Zacks Investment Research upgraded shares of JetBlue Airways Corp. (NASDAQ:JBLU) from a hold rating to a buy rating in a research report sent to investors on Tuesday morning. Zacks Investment Research currently has $20.00 price target 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 research analysts also recently issued reports on JBLU. Cowen and Company reaffirmed a buy rating and issued a $23.00 price objective on shares of JetBlue Airways Corp. in a research report on Monday, June 13th. Raymond James Financial Inc. reaffirmed an outperform rating on shares of JetBlue Airways Corp. in a research report on Wednesday, June 15th. Credit Suisse Group AG reaffirmed an underweight rating on shares of JetBlue Airways Corp. in a research report on Saturday, June 25th. Vetr downgraded shares of JetBlue Airways Corp. from a strong-buy rating to a buy rating and set a $20.58 price objective for the company. in a research report on Thursday, July 14th. Finally, JPMorgan Chase & Co. reduced their price objective on shares of JetBlue Airways Corp. from $24.50 to $21.00 and set a neutral rating for the company in a research report on Wednesday, July 27th. Three research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. The company presently has a consensus rating of Buy and a consensus price target of $23.51.
Shares of JetBlue Airways Corp. (NASDAQ:JBLU) traded up 0.50% on Tuesday, hitting $17.92. 1,610,537 shares of the stock traded hands. JetBlue Airways Corp. has a 52 week low of $14.76 and a 52 week high of $27.09. The stock has a market cap of $5.80 billion, a price-to-earnings ratio of 7.96 and a beta of 0.36. The stock 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 issued its quarterly earnings data 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. 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 the consensus estimate of $1.65 billion. During the same period in the prior year, the firm posted $0.44 EPS. The firm’s quarterly revenue was up 1.9% compared to the same quarter last year. On average, equities research analysts forecast that JetBlue Airways Corp. will post $2.19 EPS for the current year.
In other JetBlue Airways Corp. news, Director Joel Clinton Peterson sold 5,120 shares of the stock in a transaction that occurred on Monday, October 3rd. The shares were sold at an average price of $17.35, for a total value of $88,832.00. Following the sale, the director now directly owns 594,653 shares in the company, valued at approximately $10,317,229.55. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP James G. Hnat sold 10,000 shares of the 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 company insiders.
A number of hedge funds have recently bought and sold shares of the company. Bank of Montreal Can bought a new position in shares of JetBlue Airways Corp. during the second quarter worth approximately $51,541,000. Vanguard Group Inc. raised 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 worth $445,345,000 after buying an additional 1,560,560 shares during the last quarter. Norges Bank bought a new position in shares of JetBlue Airways Corp. during the fourth quarter worth approximately $33,966,000. Renaissance Technologies LLC raised its position in shares of JetBlue Airways Corp. by 21.9% in the first quarter. Renaissance Technologies LLC now owns 5,542,500 shares of the company’s stock worth $117,058,000 after buying an additional 994,100 shares during the last quarter. Finally, NWI Management LP raised its position in shares of JetBlue Airways Corp. by 86.1% in the second quarter. NWI Management LP now owns 2,010,000 shares of the company’s stock worth $33,286,000 after buying an additional 930,000 shares during the last quarter. Institutional investors and hedge funds 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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