Back to top

Image: Bigstock

Covenant Logistics (CVLG) Ascends While Market Falls: Some Facts to Note

Read MoreHide Full Article

The most recent trading session ended with Covenant Logistics (CVLG - Free Report) standing at $46.18, reflecting a +0.98% shift from the previouse trading day's closing. This move outpaced the S&P 500's daily loss of 1.23%. Meanwhile, the Dow experienced a drop of 1.36%, and the technology-dominated Nasdaq saw a decrease of 1.4%.

Coming into today, shares of the truckload transportation services provider had lost 0.93% in the past month. In that same time, the Transportation sector gained 1.27%, while the S&P 500 gained 1.61%.

Investors will be eagerly watching for the performance of Covenant Logistics in its upcoming earnings disclosure. The company's earnings report is set to be unveiled on April 24, 2024. In that report, analysts expect Covenant Logistics to post earnings of $0.87 per share. This would mark a year-over-year decline of 6.45%.

Furthermore, it would be beneficial for investors to monitor any recent shifts in analyst projections for Covenant Logistics. Recent revisions tend to reflect the latest near-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the company's business health and profitability.

Based on our research, we believe these estimate revisions are directly related to near-team stock moves. 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 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. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed an unchanged state. 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 10.64. This represents a discount compared to its industry's average Forward P/E of 27.76.

The Transportation - Truck industry is part of the Transportation sector. This industry, currently bearing a Zacks Industry Rank of 219, finds itself in the bottom 14% echelons of all 250+ industries.

The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming 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.


See More Zacks Research for These Tickers


Normally $25 each - click below to receive one report FREE:


Covenant Logistics Group, Inc. (CVLG) - free report >>

Published in