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Covenant Logistics (CVLG) Outpaces Stock Market Gains: What You Should Know
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Covenant Logistics (CVLG - Free Report) closed at $35.42 in the latest trading session, marking a +1.55% move from the prior day. This move outpaced the S&P 500's daily gain of 1.44%. At the same time, the Dow added 1.26%, and the tech-heavy Nasdaq gained 5.21%.
Coming into today, shares of the truckload transportation services provider had lost 1.99% in the past month. In that same time, the Transportation sector lost 1.41%, while the S&P 500 gained 2.28%.
Investors will be hoping for strength from Covenant Logistics as it approaches its next earnings release. On that day, Covenant Logistics is projected to report earnings of $0.77 per share, which would represent a year-over-year decline of 42.96%. Meanwhile, our latest consensus estimate is calling for revenue of $256 million, down 12.21% from the prior-year quarter.
For the full year, our Zacks Consensus Estimates are projecting earnings of $3.77 per share and revenue of $1.06 billion, which would represent changes of -35.45% and -12.99%, respectively, from the prior year.
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.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. 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.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. The Zacks Consensus EPS estimate remained stagnant within the past month. Covenant Logistics currently has a Zacks Rank of #3 (Hold).
Valuation is also important, so investors should note that Covenant Logistics has a Forward P/E ratio of 9.26 right now. This represents a discount compared to its industry's average Forward P/E of 15.
The Transportation - Truck industry is part of the Transportation sector. This group has a Zacks Industry Rank of 154, putting it in the bottom 39% 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.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
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Covenant Logistics (CVLG) Outpaces Stock Market Gains: What You Should Know
Covenant Logistics (CVLG - Free Report) closed at $35.42 in the latest trading session, marking a +1.55% move from the prior day. This move outpaced the S&P 500's daily gain of 1.44%. At the same time, the Dow added 1.26%, and the tech-heavy Nasdaq gained 5.21%.
Coming into today, shares of the truckload transportation services provider had lost 1.99% in the past month. In that same time, the Transportation sector lost 1.41%, while the S&P 500 gained 2.28%.
Investors will be hoping for strength from Covenant Logistics as it approaches its next earnings release. On that day, Covenant Logistics is projected to report earnings of $0.77 per share, which would represent a year-over-year decline of 42.96%. Meanwhile, our latest consensus estimate is calling for revenue of $256 million, down 12.21% from the prior-year quarter.
For the full year, our Zacks Consensus Estimates are projecting earnings of $3.77 per share and revenue of $1.06 billion, which would represent changes of -35.45% and -12.99%, respectively, from the prior year.
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.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. 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.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. The Zacks Consensus EPS estimate remained stagnant within the past month. Covenant Logistics currently has a Zacks Rank of #3 (Hold).
Valuation is also important, so investors should note that Covenant Logistics has a Forward P/E ratio of 9.26 right now. This represents a discount compared to its industry's average Forward P/E of 15.
The Transportation - Truck industry is part of the Transportation sector. This group has a Zacks Industry Rank of 154, putting it in the bottom 39% 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.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.