SkyWest (NASDAQ:SKYW) Issues Quarterly Earnings Results, Beats Expectations By $0.01 EPS

Key Points

• SkyWest beat quarterly EPS expectations, reporting $2.54 per share versus the $2.53 consensus estimate. Revenue came in at $1.10 billion, slightly below analysts’ expectations of $1.11 billion.
• The stock rose after the release, trading up $0.54 to $96.24 during Thursday’s session on higher-than-average volume. SkyWest’s market cap is about $3.82 billion, and the shares have traded between $77.89 and $123.94 over the past year.
• Wall Street remains cautiously positive on SkyWest, with an average “Moderate Buy” rating and a consensus price target of $121.17. Recent analyst moves were mixed, including a Goldman Sachs downgrade to neutral and price target increases from Citigroup and TD Cowen.

SkyWest (NASDAQ:SKYW - Get Free Report) issued its quarterly earnings results on Thursday. The transportation company reported $2.54 earnings per share for the quarter, topping the consensus estimate of $2.53 by $0.01, FiscalAI reports. The business had revenue of $1.10 billion for the quarter, compared to analysts' expectations of $1.11 billion. SkyWest had a net margin of 10.42% and a return on equity of 15.55%.

SkyWest Price Performance

SkyWest stock traded up $0.54 during mid-day trading on Thursday, hitting $96.24. The stock had a trading volume of 476,931 shares, compared to its average volume of 373,865. SkyWest has a one year low of $77.89 and a one year high of $123.94. The company has a current ratio of 0.62, a quick ratio of 0.51 and a debt-to-equity ratio of 0.66. The firm has a market capitalization of $3.82 billion, a P/E ratio of 9.23, a P/E/G ratio of 1.38 and a beta of 1.45. The firm's 50 day moving average is $91.33 and its 200 day moving average is $94.42.

Hedge Funds Weigh In On SkyWest

Large investors have recently made changes to their positions in the business. Transamerica Financial Advisors LLC grew its position in shares of SkyWest by 273.6% during the fourth quarter. Transamerica Financial Advisors LLC now owns 269 shares of the transportation company's stock worth $27,000 after purchasing an additional 197 shares in the last quarter. Johnson Financial Group Inc. bought a new position in SkyWest during the third quarter valued at approximately $62,000. EverSource Wealth Advisors LLC grew its holdings in SkyWest by 118.5% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 625 shares of the transportation company's stock valued at $64,000 after buying an additional 339 shares in the last quarter. Smartleaf Asset Management LLC grew its holdings in SkyWest by 15.6% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,037 shares of the transportation company's stock valued at $105,000 after buying an additional 140 shares in the last quarter. Finally, Kestra Advisory Services LLC purchased a new stake in shares of SkyWest during the 4th quarter worth approximately $130,000. 81.30% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

SKYW has been the topic of several analyst reports. Weiss Ratings upgraded SkyWest from a "hold (c)" rating to a "hold (c+)" rating in a research report on Thursday, July 16th. Citigroup raised their price objective on SkyWest from $95.00 to $105.00 and gave the stock a "neutral" rating in a research note on Friday, June 26th. The Goldman Sachs Group cut SkyWest from a "buy" rating to a "neutral" rating and lowered their price objective for the company from $126.00 to $115.00 in a research report on Thursday, July 2nd. Finally, TD Cowen boosted their price objective on SkyWest from $98.00 to $115.00 and gave the company a "buy" rating in a research note on Thursday, July 2nd. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, SkyWest currently has an average rating of "Moderate Buy" and a consensus price target of $121.17.

About SkyWest

SkyWest, Inc NASDAQ: SKYW is a regional airline holding company that provides air transportation services through its primary subsidiary, SkyWest Airlines. The company operates flights under capacity purchase agreements with major carriers such as United Airlines, Delta Air Lines, American Airlines and Alaska Airlines. By specializing in regional connectivity, SkyWest links smaller communities to larger hubs using a fleet of regional jets and turboprop aircraft.

Headquartered in St. George, Utah, SkyWest oversees all aspects of its airline operations, including flight scheduling, crew training and aircraft maintenance.

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.