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SkyWest (SKYW) Ascends While Market Falls: Some Facts to Note

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SkyWest (SKYW - Free Report) closed the latest trading day at $66.73, indicating a +0.06% change from the previous session's end. The stock's change was more than the S&P 500's daily loss of 0.58%. Meanwhile, the Dow experienced a drop of 0.12%, and the technology-dominated Nasdaq saw a decrease of 1.15%.

The the stock of regional airline has risen by 2.22% in the past month, leading the Transportation sector's loss of 4.35% and the S&P 500's loss of 1.09%.

Market participants will be closely following the financial results of SkyWest in its upcoming release. The company plans to announce its earnings on April 25, 2024. The company is expected to report EPS of $1.32, up 393.33% from the prior-year quarter. Simultaneously, our latest consensus estimate expects the revenue to be $781.19 million, showing a 12.92% escalation compared to the year-ago quarter.

SKYW's full-year Zacks Consensus Estimates are calling for earnings of $6.45 per share and revenue of $3.32 billion. These results would represent year-over-year changes of +737.66% and +12.97%, respectively.

Investors might also notice recent changes to analyst estimates for SkyWest. These latest adjustments often mirror the shifting dynamics of short-term business patterns. Consequently, upward revisions in estimates express analysts' positivity towards the company's business operations and its ability to generate profits.

Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.

The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 0.85% higher. SkyWest is holding a Zacks Rank of #3 (Hold) right now.

From a valuation perspective, SkyWest is currently exchanging hands at a Forward P/E ratio of 10.35. Its industry sports an average Forward P/E of 8.95, so one might conclude that SkyWest is trading at a premium comparatively.

The Transportation - Airline industry is part of the Transportation sector. This industry currently has a Zacks Industry Rank of 94, which puts it in the top 38% of all 250+ industries.

The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Remember to apply to follow these and more stock-moving metrics during the upcoming trading sessions.

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