SkyWest, Inc. (NASDAQ:SKYW) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Wednesday. The brokerage presently has a $45.00 target price on the transportation company’s stock. Zacks Investment Research‘s target price suggests a potential upside of 9.76% from the company’s current price.
According to Zacks, “SkyWest, Inc., through its wholly-owned subsidiary, SkyWest Airlines, Inc. , operates one of the larger regional airlines in the United States. SkyWest provides passenger and air freight service and completes over 880 daily flights. Pursuant to a joint marketing and code sharing agreement with Delta Airlines, Inc., SkyWest operates as a Delta Connection in certain SkyWest markets. SkyWest entered into a marketing and code sharing agreement with Continental Airlines, Inc. Which allows SkyWest to operate as a Continental Connection in certain markets in and out of Los Angeles. “
Several other research firms have also issued reports on SKYW. BidaskClub lowered shares of SkyWest from a “sell” rating to a “strong sell” rating in a report on Tuesday, August 22nd. ValuEngine upgraded shares of SkyWest from a “buy” rating to a “strong-buy” rating in a report on Friday, June 2nd. Finally, Cowen and Company restated an “outperform” rating and issued a $44.00 target price (up previously from $40.00) on shares of SkyWest in a report on Monday, August 7th. One analyst has rated the stock with a sell rating, two have issued a hold rating, three have assigned a buy rating and three have issued a strong buy rating to the company’s stock. SkyWest presently has an average rating of “Buy” and an average price target of $42.17.
Shares of SkyWest (SKYW) opened at 41.00 on Wednesday. The company’s 50-day moving average price is $36.23 and its 200 day moving average price is $35.67. SkyWest has a 52 week low of $25.04 and a 52 week high of $41.35. The firm’s market cap is $2.13 billion.
SkyWest (NASDAQ:SKYW) last issued its quarterly earnings data on Thursday, July 27th. The transportation company reported $0.95 earnings per share for the quarter, topping the consensus estimate of $0.87 by $0.08. SkyWest had a negative net margin of 4.59% and a positive return on equity of 11.10%. The company had revenue of $809.76 million for the quarter, compared to analysts’ expectations of $790.14 million. During the same quarter in the previous year, the firm posted $0.77 earnings per share. SkyWest’s revenue for the quarter was up 1.1% on a year-over-year basis. On average, equities analysts anticipate that SkyWest will post $3.25 earnings per share for the current year.
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Several hedge funds and other institutional investors have recently made changes to their positions in SKYW. Oppenheimer Asset Management Inc. raised its holdings in shares of SkyWest by 108.5% during the second quarter. Oppenheimer Asset Management Inc. now owns 2,860 shares of the transportation company’s stock valued at $100,000 after purchasing an additional 1,488 shares during the period. Bank of Montreal Can raised its holdings in shares of SkyWest by 10.0% during the first quarter. Bank of Montreal Can now owns 3,675 shares of the transportation company’s stock valued at $126,000 after purchasing an additional 334 shares during the period. Ameritas Investment Partners Inc. acquired a new position in shares of SkyWest during the first quarter valued at about $138,000. Riverhead Capital Management LLC raised its holdings in shares of SkyWest by 81.0% during the second quarter. Riverhead Capital Management LLC now owns 4,162 shares of the transportation company’s stock valued at $146,000 after purchasing an additional 1,862 shares during the period. Finally, Flinton Capital Management LLC raised its holdings in shares of SkyWest by 73.1% during the second quarter. Flinton Capital Management LLC now owns 5,474 shares of the transportation company’s stock valued at $192,000 after purchasing an additional 2,312 shares during the period. Hedge funds and other institutional investors own 89.39% of the company’s stock.
SkyWest Company Profile
SkyWest, Inc, through its subsidiaries, SkyWest Airlines, Inc (SkyWest Airlines) and ExpressJet Airlines, Inc (ExpressJet), operates regional airline operations in the United States. The Company’s segments include SkyWest Airlines, ExpressJet and SkyWest Leasing. The SkyWest Airlines segment provides regional jet service to airports primarily located in the Midwestern and Western United States, as well as Mexico and Canada.
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