Cargojet (TSE:CJT) Stock Price Expected to Rise, Scotiabank Analyst Says

Key Points

• Scotiabank has raised its price target for Cargojet (TSE:CJT) from C$138.00 to C$140.00, indicating a potential upside of 35.21% from the current stock price.
• The stock has received a consensus rating of “Buy” from seven research analysts and a strong buy rating from one, with a current average target price of C$148.25.
• Cargojet’s share price traded up 5.0% recently, reaching C$103.54, with a 52-week high of C$144.97 and a market capitalization of C$1.66 billion.

Cargojet (TSE:CJT - Free Report) had its price objective hoisted by Scotiabank from C$138.00 to C$140.00 in a research note released on Friday,BayStreet.CA reports. Scotiabank currently has an outperform rating on the stock.

CJT has been the topic of a number of other research reports. Royal Bank Of Canada lowered their price objective on Cargojet from C$183.00 to C$177.00 in a research note on Monday, April 28th. CIBC reduced their price objective on Cargojet from C$163.00 to C$150.00 in a research report on Thursday, April 10th. BMO Capital Markets reduced their price objective on Cargojet from C$120.00 to C$95.00 in a research report on Tuesday, April 15th. TD Securities boosted their price objective on Cargojet from C$150.00 to C$160.00 and gave the stock a "buy" rating in a research report on Friday, August 8th. Finally, Stifel Nicolaus set a C$125.00 price objective on Cargojet and gave the stock a "buy" rating in a research report on Thursday, June 12th. Eight equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Cargojet presently has a consensus rating of "Buy" and an average price target of C$148.00.

Cargojet Price Performance

Cargojet stock traded up C$1.36 during mid-day trading on Friday, reaching C$104.59. 11,169 shares of the company were exchanged, compared to its average volume of 88,178. The company has a fifty day simple moving average of C$99.15 and a 200-day simple moving average of C$94.79. Cargojet has a 12 month low of C$69.60 and a 12 month high of C$144.97. The company has a debt-to-equity ratio of 98.69, a current ratio of 0.56 and a quick ratio of 0.79. The firm has a market cap of C$1.67 billion, a PE ratio of 734.02 and a beta of 0.91.

Cargojet Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, July 4th. Shareholders of record on Friday, July 4th were issued a dividend of $0.35 per share. The ex-dividend date of this dividend was Friday, June 20th. This represents a $1.40 annualized dividend and a yield of 1.3%. Cargojet's payout ratio is presently 982.53%.

About Cargojet

Cargojet Inc operates a domestic air cargo co-load network between sixteen major Canadian cities. The company provides dedicated aircraft to customers on an Aircraft, Crew, Maintenance and Insurance basis, operating between points in Canada, USA, Mexico and Europe. The company also operates scheduled international routes for multiple cargo customers between the USA and Bermuda, between Canada, UK and Germany; and between Canada and Mexico.