Cargojet (TSE:CJT) Shares Pass Above Two Hundred Day Moving Average - What's Next?

Key Points

• Cargojet shares climbed above their 200-day moving average, reaching C$88.73 before closing at C$88.51, compared with the 200-day average of C$86.31.
• Analysts remain broadly positive, with 10 Buy ratings and one Hold rating producing a consensus “Moderate Buy” rating and an average price target of C$124.17, despite several recent target-price reductions.
• Cargojet reported quarterly revenue of C$254.7 million and EPS of C$0.60, while maintaining a quarterly dividend of $0.385 per share, equivalent to a 1.7% yield and a 58.57% payout ratio.

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$86.31 and traded as high as C$88.73. Cargojet shares last traded at C$88.51, with a volume of 84,154 shares traded.

Analyst Ratings Changes

A number of research analysts have recently commented on CJT shares. National Bank Financial boosted their target price on shares of Cargojet from C$108.00 to C$109.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 14th. Royal Bank Of Canada cut their price objective on shares of Cargojet from C$143.00 to C$140.00 and set an "outperform" rating on the stock in a report on Monday, April 13th. TD decreased their price objective on shares of Cargojet from C$124.00 to C$118.00 in a research report on Wednesday, July 15th. BMO Capital Markets lowered their target price on Cargojet from C$94.00 to C$85.00 and set a "market perform" rating for the company in a research note on Wednesday, May 6th. Finally, Scotiabank dropped their target price on Cargojet from C$118.00 to C$115.00 and set an "outperform" rating on the stock in a research report on Thursday, April 9th. Ten analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of C$124.17.

Cargojet Stock Performance

The company has a debt-to-equity ratio of 123.57, a current ratio of 0.91 and a quick ratio of 0.79. The stock has a fifty day moving average price of C$84.48 and a two-hundred day moving average price of C$86.31. The company has a market cap of C$1.32 billion, a P/E ratio of 36.13 and a beta of 1.02.

Cargojet (TSE:CJT - Get Free Report) last posted its earnings results on Monday, May 4th. The company reported C$0.60 EPS for the quarter. Cargojet had a return on equity of 4.92% and a net margin of 3.64%.The firm had revenue of C$254.70 million for the quarter. On average, equities analysts forecast that Cargojet Inc. will post 5.890933 earnings per share for the current fiscal year.

Cargojet Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, July 6th. Shareholders of record on Monday, July 6th were paid a dividend of $0.385 per share. This represents a $1.54 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date of this dividend was Friday, June 19th. Cargojet's dividend payout ratio (DPR) is presently 58.57%.

Cargojet Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source