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

Shares of SkyWest, Inc. (NASDAQ:SKYW) hit a new 52-week high during mid-day 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. The stock had previously closed at $99.24.

Separately, Raymond James raised their price objective on SkyWest from $100.00 to $114.00 and gave the stock an “outperform” rating in a report on Friday. One equities research analyst has rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $101.33.

Institutional Investors Weigh In On SkyWest

Several institutional investors have recently bought and sold shares of the business. Commonwealth Equity Services LLC raised its holdings in SkyWest by 1.9% in the second quarter. Commonwealth Equity Services LLC now owns 8,298 shares of the transportation company’s stock valued at $681,000 after acquiring an additional 152 shares in the last quarter. Evergreen Capital Management LLC grew its holdings in shares of SkyWest by 3.9% during the second quarter. Evergreen Capital Management LLC now owns 5,660 shares of the transportation company’s stock valued at $465,000 after purchasing an additional 213 shares during the last quarter. The Manufacturers Life Insurance Company raised its position in shares of SkyWest by 1.0% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 21,965 shares of the transportation company’s stock worth $1,803,000 after purchasing an additional 214 shares during the period. CWM LLC raised its position in shares of SkyWest by 57.3% during the 2nd quarter. CWM LLC now owns 766 shares of the transportation company’s stock worth $63,000 after purchasing an additional 279 shares during the period. Finally, GAMMA Investing LLC increased its position 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 buying an additional 292 shares during the period. 81.30% of the stock is currently owned by hedge funds and other institutional investors.

SkyWest Stock 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 firm has a market cap of $4.20 billion, a price-to-earnings ratio of 16.96 and a beta of 1.93. The stock’s fifty day moving average is $85.31 and its two-hundred day moving average is $80.20.

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. The firm had revenue of $912.79 million for 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%. SkyWest’s revenue was up 19.1% compared to the same quarter last year. During the same period in the previous year, the company earned $0.55 earnings per share. On average, analysts expect that SkyWest, Inc. will post 6.96 earnings per share for the current fiscal 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.