Raymond James Forecasts Strong Price Appreciation for SkyWest (NASDAQ:SKYW) Stock

SkyWest (NASDAQ:SKYW) had its target price lifted by research analysts at Raymond James from $100.00 to $114.00 in a research report issued to clients and investors on Friday, Benzinga reports. The brokerage presently has an “outperform” rating on the transportation company’s stock. Raymond James’ price target would suggest a potential upside of 11.78% from the stock’s current price.

SkyWest Trading Up 7.1 %

SkyWest stock traded up $6.79 during trading on Friday, reaching $101.99. 388,212 shares of the company were exchanged, compared to its average volume of 404,304. The stock’s 50 day simple moving average is $84.34 and its two-hundred day simple moving average is $79.55. The company has a market capitalization of $4.09 billion, a P/E ratio of 24.05 and a beta of 1.95. The company has a debt-to-equity ratio of 1.02, a current ratio of 0.84 and a quick ratio of 0.74. SkyWest has a 52-week low of $41.96 and a 52-week high of $103.49.

SkyWest (NASDAQ:SKYW) last released its earnings results on Thursday, October 31st. The transportation company reported $2.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.92 by $0.24. SkyWest had a net margin of 5.55% and a return on equity of 8.18%. The company had revenue of $912.79 million for the quarter, compared to analyst estimates of $896.21 million. During the same period in the prior year, the business earned $0.55 EPS. The firm’s quarterly revenue was up 19.1% on a year-over-year basis. On average, equities research analysts expect that SkyWest will post 6.88 earnings per share for the current fiscal year.

Institutional Investors Weigh In On SkyWest

Hedge funds have recently modified their holdings of the company. NBC Securities Inc. grew its stake in SkyWest by 1,368.0% during the 3rd quarter. NBC Securities Inc. now owns 367 shares of the transportation company’s stock valued at $31,000 after purchasing an additional 342 shares in the last quarter. Kings Path Partners LLC bought a new position in shares of SkyWest in the second quarter worth $42,000. Migdal Insurance & Financial Holdings Ltd. acquired a new position in shares of SkyWest during the second quarter valued at $54,000. CWM LLC raised its stake in shares of SkyWest by 57.3% during the second quarter. CWM LLC now owns 766 shares of the transportation company’s stock valued at $63,000 after purchasing an additional 279 shares in the last quarter. Finally, GAMMA Investing LLC lifted its holdings in SkyWest by 45.9% in the second quarter. GAMMA Investing LLC now owns 928 shares of the transportation company’s stock worth $76,000 after purchasing an additional 292 shares during the period. 81.30% of the stock is owned by institutional investors and hedge funds.

SkyWest Company Profile

SkyWest, Inc is the holding company for two scheduled passenger airline operations and an aircraft leasing company. SkyWest’s airline companies provide commercial air service in cities throughout North America with nearly 3,000 daily flights carrying more than 53 million passengers annually. SkyWest Airlines operates through partnerships with United Airlines, Delta Air Lines, American Airlines and Alaska Airlines.