JetBlue Airways Corp. (JBLU) Upgraded to “Buy” by Zacks Investment Research
Zacks Investment Research upgraded shares of JetBlue Airways Corp. (NASDAQ:JBLU) from a hold rating to a buy rating in a research note released on Tuesday morning. They currently have $20.00 target price 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 equities analysts have also recently issued reports on the company. JPMorgan Chase & Co. lowered their target price on JetBlue Airways Corp. from $24.50 to $21.00 and set a neutral rating for the company in a report on Wednesday, July 27th. Morgan Stanley restated a hold rating and issued a $19.00 price objective on shares of JetBlue Airways Corp. in a report on Sunday, August 21st. Vetr upgraded JetBlue Airways Corp. from a buy rating to a strong-buy rating and set a $19.52 price objective for the company in a report on Monday, September 19th. Credit Suisse Group AG restated an underweight rating on shares of JetBlue Airways Corp. in a report on Saturday, June 25th. Finally, Imperial Capital assumed coverage on JetBlue Airways Corp. in a report on Friday, September 16th. They issued an outperform rating and a $21.00 price objective for the company. Three analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the stock. The company has an average rating of Buy and an average price target of $23.51.
Shares of JetBlue Airways Corp. (NASDAQ:JBLU) traded up 0.50% during trading on Tuesday, reaching $17.92. The company had a trading volume of 1,610,537 shares. The company has a market cap of $5.80 billion, a price-to-earnings ratio of 7.96 and a beta of 0.36. JetBlue Airways Corp. has a 12 month low of $14.76 and a 12 month high of $27.09. The firm has a 50 day moving average price of $16.73 and a 200 day moving average price of $18.00.
JetBlue Airways Corp. (NASDAQ:JBLU) last released its earnings results on Tuesday, July 26th. The company reported $0.53 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.49 by $0.04. The firm earned $1.60 billion during the quarter, compared to analysts’ expectations of $1.65 billion. JetBlue Airways Corp. had a return on equity of 22.84% and a net margin of 11.73%. The company’s revenue was up 1.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.44 EPS. Analysts predict that JetBlue Airways Corp. will post $2.19 earnings per share for the current year.
In other 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 transaction, the director now directly owns 599,773 shares of the company’s stock, valued at $9,482,411.13. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 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. Company insiders own 0.70% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. boosted its position in shares of JetBlue Airways Corp. by 6.2% in the second quarter. Vanguard Group Inc. now owns 26,892,818 shares of the company’s stock valued at $445,345,000 after buying an additional 1,560,560 shares in the last quarter. BlackRock Fund Advisors boosted its position in shares of JetBlue Airways Corp. by 5.0% in the second quarter. BlackRock Fund Advisors now owns 11,927,998 shares of the company’s stock valued at $197,528,000 after buying an additional 571,609 shares in the last quarter. BlackRock Institutional Trust Company N.A. boosted its position in shares of JetBlue Airways Corp. by 5.1% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 9,134,796 shares of the company’s stock valued at $151,272,000 after buying an additional 440,996 shares in the last quarter. State Street Corp boosted its position in shares of JetBlue Airways Corp. by 1.0% in the second quarter. State Street Corp now owns 8,515,703 shares of the company’s stock valued at $141,021,000 after buying an additional 85,943 shares in the last quarter. Finally, Donald Smith & CO. Inc. boosted its position in shares of JetBlue Airways Corp. by 3.4% in the second quarter. Donald Smith & CO. Inc. now owns 5,723,215 shares of the company’s stock valued at $199,053,000 after buying an additional 186,548 shares in the last quarter. 79.64% of the stock is currently owned by institutional investors.
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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