Is Old Dominion Freight Line (ODFL) Outperforming Other Transportation Stocks This Year?
Investors interested in Transportation stocks should always be looking to find the best-performing companies in the group. Is Old Dominion Freight Line (ODFL) one of those stocks right now? By taking a look at the stock's year-to-date performance in comparison to its Transportation peers, we might be able to answer that question.
Old Dominion Freight Line is a member of our Transportation group, which includes 139 different companies and currently sits at #3 in the Zacks Sector Rank. The Zacks Sector Rank includes 16 different groups and is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors.
The Zacks Rank emphasizes earnings estimates and estimate revisions to find stocks with improving earnings outlooks. This system has a long record of success, and these stocks tend to be on track to beat the market over the next one to three months. Old Dominion Freight Line is currently sporting a Zacks Rank of #2 (Buy).
Over the past 90 days, the Zacks Consensus Estimate for ODFL's full-year earnings has moved 2.9% higher. This signals that analyst sentiment is improving and the stock's earnings outlook is more positive.
Our latest available data shows that ODFL has returned about 82% since the start of the calendar year. At the same time, Transportation stocks have gained an average of 5.6%. This means that Old Dominion Freight Line is outperforming the sector as a whole this year.
Another Transportation stock, which has outperformed the sector so far this year, is Ryder (R). The stock has returned 34.5% year-to-date.
Over the past three months, Ryder's consensus EPS estimate for the current year has increased 14%. The stock currently has a Zacks Rank #1 (Strong Buy).
Looking more specifically, Old Dominion Freight Line belongs to the Transportation - Truck industry, a group that includes 12 individual stocks and currently sits at #18 in the Zacks Industry Rank. On average, this group has gained an average of 56.4% so far this year, meaning that ODFL is performing better in terms of year-to-date returns.
In contrast, Ryder falls under the Transportation - Equipment and Leasing industry. Currently, this industry has 12 stocks and is ranked #85. Since the beginning of the year, the industry has moved +33.7%.
Investors interested in the Transportation sector may want to keep a close eye on Old Dominion Freight Line and Ryder as they attempt to continue their solid performance.
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