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Covenant Logistics (CVLG) Stock Sinks As Market Gains: What You Should Know
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Covenant Logistics (CVLG - Free Report) closed at $49.27 in the latest trading session, marking a -1.74% move from the prior day. This change lagged the S&P 500's 0.67% gain on the day. Elsewhere, the Dow gained 0.73%, while the tech-heavy Nasdaq added 0.94%.
Heading into today, shares of the truckload transportation services provider had lost 6.4% over the past month, lagging the Transportation sector's loss of 5.51% and the S&P 500's loss of 3.8% in that time.
Covenant Logistics will be looking to display strength as it nears its next earnings release. The company is expected to report EPS of $1.16, down 23.68% from the prior-year quarter.
Investors might also notice 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.
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.
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 7.45% higher. Covenant Logistics is holding a Zacks Rank of #1 (Strong Buy) right now.
Looking at its valuation, Covenant Logistics is holding a Forward P/E ratio of 11.59. This valuation marks a discount compared to its industry's average Forward P/E of 24.44.
The Transportation - Truck industry is part of the Transportation sector. This industry currently has a Zacks Industry Rank of 238, which puts it in the bottom 6% 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.
You can find more information on all of these metrics, and much more, on Zacks.com.
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Covenant Logistics (CVLG) Stock Sinks As Market Gains: What You Should Know
Covenant Logistics (CVLG - Free Report) closed at $49.27 in the latest trading session, marking a -1.74% move from the prior day. This change lagged the S&P 500's 0.67% gain on the day. Elsewhere, the Dow gained 0.73%, while the tech-heavy Nasdaq added 0.94%.
Heading into today, shares of the truckload transportation services provider had lost 6.4% over the past month, lagging the Transportation sector's loss of 5.51% and the S&P 500's loss of 3.8% in that time.
Covenant Logistics will be looking to display strength as it nears its next earnings release. The company is expected to report EPS of $1.16, down 23.68% from the prior-year quarter.
Investors might also notice 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.
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.
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 7.45% higher. Covenant Logistics is holding a Zacks Rank of #1 (Strong Buy) right now.
Looking at its valuation, Covenant Logistics is holding a Forward P/E ratio of 11.59. This valuation marks a discount compared to its industry's average Forward P/E of 24.44.
The Transportation - Truck industry is part of the Transportation sector. This industry currently has a Zacks Industry Rank of 238, which puts it in the bottom 6% 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.
You can find more information on all of these metrics, and much more, on Zacks.com.