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Covenant Stock Sees Composite Rating Climb To 96 In Tough Market

Covenant (CVLG) saw its IBD SmartSelect Composite Rating jump to 96 Tuesday, up from 93 the day before.




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The revised score means the stock currently tops 96% of all other stocks in terms of key performance metrics and technical strength. History shows the top market performers tend to have a 95 or higher score as they launch their major moves.

Covenant stock is now out of buy range after clearing the 24.07 buy point in a cup without handle. Be aware that it is a thinly traded stock, with average daily dollar volume under $8 million.


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One weak spot is the company’s 65 EPS Rating, which tracks quarterly and annual earnings-per-share growth. Look for that to improve to 80 or better to show it’s in the top 20% of all stocks.

Its Accumulation/Distribution Rating of A- shows heavy buying by institutional investors, such as mutual funds and pension funds, over the last 13 weeks. The RS line is at new highs, a postive sign.

In Q2, the company posted 4,900% earnings-per-share growth. That marks five straight reports with rising EPS growth. Sales growth climbed 34%, up from 5% in the prior quarter. The company has now posted accelerating growth in each of the last four quarters.

Covenant holds the No. 3 rank among its peers in the Transportation-Truck industry group. Arcbest (ARCB) is the top-ranked stock within the group.

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