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Covenant Logistics (CVLG) Suffers a Larger Drop Than the General Market: Key Insights
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Covenant Logistics (CVLG - Free Report) closed the latest trading day at $42.22, indicating a -1.97% change from the previous session's end. This change lagged the S&P 500's daily loss of 0.39%. Meanwhile, the Dow experienced a drop of 0.19%, and the technology-dominated Nasdaq saw a decrease of 0.59%.
Coming into today, shares of the truckload transportation services provider had gained 6.98% in the past month. In that same time, the Transportation sector gained 7%, while the S&P 500 gained 5.08%.
Market participants will be closely following the financial results of Covenant Logistics in its upcoming release. The company's earnings per share (EPS) are projected to be $1.07, reflecting a 21.9% decrease from the same quarter last year.
Investors might also notice recent changes to analyst estimates for Covenant Logistics. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical 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, the Zacks Consensus EPS estimate has remained steady. Covenant Logistics presently features a Zacks Rank of #4 (Sell).
Looking at valuation, Covenant Logistics is presently trading at a Forward P/E ratio of 10.32. Its industry sports an average Forward P/E of 24.1, so one might conclude that Covenant Logistics is trading at a discount comparatively.
The Transportation - Truck industry is part of the Transportation sector. At present, this industry carries a Zacks Industry Rank of 236, placing it within the bottom 7% of over 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.
Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.
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Covenant Logistics (CVLG) Suffers a Larger Drop Than the General Market: Key Insights
Covenant Logistics (CVLG - Free Report) closed the latest trading day at $42.22, indicating a -1.97% change from the previous session's end. This change lagged the S&P 500's daily loss of 0.39%. Meanwhile, the Dow experienced a drop of 0.19%, and the technology-dominated Nasdaq saw a decrease of 0.59%.
Coming into today, shares of the truckload transportation services provider had gained 6.98% in the past month. In that same time, the Transportation sector gained 7%, while the S&P 500 gained 5.08%.
Market participants will be closely following the financial results of Covenant Logistics in its upcoming release. The company's earnings per share (EPS) are projected to be $1.07, reflecting a 21.9% decrease from the same quarter last year.
Investors might also notice recent changes to analyst estimates for Covenant Logistics. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical 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, the Zacks Consensus EPS estimate has remained steady. Covenant Logistics presently features a Zacks Rank of #4 (Sell).
Looking at valuation, Covenant Logistics is presently trading at a Forward P/E ratio of 10.32. Its industry sports an average Forward P/E of 24.1, so one might conclude that Covenant Logistics is trading at a discount comparatively.
The Transportation - Truck industry is part of the Transportation sector. At present, this industry carries a Zacks Industry Rank of 236, placing it within the bottom 7% of over 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.
Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.