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Allegiant (ALGT) Dips 2.98% in Yesterday'sTrading: Here's Why
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Shares of Allegiant Travel Company (ALGT - Free Report) declined 2.98% on Dec 20, closing the trading session at $65.07. The decline came despite an increase in November traffic. It seems that the decline in the number of departures for November disappointed investors, leading to the stock price depreciation.
What the Traffic Report Says
In November 2022, Allegiant carried 1.19 million passengers in scheduled service, up 8.4% from the November 2019 actuals. Revenue passenger miles (a measure of traffic) and available seat miles (a measure of capacity) increased 13.7% and 6.2%, respectively, from the November 2019 levels.
Load factor (percentage of seats filled by passengers) increased 5.6 points to 86% in November 2022, as the traffic increase was more than the capacity expansion. However, departures declined 1.3% from the November 2019 actuals.
In November 2022, Allegiant carried 8.2% more passengers (system-wide) than in November 2019. Capacity increased 6.9% from the three-year-ago comparable month’s reading.
Departures (system-wide) declined 0.7% from the November 2019 actuals. On a year-over-year basis, departures declined 9.4% and 8.1%, respectively, for scheduled service and total system.
Zacks Rank & Stocks to Consider
Allegiant currently carries a Zacks Rank #4 (Sell).Investors interested in the broader Transportation sector may, however, consider the following better-ranked stocks:
Covenant Logistics (CVLG - Free Report) : CVLG offers a portfolio of transportation and logistics services, including asset-based expedited, dedicated and irregular route truckload capacity, beside asset-light warehousing, transportation management and freight brokerage capability.
The gradually improving freight market scenario is a tailwind for Covenant. CVLG’s cost-control efforts are appreciated as well. CVLG currently sports a Zacks Rank #1 (Strong Buy). The stock has witnessed the Zacks Consensus Estimate for 2022 earnings being revised 10.1% upward over the past 60 days. You can see the complete list of today’s Zacks #1 Rank stocks here.
Teekay Tankers (TNK - Free Report) : TNK is well-served by the increase in tanker rates. A gradual ramp-up in economic activities also bodes well. High fuel costs are, however, weighing on the bottom line.
Teekay Tankers currently sports a Zacks Rank #1. TNK’s shares have soared 160% in a year. Over the past 60 days, the Zacks Consensus Estimate for 2022 earnings has moved 87.6% north.
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Allegiant (ALGT) Dips 2.98% in Yesterday'sTrading: Here's Why
Shares of Allegiant Travel Company (ALGT - Free Report) declined 2.98% on Dec 20, closing the trading session at $65.07. The decline came despite an increase in November traffic. It seems that the decline in the number of departures for November disappointed investors, leading to the stock price depreciation.
What the Traffic Report Says
In November 2022, Allegiant carried 1.19 million passengers in scheduled service, up 8.4% from the November 2019 actuals. Revenue passenger miles (a measure of traffic) and available seat miles (a measure of capacity) increased 13.7% and 6.2%, respectively, from the November 2019 levels.
Load factor (percentage of seats filled by passengers) increased 5.6 points to 86% in November 2022, as the traffic increase was more than the capacity expansion. However, departures declined 1.3% from the November 2019 actuals.
In November 2022, Allegiant carried 8.2% more passengers (system-wide) than in November 2019. Capacity increased 6.9% from the three-year-ago comparable month’s reading.
Departures (system-wide) declined 0.7% from the November 2019 actuals. On a year-over-year basis, departures declined 9.4% and 8.1%, respectively, for scheduled service and total system.
Zacks Rank & Stocks to Consider
Allegiant currently carries a Zacks Rank #4 (Sell).Investors interested in the broader Transportation sector may, however, consider the following better-ranked stocks:
Covenant Logistics (CVLG - Free Report) : CVLG offers a portfolio of transportation and logistics services, including asset-based expedited, dedicated and irregular route truckload capacity, beside asset-light warehousing, transportation management and freight brokerage capability.
The gradually improving freight market scenario is a tailwind for Covenant. CVLG’s cost-control efforts are appreciated as well. CVLG currently sports a Zacks Rank #1 (Strong Buy). The stock has witnessed the Zacks Consensus Estimate for 2022 earnings being revised 10.1% upward over the past 60 days. You can see the complete list of today’s Zacks #1 Rank stocks here.
Teekay Tankers (TNK - Free Report) : TNK is well-served by the increase in tanker rates. A gradual ramp-up in economic activities also bodes well. High fuel costs are, however, weighing on the bottom line.
Teekay Tankers currently sports a Zacks Rank #1. TNK’s shares have soared 160% in a year. Over the past 60 days, the Zacks Consensus Estimate for 2022 earnings has moved 87.6% north.