Here's Why You Should Invest in SkyWest (SKYW) Stock Now
SkyWest, Inc.’s SKYW fleet-upgrade efforts are commendable. The company’s efforts to reward its shareholders through buybacks are praiseworthy, too. Owing to the tailwinds, SKYW shares have performed impressively on the bourse. If you have not taken advantage of its share price appreciation yet, it’s time to do so.
Let’s take a look at the factors that make SKYW stock a strong investment pick at the moment.
Solid Rank & VGM Score: SkyWest currently sports a Zacks Rank #1 (Strong Buy) and has a VGM Score of A. Our research shows that stocks with a VGM Score of A or B, when combined with a Zacks Rank #1 or 2 (Buy), offer the best investment opportunities. Thus, the company seems to be an appropriate investment proposition at the moment.
Robust Price Performance: A look at the company’s price trend reveals that its shares have surged 139% in the past year, surpassing the industry’s 25.4% growth.
Solid Rank & VGM Score: SkyWest currently sports a Zacks Rank #1 (Strong Buy) and has a VGM Score of A. Our research shows that stocks with a VGM Score of A or B, when combined with a Zacks Rank #1 or 2 (Buy), offer the best investment opportunities. Thus, the company seems to be an appropriate investment proposition at the moment.
Robust Price Performance: A look at the company’s price trend reveals that its shares have surged 139% in the past year, surpassing the industry’s 26.7% growth.
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Northward Estimate Revisions: The Zacks Consensus Estimate for the current quarter’s earnings per share has been revised 385.7% upward over the past 90 days. For the current year, the consensus mark for earnings per share has moved 784.42% north in the same time frame. The favorable estimate revisions indicate brokers’ confidence in the stock.
Impressive Earnings Surprise History: SKYW has an impressive earnings surprise history. The company’s earnings outpaced the Zacks Consensus Estimate in each of the trailing four quarters, with an average surprise of 128.1%.
Driving Factors: Upbeat air travel demand is boosting SKYW’s top line. Management’s efforts to expand and modernize its fleet are commendable. In February, SkyWest announced that it acquired a 25% ownership stake in Contour Airlines, a regional carrier. The company is scheduled to operate 278 E175 aircraft by the end of 2026.
SkyWest’s block hour production increased 5% in the first quarter of 2024 compared to the first quarter of 2023, which reflects improvements in captain availability since the first quarter of 2023.
A shareholder-friendly approach bodes well for SKYW. The company repurchased 136,000 shares of common stock for $8.7 million during the first quarter of 2024 at an average price of $64.21 per share. As of Mar 31, 2024, SkyWest had $82 million of remaining availability under its current share repurchase program.
Solid Rank & VGM Score: SkyWest currently sports a Zacks Rank #1 (Strong Buy) and has a VGM Score of A. Our research shows that stocks with a VGM Score of A or B, when combined with a Zacks Rank #1 or 2 (Buy), offer the best investment opportunities. Thus, the company seems to be an appropriate investment proposition at the moment.
Robust Price Performance: A look at the company’s price trend reveals that its shares have surged 139% in the past year, surpassing the industry’s 26.7% growth.
Northward Estimate Revisions: The Zacks Consensus Estimate for the current quarter’s earnings per share has been revised 385.7% upward over the past 90 days. For the current year, the consensus mark for earnings per share has moved 784.42% north in the same time frame. The favorable estimate revisions indicate brokers’ confidence in the stock.
Impressive Earnings Surprise History: SKYW has an impressive earnings surprise history. The company’s earnings outpaced the Zacks Consensus Estimate in each of the trailing four quarters, with an average surprise of 128.1%.
Driving Factors: Upbeat air travel demand is boosting SKYW’s top line. Management’s efforts to expand and modernize its fleet are commendable. In February, SkyWest announced that it acquired a 25% ownership stake in Contour Airlines, a regional carrier. The company is scheduled to operate 278 E175 aircraft by the end of 2026.
SkyWest’s block hour production increased 5% in the first quarter of 2024 compared to the first quarter of 2023, which reflects improvements in captain availability since the first quarter of 2023.
A shareholder-friendly approach bodes well for SKYW. The company repurchased 136,000 shares of common stock for $8.7 million during the first quarter of 2024 at an average price of $64.21 per share. As of Mar 31, 2024, SkyWest had $82 million of remaining availability under its current share repurchase program.
Northward Estimate Revisions: The Zacks Consensus Estimate for the current quarter’s earnings per share has been revised 385.7% upward over the past 90 days. For the current year, the consensus mark for earnings per share has moved 784.42% north in the same time frame. The favorable estimate revisions indicate brokers’ confidence in the stock.
Impressive Earnings Surprise History: SKYW has an impressive earnings surprise history. The company’s earnings outpaced the Zacks Consensus Estimate in each of the trailing four quarters, with an average surprise of 128.1%.
Driving Factors: Upbeat air travel demand is boosting SKYW’s top line. Management’s efforts to expand and modernize its fleet are commendable. In February, SkyWest announced that it acquired a 25% ownership stake in Contour Airlines, a regional carrier. The company is scheduled to operate 278 E175 aircraft by the end of 2026.
SkyWest’s block hour production increased 5% in the first quarter of 2024 compared to the first quarter of 2023, which reflects improvements in captain availability since the first quarter of 2023.
A shareholder-friendly approach bodes well for SKYW. The company repurchased 136,000 shares of common stock for $8.7 million during the first quarter of 2024 at an average price of $64.21 per share. As of Mar 31, 2024, SkyWest had $82 million of remaining availability under its current share repurchase program.
Other Stocks to Consider
Some other top-ranked stocks from the Zacks Transportation sector are Wabtec Corporation WAB and Kirby Corporation KEX.
WAB currently sports a Zacks Rank #1 and has an expected earnings growth rate of 22.6% for the current year. You can see the complete list of today’s Zacks #1 Rank stocks here.
WAB has an impressive earnings surprise history. Its earnings outpaced the Zacks Consensus Estimate in three of the trailing four quarters, delivering an average surprise of 11.5%. Shares of Wabtec have surged 70.6% in the past year.
KEX currently sports a Zacks Rank #1 and has an expected earnings growth rate of 42.2% for the current year.
The company has an encouraging track record with respect to earnings surprise, having surpassed the Zacks Consensus Estimate in each of the trailing four quarters. The average beat is 10.3%. Shares of KEX have risen 61.7% in the past year.
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SkyWest, Inc. (SKYW) : Free Stock Analysis Report
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