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Covenant Logistics (CVLG) Stock Slides as Market Rises: Facts to Know Before You Trade
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Covenant Logistics (CVLG - Free Report) closed at $46.29 in the latest trading session, marking a -1.38% move from the prior day. The stock's performance was behind the S&P 500's daily gain of 0.08%. Elsewhere, the Dow saw a downswing of 0.31%, while the tech-heavy Nasdaq appreciated by 0.02%.
The the stock of truckload transportation services provider has risen by 5.65% in the past month, leading the Transportation sector's gain of 1.58% and the S&P 500's gain of 3.52%.
The investment community will be paying close attention to the earnings performance of Covenant Logistics in its upcoming release. The company is slated to reveal its earnings on January 23, 2024. It is anticipated that the company will report an EPS of $1.05, marking a 23.36% fall compared to the same quarter of the previous year.
It is also important to note the recent changes to analyst estimates for Covenant Logistics. Such recent modifications usually signify the changing landscape of near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the past month, there's been a 3.41% fall in the Zacks Consensus EPS estimate. Covenant Logistics is currently sporting a Zacks Rank of #4 (Sell).
From a valuation perspective, Covenant Logistics is currently exchanging hands at a Forward P/E ratio of 11.05. For comparison, its industry has an average Forward P/E of 19.94, 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 bearing a Zacks Industry Rank of 238, finds itself in the bottom 6% echelons of all 250+ industries.
The Zacks Industry Rank is ordered 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.
Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.
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Covenant Logistics (CVLG) Stock Slides as Market Rises: Facts to Know Before You Trade
Covenant Logistics (CVLG - Free Report) closed at $46.29 in the latest trading session, marking a -1.38% move from the prior day. The stock's performance was behind the S&P 500's daily gain of 0.08%. Elsewhere, the Dow saw a downswing of 0.31%, while the tech-heavy Nasdaq appreciated by 0.02%.
The the stock of truckload transportation services provider has risen by 5.65% in the past month, leading the Transportation sector's gain of 1.58% and the S&P 500's gain of 3.52%.
The investment community will be paying close attention to the earnings performance of Covenant Logistics in its upcoming release. The company is slated to reveal its earnings on January 23, 2024. It is anticipated that the company will report an EPS of $1.05, marking a 23.36% fall compared to the same quarter of the previous year.
It is also important to note the recent changes to analyst estimates for Covenant Logistics. Such recent modifications usually signify the changing landscape of near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the past month, there's been a 3.41% fall in the Zacks Consensus EPS estimate. Covenant Logistics is currently sporting a Zacks Rank of #4 (Sell).
From a valuation perspective, Covenant Logistics is currently exchanging hands at a Forward P/E ratio of 11.05. For comparison, its industry has an average Forward P/E of 19.94, 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 bearing a Zacks Industry Rank of 238, finds itself in the bottom 6% echelons of all 250+ industries.
The Zacks Industry Rank is ordered 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.
Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.