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Why Covenant Logistics (CVLG) Dipped More Than Broader Market Today
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In the latest trading session, Covenant Logistics (CVLG - Free Report) closed at $45.46, marking a -1.04% move from the previous day. The stock's performance was behind the S&P 500's daily loss of 0.72%. At the same time, the Dow lost 1%, and the tech-heavy Nasdaq lost 0.95%.
The truckload transportation services provider's stock has dropped by 1.23% in the past month, falling short of the Transportation sector's gain of 1.19% and the S&P 500's gain of 2.16%.
Market participants will be closely following the financial results of Covenant Logistics in its upcoming release. The company plans to announce its earnings on April 24, 2024. The company's earnings per share (EPS) are projected to be $0.87, reflecting a 6.45% decrease from the same quarter last year.
Investors should also take note of any recent adjustments to analyst estimates for Covenant Logistics. These revisions help to show the ever-changing nature of near-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the company's business health and profitability.
Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. 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 ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection remained stagnant. At present, Covenant Logistics boasts a Zacks Rank of #3 (Hold).
Looking at its valuation, Covenant Logistics is holding a Forward P/E ratio of 10.68. This valuation marks a discount compared to its industry's average Forward P/E of 27.83.
The Transportation - Truck industry is part of the Transportation sector. At present, this industry carries a Zacks Industry Rank of 218, placing it within the bottom 14% of over 250 industries.
The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in 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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Why Covenant Logistics (CVLG) Dipped More Than Broader Market Today
In the latest trading session, Covenant Logistics (CVLG - Free Report) closed at $45.46, marking a -1.04% move from the previous day. The stock's performance was behind the S&P 500's daily loss of 0.72%. At the same time, the Dow lost 1%, and the tech-heavy Nasdaq lost 0.95%.
The truckload transportation services provider's stock has dropped by 1.23% in the past month, falling short of the Transportation sector's gain of 1.19% and the S&P 500's gain of 2.16%.
Market participants will be closely following the financial results of Covenant Logistics in its upcoming release. The company plans to announce its earnings on April 24, 2024. The company's earnings per share (EPS) are projected to be $0.87, reflecting a 6.45% decrease from the same quarter last year.
Investors should also take note of any recent adjustments to analyst estimates for Covenant Logistics. These revisions help to show the ever-changing nature of near-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the company's business health and profitability.
Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. 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 ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection remained stagnant. At present, Covenant Logistics boasts a Zacks Rank of #3 (Hold).
Looking at its valuation, Covenant Logistics is holding a Forward P/E ratio of 10.68. This valuation marks a discount compared to its industry's average Forward P/E of 27.83.
The Transportation - Truck industry is part of the Transportation sector. At present, this industry carries a Zacks Industry Rank of 218, placing it within the bottom 14% of over 250 industries.
The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in 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.