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Covenant Logistics (CVLG) Outpaces Stock Market Gains: What You Should Know
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In the latest trading session, Covenant Logistics (CVLG - Free Report) closed at $44.67, marking a +1.82% move from the previous day. The stock outpaced the S&P 500's daily gain of 0.39%.
Prior to today's trading, shares of the truckload transportation services provider had gained 10.09% over the past month. This has outpaced the Transportation sector's gain of 5.25% and the S&P 500's gain of 3.16% in that time.
Investors will be hoping for strength from Covenant Logistics as it approaches its next earnings release, which 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%.
Investors might also notice recent changes to analyst estimates for Covenant Logistics. These recent revisions tend to reflect the evolving nature of short-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. 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.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 2.42% lower. Covenant Logistics is currently a Zacks Rank #3 (Hold).
Valuation is also important, so investors should note that Covenant Logistics has a Forward P/E ratio of 10.9 right now. This valuation marks a discount compared to its industry's average Forward P/E of 19.2.
The Transportation - Truck industry is part of the Transportation sector. This group has a Zacks Industry Rank of 193, putting it in the bottom 24% 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.
To follow CVLG in the coming trading sessions, be sure to utilize Zacks.com.
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Covenant Logistics (CVLG) Outpaces Stock Market Gains: What You Should Know
In the latest trading session, Covenant Logistics (CVLG - Free Report) closed at $44.67, marking a +1.82% move from the previous day. The stock outpaced the S&P 500's daily gain of 0.39%.
Prior to today's trading, shares of the truckload transportation services provider had gained 10.09% over the past month. This has outpaced the Transportation sector's gain of 5.25% and the S&P 500's gain of 3.16% in that time.
Investors will be hoping for strength from Covenant Logistics as it approaches its next earnings release, which 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%.
Investors might also notice recent changes to analyst estimates for Covenant Logistics. These recent revisions tend to reflect the evolving nature of short-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. 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.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 2.42% lower. Covenant Logistics is currently a Zacks Rank #3 (Hold).
Valuation is also important, so investors should note that Covenant Logistics has a Forward P/E ratio of 10.9 right now. This valuation marks a discount compared to its industry's average Forward P/E of 19.2.
The Transportation - Truck industry is part of the Transportation sector. This group has a Zacks Industry Rank of 193, putting it in the bottom 24% 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.
To follow CVLG in the coming trading sessions, be sure to utilize Zacks.com.