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Covenant Logistics (CVLG) Dips More Than Broader Markets: What You Should Know
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Covenant Logistics (CVLG - Free Report) closed at $43.87 in the latest trading session, marking a -0.79% move from the prior day. This change lagged the S&P 500's 0.1% loss on the day. At the same time, the Dow added 0.33%, and the tech-heavy Nasdaq lost 5.8%.
Prior to today's trading, shares of the truckload transportation services provider had gained 10.14% over the past month. This has outpaced the Transportation sector's gain of 7.23% and the S&P 500's gain of 3.39% 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 July 26, 2023. In that report, analysts expect Covenant Logistics to post earnings of $0.85 per share. This would mark a year-over-year decline of 47.85%.
It is also important to note the recent changes to analyst estimates for Covenant Logistics. These revisions typically reflect the latest short-term business trends, which can change frequently. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. 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. Within the past 30 days, our consensus EPS projection has moved 2.42% lower. 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 10.99 right now. This represents a discount compared to its industry's average Forward P/E of 19.22.
The Transportation - Truck industry is part of the Transportation sector. This group has a Zacks Industry Rank of 194, putting it in the bottom 24% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our 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.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
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Covenant Logistics (CVLG) Dips More Than Broader Markets: What You Should Know
Covenant Logistics (CVLG - Free Report) closed at $43.87 in the latest trading session, marking a -0.79% move from the prior day. This change lagged the S&P 500's 0.1% loss on the day. At the same time, the Dow added 0.33%, and the tech-heavy Nasdaq lost 5.8%.
Prior to today's trading, shares of the truckload transportation services provider had gained 10.14% over the past month. This has outpaced the Transportation sector's gain of 7.23% and the S&P 500's gain of 3.39% 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 July 26, 2023. In that report, analysts expect Covenant Logistics to post earnings of $0.85 per share. This would mark a year-over-year decline of 47.85%.
It is also important to note the recent changes to analyst estimates for Covenant Logistics. These revisions typically reflect the latest short-term business trends, which can change frequently. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. 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. Within the past 30 days, our consensus EPS projection has moved 2.42% lower. 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 10.99 right now. This represents a discount compared to its industry's average Forward P/E of 19.22.
The Transportation - Truck industry is part of the Transportation sector. This group has a Zacks Industry Rank of 194, putting it in the bottom 24% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our 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.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.