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Covenant Logistics (CVLG) Outpaces Stock Market Gains: What You Should Know
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In the latest trading session, Covenant Logistics (CVLG - Free Report) closed at $36.66, marking a +1.97% move from the previous day. This change outpaced the S&P 500's 1.89% gain on the day. Elsewhere, the Dow gained 1%, while the tech-heavy Nasdaq added 10%.
Coming into today, shares of the truckload transportation services provider had gained 0.08% in the past month. In that same time, the Transportation sector gained 3.2%, while the S&P 500 gained 2.3%.
Investors will be hoping for strength from Covenant Logistics as it approaches its next earnings release, which is expected to be January 25, 2023. On that day, Covenant Logistics is projected to report earnings of $1.51 per share, which would represent 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. Recent revisions tend to reflect the latest near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate remained stagnant. Covenant Logistics is currently sporting a Zacks Rank of #3 (Hold).
In terms of valuation, Covenant Logistics is currently trading at a Forward P/E ratio of 8.51. For comparison, its industry has an average Forward P/E of 13.95, which means Covenant Logistics is trading at a discount to the group.
The Transportation - Truck industry is part of the Transportation sector. This industry currently has a Zacks Industry Rank of 202, which puts it in the bottom 20% of all 250+ industries.
The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. 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) Outpaces Stock Market Gains: What You Should Know
In the latest trading session, Covenant Logistics (CVLG - Free Report) closed at $36.66, marking a +1.97% move from the previous day. This change outpaced the S&P 500's 1.89% gain on the day. Elsewhere, the Dow gained 1%, while the tech-heavy Nasdaq added 10%.
Coming into today, shares of the truckload transportation services provider had gained 0.08% in the past month. In that same time, the Transportation sector gained 3.2%, while the S&P 500 gained 2.3%.
Investors will be hoping for strength from Covenant Logistics as it approaches its next earnings release, which is expected to be January 25, 2023. On that day, Covenant Logistics is projected to report earnings of $1.51 per share, which would represent 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. Recent revisions tend to reflect the latest near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate remained stagnant. Covenant Logistics is currently sporting a Zacks Rank of #3 (Hold).
In terms of valuation, Covenant Logistics is currently trading at a Forward P/E ratio of 8.51. For comparison, its industry has an average Forward P/E of 13.95, which means Covenant Logistics is trading at a discount to the group.
The Transportation - Truck industry is part of the Transportation sector. This industry currently has a Zacks Industry Rank of 202, which puts it in the bottom 20% of all 250+ industries.
The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. 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.