SkyWest (NASDAQ:SKYW) Reaches New 1-Year High on Analyst Upgrade

SkyWest, Inc. (NASDAQ:SKYW) shares hit a new 52-week high during trading on Tuesday after TD Cowen raised their price target on the stock from $95.00 to $120.00. TD Cowen currently has a buy rating on the stock. SkyWest traded as high as $105.38 and last traded at $104.00, with a volume of 27747 shares traded. The stock had previously closed at $99.24.

Separately, Raymond James raised their price objective on shares of SkyWest from $100.00 to $114.00 and gave the company an “outperform” rating in a research report on Friday, November 1st. One investment analyst has rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $101.33.

Hedge Funds Weigh In On SkyWest

Several large investors have recently made changes to their positions in the company. NBC Securities Inc. raised its holdings in SkyWest by 1,368.0% during the 3rd quarter. NBC Securities Inc. now owns 367 shares of the transportation company’s stock worth $31,000 after purchasing an additional 342 shares during the last quarter. Kings Path Partners LLC acquired a new position in SkyWest in the second quarter valued at approximately $42,000. Migdal Insurance & Financial Holdings Ltd. acquired a new stake in SkyWest during the 2nd quarter worth $54,000. CWM LLC grew its holdings in SkyWest by 57.3% during the 2nd quarter. CWM LLC now owns 766 shares of the transportation company’s stock worth $63,000 after acquiring an additional 279 shares during the period. Finally, GAMMA Investing LLC lifted its stake in shares of SkyWest by 45.9% in the 2nd quarter. GAMMA Investing LLC now owns 928 shares of the transportation company’s stock valued at $76,000 after purchasing an additional 292 shares during the period. Institutional investors and hedge funds own 81.30% of the company’s stock.

SkyWest Price Performance

The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.74 and a current ratio of 0.86. The company has a 50-day moving average price of $85.88 and a 200-day moving average price of $80.44. The firm has a market capitalization of $4.18 billion, a P/E ratio of 17.82 and a beta of 1.93.

SkyWest (NASDAQ:SKYW) last posted its earnings results on Thursday, October 31st. The transportation company reported $2.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.92 by $0.24. The company had revenue of $912.79 million during the quarter, compared to analyst estimates of $896.21 million. SkyWest had a return on equity of 11.02% and a net margin of 7.29%. The company’s revenue for the quarter was up 19.1% compared to the same quarter last year. During the same period in the previous year, the company earned $0.55 EPS. On average, sell-side analysts predict that SkyWest, Inc. will post 6.96 earnings per share for the current year.

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.