Copa (NYSE:CPA) Sees Large Volume Increase Following Strong Earnings

Copa Holdings, S.A. (NYSE:CPA) saw unusually-high trading volume on Thursday following a better than expected earnings announcement. Approximately 313,671 shares were traded during mid-day trading, an increase of 6% from the previous session’s volume of 297,090 shares.The stock last traded at $114.49 and had previously closed at $126.44.

The transportation company reported $4.20 earnings per share for the quarter, topping analysts’ consensus estimates of $4.03 by $0.17. The business had revenue of $913.15 million during the quarter, compared to the consensus estimate of $917.51 million. Copa had a net margin of 18.36% and a return on equity of 26.22%. The business’s quarterly revenue was up 6.8% compared to the same quarter last year. During the same quarter last year, the company earned $3.50 earnings per share.

Copa Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 15th. Stockholders of record on Monday, December 1st will be issued a dividend of $1.61 per share. The ex-dividend date of this dividend is Monday, December 1st. This represents a $6.44 annualized dividend and a dividend yield of 5.5%. Copa’s dividend payout ratio is 41.87%.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on CPA. Cowen reissued a “buy” rating on shares of Copa in a report on Friday, August 8th. Evercore ISI increased their target price on Copa from $150.00 to $160.00 and gave the stock an “outperform” rating in a research report on Monday, September 29th. TD Cowen boosted their price target on shares of Copa from $144.00 to $147.00 and gave the company a “buy” rating in a report on Friday, August 8th. Weiss Ratings restated a “buy (b)” rating on shares of Copa in a research report on Wednesday, October 8th. Finally, Raymond James Financial set a $164.00 price objective on shares of Copa and gave the stock a “strong-buy” rating in a report on Monday, November 3rd. One research analyst has rated the stock with a Strong Buy rating and seven have given a Buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $157.67.

Hedge Funds Weigh In On Copa

A number of institutional investors and hedge funds have recently bought and sold shares of CPA. Capital World Investors raised its position in shares of Copa by 0.9% during the 3rd quarter. Capital World Investors now owns 4,573,570 shares of the transportation company’s stock worth $543,432,000 after buying an additional 40,285 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Copa by 3.4% during the third quarter. Dimensional Fund Advisors LP now owns 1,313,021 shares of the transportation company’s stock valued at $156,014,000 after acquiring an additional 42,921 shares during the period. Captrust Financial Advisors raised its holdings in Copa by 3.6% during the third quarter. Captrust Financial Advisors now owns 642,777 shares of the transportation company’s stock worth $76,375,000 after purchasing an additional 22,177 shares in the last quarter. Vontobel Holding Ltd. lifted its position in Copa by 16.6% in the second quarter. Vontobel Holding Ltd. now owns 552,249 shares of the transportation company’s stock worth $60,731,000 after purchasing an additional 78,687 shares during the period. Finally, Clark Capital Management Group Inc. boosted its stake in Copa by 35.2% during the 3rd quarter. Clark Capital Management Group Inc. now owns 550,805 shares of the transportation company’s stock valued at $65,447,000 after purchasing an additional 143,497 shares in the last quarter. Institutional investors own 70.09% of the company’s stock.

Copa Trading Down 7.3%

The stock has a market capitalization of $4.83 billion, a P/E ratio of 7.53, a price-to-earnings-growth ratio of 1.08 and a beta of 1.30. The business has a 50 day simple moving average of $122.86 and a 200-day simple moving average of $114.13. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.93 and a current ratio of 1.04.

About Copa

Copa Holdings, SA, through its subsidiaries, provides airline passenger and cargo services. The company offers approximately 375 daily scheduled flights to 82 destinations in 32 countries in North, Central, and South America, as well as the Caribbean from its Panama City hub. As of December 31, 2023, it operated a fleet of 106 aircraft comprising 76 Boeing 737-Next Generation aircraft, 29 Boeing 737 MAX 9 aircraft, and one Boeing 737-800 Boeing Converted Freighter.