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Covenant Logistics (CVLG) Gains But Lags Market: What You Should Know
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In the latest trading session, Covenant Logistics (CVLG - Free Report) closed at $33.80, marking a +1.11% move from the previous day. This change lagged the S&P 500's 2.28% gain on the day. Elsewhere, the Dow gained 2.13%, while the tech-heavy Nasdaq added 5.02%.
Heading into today, shares of the truckload transportation services provider had lost 9.92% over the past month, lagging the Transportation sector's loss of 3.85% and the S&P 500's loss of 4.61% in that time.
Wall Street will be looking for positivity from Covenant Logistics as it approaches its next earnings report date. This is expected to be January 25, 2023. In that report, analysts expect Covenant Logistics to post earnings of $1.51 per share. This would mark year-over-year growth of 41.12%. Meanwhile, our latest consensus estimate is calling for revenue of $295.8 million, up 0.53% from the prior-year quarter.
It is also important to note the recent changes to analyst estimates for Covenant Logistics. These revisions help to show the ever-changing nature of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate remained stagnant. Covenant Logistics is holding a Zacks Rank of #3 (Hold) right now.
Valuation is also important, so investors should note that Covenant Logistics has a Forward P/E ratio of 7.92 right now. This valuation marks a discount compared to its industry's average Forward P/E of 13.45.
The Transportation - Truck industry is part of the Transportation sector. This group has a Zacks Industry Rank of 181, putting it in the bottom 29% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
To follow CVLG in the coming trading sessions, be sure to utilize Zacks.com.
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Covenant Logistics (CVLG) Gains But Lags Market: What You Should Know
In the latest trading session, Covenant Logistics (CVLG - Free Report) closed at $33.80, marking a +1.11% move from the previous day. This change lagged the S&P 500's 2.28% gain on the day. Elsewhere, the Dow gained 2.13%, while the tech-heavy Nasdaq added 5.02%.
Heading into today, shares of the truckload transportation services provider had lost 9.92% over the past month, lagging the Transportation sector's loss of 3.85% and the S&P 500's loss of 4.61% in that time.
Wall Street will be looking for positivity from Covenant Logistics as it approaches its next earnings report date. This is expected to be January 25, 2023. In that report, analysts expect Covenant Logistics to post earnings of $1.51 per share. This would mark year-over-year growth of 41.12%. Meanwhile, our latest consensus estimate is calling for revenue of $295.8 million, up 0.53% from the prior-year quarter.
It is also important to note the recent changes to analyst estimates for Covenant Logistics. These revisions help to show the ever-changing nature of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate remained stagnant. Covenant Logistics is holding a Zacks Rank of #3 (Hold) right now.
Valuation is also important, so investors should note that Covenant Logistics has a Forward P/E ratio of 7.92 right now. This valuation marks a discount compared to its industry's average Forward P/E of 13.45.
The Transportation - Truck industry is part of the Transportation sector. This group has a Zacks Industry Rank of 181, putting it in the bottom 29% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
To follow CVLG in the coming trading sessions, be sure to utilize Zacks.com.