can Its 13.6% Jump Turn into More Strength?
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Covenant Logistics (CVLG - Free Report) shares soared 13.6% in the last trading session to close at $25.71. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 4.6% gain over the past four weeks.
The stock surged primarily on optimism surrounding strong freight demand as economic activity remains robust. Low inventories and capacity constraints are also contributing to healthy freight demand, which in turn is boosting trucking volumes.
This truckload transportation services provider is expected to post quarterly earnings of $1.26 per share in its upcoming report, which represents a year-over-year change of +31.3%. Revenues are expected to be $288.4 million, up 12.5% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Covenant Logistics, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on CVLG going forward to see if this recent jump can turn into more strength down the road.
Covenant Logistics belongs to the Zacks Transportation - Truck industry. Another stock from the same industry, Marten Transport, Ltd. (MRTN - Free Report) , closed the last trading session 2.6% higher at $16.90. Over the past month, MRTN has returned -5.8%.
For Marten Transport, Ltd., the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.32. This represents a change of +23.1% from what the company reported a year ago. Marten Transport, Ltd. currently has a Zacks Rank of #3 (Hold).
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Strength Seen in Covenant Logistics (CVLG): Can Its 13.6% Jump Turn into More Strength?
Covenant Logistics (CVLG - Free Report) shares soared 13.6% in the last trading session to close at $25.71. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 4.6% gain over the past four weeks.
The stock surged primarily on optimism surrounding strong freight demand as economic activity remains robust. Low inventories and capacity constraints are also contributing to healthy freight demand, which in turn is boosting trucking volumes.
This truckload transportation services provider is expected to post quarterly earnings of $1.26 per share in its upcoming report, which represents a year-over-year change of +31.3%. Revenues are expected to be $288.4 million, up 12.5% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Covenant Logistics, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on CVLG going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Covenant Logistics belongs to the Zacks Transportation - Truck industry. Another stock from the same industry, Marten Transport, Ltd. (MRTN - Free Report) , closed the last trading session 2.6% higher at $16.90. Over the past month, MRTN has returned -5.8%.
For Marten Transport, Ltd., the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.32. This represents a change of +23.1% from what the company reported a year ago. Marten Transport, Ltd. currently has a Zacks Rank of #3 (Hold).