Cargojet (TSE:CJT) Shares Pass Above 200 Day Moving Average - Here's Why

Key Points

• Cargojet Inc. (TSE:CJT) shares have crossed above their 200-day moving average of C$93.72, reaching a high of C$101.28 during trading.
• Analysts have mostly rated Cargojet as Buy, with an average target price of C$148.00 and recent upgrades from brokerages such as Stifel Nicolaus and TD Securities.
• The company recently announced a quarterly dividend of $0.35, yielding 1.4%, but has a high dividend payout ratio of 982.53%.

Shares of Cargojet Inc. (TSE:CJT - Get Free Report) passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of C$93.72 and traded as high as C$101.28. Cargojet shares last traded at C$100.96, with a volume of 39,352 shares trading hands.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. Scotiabank upped their price objective on Cargojet from C$138.00 to C$140.00 and gave the company an "outperform" rating in a research report on Friday, August 8th. Stifel Nicolaus upped their price objective on Cargojet from C$125.00 to C$130.00 and gave the company a "buy" rating in a research report on Monday, August 11th. Stifel Canada raised Cargojet to a "strong-buy" rating in a research report on Wednesday, June 11th. ATB Capital lowered their price objective on Cargojet from C$155.00 to C$145.00 and set an "outperform" rating on the stock in a research report on Friday, August 8th. Finally, Acumen Capital lowered their price objective on Cargojet from C$175.00 to C$170.00 and set a "buy" rating on the stock in a research report on Monday, August 11th. One analyst has rated the stock with a Strong Buy rating and eight have assigned a Buy rating to the company's stock. According to data from MarketBeat, Cargojet has a consensus rating of "Buy" and a consensus price target of C$148.00.

Cargojet Stock Performance

The firm has a market capitalization of C$1.52 billion, a PE ratio of 11.18 and a beta of 1.29. The company has a current ratio of 0.56, a quick ratio of 0.79 and a debt-to-equity ratio of 98.69. The business's 50 day simple moving average is C$101.22 and its two-hundred day simple moving average is C$93.34.

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 paid a dividend of $0.35 per share. The ex-dividend date was Friday, June 20th. This represents a $1.40 dividend on an annualized basis and a yield of 1.4%. Cargojet's payout ratio is currently 15.52%.

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.