JetBlue Airways Corp. (JBLU) Upgraded by Zacks Investment Research to Buy
Zacks Investment Research upgraded shares of JetBlue Airways Corp. (NASDAQ:JBLU) from a hold rating to a buy rating in a research report report published on Tuesday morning. Zacks Investment Research currently has $20.00 price objective on the stock.
According to Zacks, “We are impressed by the renewable jet fuel purchase agreement inked by JetBlue Airways with SG Preston. The carrier's strong August traffic report is also encouraging . We also appreciate the carrier’s bullish unit revenue forecast for the third quarter. We are also positive on the U.S. DOT’s decision to grant final approval to eight carriers, including JetBlue, to initiate commercial flights to Havana. The approval was gained on the same day the first U.S. flight landed in Cuba in more than 50 years. The flight from Fort Lauderdale to Santa Clara was operated by JetBlue. However, we remain concerned about headwinds like the surge in terror attacks and uncertainty following Brexit, to name a few. Moreover, the company’s failure to seal the deal to buy Virgin America has dealt a blow to its expansion plans.”
A number of other brokerages have also recently commented on JBLU. JPMorgan Chase & Co. reduced their target price on shares of JetBlue Airways Corp. from $24.50 to $21.00 and set a neutral rating for the company in a report on Wednesday, July 27th. Vetr cut shares of JetBlue Airways Corp. from a strong-buy rating to a buy rating and set a $20.58 price target for the company. in a report on Tuesday, July 26th. Morgan Stanley reissued a hold rating and set a $18.00 price target on shares of JetBlue Airways Corp. in a report on Thursday, July 28th. Cowen and Company reissued a buy rating and set a $23.00 price target on shares of JetBlue Airways Corp. in a report on Monday, June 13th. Finally, Imperial Capital assumed coverage on shares of JetBlue Airways Corp. in a report on Friday, September 16th. They set an outperform rating and a $21.00 price target for the company. Three investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. JetBlue Airways Corp. has an average rating of Buy and a consensus price target of $23.37.
JetBlue Airways Corp. (NASDAQ:JBLU) opened at 17.39 on Tuesday. The firm has a 50-day moving average of $16.80 and a 200-day moving average of $17.98. The stock has a market capitalization of $5.63 billion, a price-to-earnings ratio of 7.72 and a beta of 0.35. JetBlue Airways Corp. has a 1-year low of $14.76 and a 1-year high of $27.09.
JetBlue Airways Corp. (NASDAQ:JBLU) last announced its earnings results on Tuesday, July 26th. The company reported $0.53 EPS for the quarter, beating analysts’ consensus estimates of $0.49 by $0.04. JetBlue Airways Corp. had a net margin of 11.73% and a return on equity of 22.84%. The business earned $1.60 billion during the quarter, compared to analysts’ expectations of $1.65 billion. During the same period in the prior year, the company earned $0.44 earnings per share. The business’s revenue was up 1.9% compared to the same quarter last year. Equities research analysts anticipate that JetBlue Airways Corp. will post $2.19 EPS for the current year.
In related news, Director Joel Clinton Peterson sold 5,120 shares of the firm’s stock in a transaction that occurred on Thursday, September 1st. The shares were sold at an average price of $15.81, for a total transaction of $80,947.20. Following the sale, the director now owns 599,773 shares in the company, valued at $9,482,411.13. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP James G. Hnat sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, September 16th. The stock was sold at an average price of $17.27, for a total transaction of $172,700.00. The disclosure for this sale can be found here. 0.70% of the stock is currently owned by insiders.
Hedge funds have recently made changes to their positions in the company. Norges Bank purchased a new stake in shares of JetBlue Airways Corp. during the fourth quarter worth about $33,966,000. Glenmede Trust Co. NA raised its stake in shares of JetBlue Airways Corp. by 2.4% in the first quarter. Glenmede Trust Co. NA now owns 60,832 shares of the company’s stock worth $1,283,000 after buying an additional 1,433 shares during the period. Teachers Advisors Inc. raised its stake in shares of JetBlue Airways Corp. by 2.5% in the first quarter. Teachers Advisors Inc. now owns 560,799 shares of the company’s stock worth $11,844,000 after buying an additional 13,626 shares during the period. Stratos Wealth Partners LTD. raised its stake in shares of JetBlue Airways Corp. by 2.0% in the first quarter. Stratos Wealth Partners LTD. now owns 11,481 shares of the company’s stock worth $242,000 after buying an additional 220 shares during the period. Finally, Mckinley Capital Management LLC Delaware raised its stake in shares of JetBlue Airways Corp. by 90.7% in the first quarter. Mckinley Capital Management LLC Delaware now owns 295,431 shares of the company’s stock worth $6,240,000 after buying an additional 140,539 shares during the period. Hedge funds and other institutional investors own 79.64% of the company’s stock.
About JetBlue Airways Corp.
JetBlue Airways Corporation is a passenger carrier company. The Company provides air transportation services across the United States, the Caribbean and Latin America. It operates various types of aircrafts, including Airbus A321, Airbus A320 and Embraer E190. It also provides premium transcontinental product called Mint.
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