SkyWest (NASDAQ:SKYW) Sets New 52-Week High After Analyst Upgrade

SkyWest, Inc. (NASDAQ:SKYW) reached 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 trading hands. The stock had previously closed at $99.24.

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

Hedge Funds Weigh In On SkyWest

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Commonwealth Equity Services LLC boosted its holdings in shares of SkyWest by 1.9% during the 2nd quarter. Commonwealth Equity Services LLC now owns 8,298 shares of the transportation company’s stock worth $681,000 after buying an additional 152 shares during the period. Evergreen Capital Management LLC lifted its position in SkyWest by 3.9% during the 2nd quarter. Evergreen Capital Management LLC now owns 5,660 shares of the transportation company’s stock worth $465,000 after acquiring an additional 213 shares during the last quarter. The Manufacturers Life Insurance Company boosted its holdings in SkyWest by 1.0% during the second quarter. The Manufacturers Life Insurance Company now owns 21,965 shares of the transportation company’s stock valued at $1,803,000 after acquiring an additional 214 shares during the period. CWM LLC grew its position in shares of SkyWest by 57.3% in 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 during the last quarter. Finally, GAMMA Investing LLC increased its stake in shares of 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. Institutional investors and hedge funds own 81.30% of the company’s stock.

SkyWest Stock Up 7.9 %

The business has a 50 day moving average price of $86.64 and a 200 day moving average price of $80.67. The firm has a market capitalization of $4.53 billion, a P/E ratio of 19.22 and a beta of 1.93. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.86 and a quick ratio of 0.74.

SkyWest (NASDAQ:SKYW) last issued its quarterly earnings results on Thursday, October 31st. The transportation company reported $2.16 EPS for the quarter, topping analysts’ consensus estimates 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 quarterly 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 predict that SkyWest, Inc. will post 7.06 earnings per share for the current year.

About SkyWest

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.