Raymond James Increases SkyWest (NASDAQ:SKYW) Price Target to $114.00

SkyWest (NASDAQ:SKYW) had its price target raised by Raymond James from $100.00 to $114.00 in a research note issued to investors on Friday morning, Benzinga reports. The firm currently has an outperform rating on the transportation company’s stock.

SkyWest Price Performance

SkyWest stock opened at $99.24 on Friday. The business’s 50-day simple moving average is $85.31 and its 200 day simple moving average is $80.20. The stock has a market cap of $3.98 billion, a price-to-earnings ratio of 16.96 and a beta of 1.93. SkyWest has a 12-month low of $41.96 and a 12-month high of $103.49. The company has a quick ratio of 0.74, a current ratio of 0.86 and a debt-to-equity ratio of 0.95.

SkyWest (NASDAQ:SKYW) last released its earnings results on Thursday, October 31st. The transportation company reported $2.16 earnings per share for the quarter, beating the consensus estimate of $1.92 by $0.24. SkyWest had a return on equity of 11.02% and a net margin of 7.29%. The firm had revenue of $912.79 million for the quarter, compared to analyst estimates of $896.21 million. During the same quarter in the prior year, the firm posted $0.55 earnings per share. The company’s quarterly revenue was up 19.1% on a year-over-year basis. As a group, research analysts anticipate that SkyWest will post 6.96 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. Allspring Global Investments Holdings LLC boosted its stake in shares of SkyWest by 13,737.5% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 2,214 shares of the transportation company’s stock worth $153,000 after acquiring an additional 2,198 shares during the period. BNP Paribas Financial Markets raised its holdings in SkyWest by 140.5% in the 1st quarter. BNP Paribas Financial Markets now owns 59,692 shares of the transportation company’s stock valued at $4,124,000 after acquiring an additional 34,867 shares in the last quarter. Janney Montgomery Scott LLC acquired a new position in SkyWest in the 1st quarter valued at $1,448,000. Texas Permanent School Fund Corp raised its holdings in SkyWest by 1.4% in the 1st quarter. Texas Permanent School Fund Corp now owns 35,834 shares of the transportation company’s stock valued at $2,475,000 after acquiring an additional 482 shares in the last quarter. Finally, Empowered Funds LLC raised its holdings in SkyWest by 3.0% in the 1st quarter. Empowered Funds LLC now owns 175,453 shares of the transportation company’s stock valued at $12,120,000 after acquiring an additional 5,053 shares in the last quarter. 81.30% of the stock is currently owned by institutional investors.

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.