SkyWest, Inc. (SKYW) Shares Up 6.6% Following Better-Than-Expected Earnings

SkyWest, Inc. (NASDAQ:SKYW)’s share price shot up 6.6% on Thursday following a better than expected earnings announcement. The stock traded as high as $48.45 and last traded at $46.05. 759,249 shares were traded during trading, an increase of 110% from the average session volume of 361,031 shares. The stock had previously closed at $43.20.

The transportation company reported $1.01 EPS for the quarter, beating the Zacks’ consensus estimate of $0.98 by $0.03. SkyWest had a positive return on equity of 11.10% and a negative net margin of 4.59%. The company had revenue of $831.93 million for the quarter, compared to the consensus estimate of $817.43 million. During the same quarter in the previous year, the business earned $0.90 earnings per share. The company’s revenue for the quarter was up 4.0% on a year-over-year basis.

The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 5th. Investors of record on Friday, September 29th were issued a $0.08 dividend. The ex-dividend date was Thursday, September 28th. This represents a $0.32 annualized dividend and a dividend yield of 0.69%. SkyWest’s dividend payout ratio is presently -11.31%.

Several equities research analysts recently issued reports on SKYW shares. BidaskClub downgraded SkyWest from a “hold” rating to a “sell” rating in a report on Monday, July 31st. Cowen and Company reiterated an “outperform” rating and issued a $44.00 price objective (up previously from $40.00) on shares of SkyWest in a report on Monday, August 7th. ValuEngine upgraded SkyWest from a “buy” rating to a “strong-buy” rating in a report on Tuesday, August 29th. Finally, Zacks Investment Research downgraded SkyWest from a “buy” rating to a “hold” rating in a report on Tuesday, September 19th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, two have assigned a buy rating and three have given a strong buy rating to the company. SkyWest presently has a consensus rating of “Buy” and a consensus price target of $45.50.

Large investors have recently added to or reduced their stakes in the company. Oppenheimer Asset Management Inc. boosted its position in shares of SkyWest by 108.5% in the 2nd quarter. Oppenheimer Asset Management Inc. now owns 2,860 shares of the transportation company’s stock valued at $100,000 after purchasing an additional 1,488 shares during the period. Riverhead Capital Management LLC boosted its position in shares of SkyWest by 81.0% in the 2nd quarter. Riverhead Capital Management LLC now owns 4,162 shares of the transportation company’s stock valued at $146,000 after purchasing an additional 1,862 shares during the period. Ameritas Investment Partners Inc. boosted its position in shares of SkyWest by 10.4% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 4,455 shares of the transportation company’s stock valued at $156,000 after purchasing an additional 419 shares during the period. Flinton Capital Management LLC boosted its position in shares of SkyWest by 73.1% in the 2nd quarter. Flinton Capital Management LLC now owns 5,474 shares of the transportation company’s stock valued at $192,000 after purchasing an additional 2,312 shares during the period. Finally, Bayesian Capital Management LP acquired a new stake in shares of SkyWest in the 2nd quarter valued at about $240,000. 89.43% of the stock is owned by institutional investors and hedge funds.

The stock’s 50 day moving average price is $43.18 and its 200 day moving average price is $37.61. The stock’s market capitalization is $2.39 billion.

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About SkyWest

SkyWest, Inc, through its subsidiaries, SkyWest Airlines, Inc (SkyWest Airlines) and ExpressJet Airlines, Inc (ExpressJet), operates regional airline operations in the United States. The Company’s segments include SkyWest Airlines, ExpressJet and SkyWest Leasing. The SkyWest Airlines segment provides regional jet service to airports primarily located in the Midwestern and Western United States, as well as Mexico and Canada.

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