Is Old Dominion Freight Line (ODFL) Outperforming Other Transportation Stocks This Year?
Here is how Old Dominion Freight Line (ODFL) and Schneider National (SNDR) have performed compared to their sector so far this year.
Old Dominion Freight Line, Inc. operates as a less-than-truckload (LTL) motor carrier in the United States and North America. As of December 31, 2021, it owned and operated 10,403 tractors, 27,917 linehaul trailers, and 13,303 pickup and delivery trailers.
Here is how Old Dominion Freight Line (ODFL) and Schneider National (SNDR) have performed compared to their sector so far this year.
Investors need to pay close attention to ODFL stock based on the movements in the options market lately.
Electric, autonomously driven big rigs are one solution to the shipping industry’s current diesel problem. A gallon of diesel fuel is around $6, nearly double the year-ago level. Crude oil prices aren’t up that much, but the fighting has taken so-called heavier crude off the market, which yields more diesel fuel per barrel, all else being equal.
XPO, Saia, Knight-Swift, and Paccar could benefit as tightening trucking capacity and improving freight rates outweigh the hit from soaring diesel prices.
Industrials businesses quietly power the physical things we depend on, from cars and homes to e-commerce infrastructure. Unfortunately, this role also comes with a demand profile tethered to the ebbs and flows of the broader economy, and the industry is currently lagging as its six-month return of 2.9% has trailed the S&P 500’s 13.1% gain.
XPO, Saia, Knight-Swift, and Paccar could benefit as tightening trucking capacity and improving freight rates outweigh the hit from soaring diesel prices.
Old Dominion Freight has rallied other industrial stocks, and analysts remain moderately optimistic about the stock’s outlook.
Investing.com -- Citi has turned more positive on trucking and logistics stocks, upgrading Old Dominion Freight Line and C.H. Robinson to Buy in a note Tuesday after both fell from their summer highs.
Old Dominion Freight Line (NASDAQ:ODFL) shares rose 1. 3% to $188.