Brokers Issue Forecasts for Southwest Airlines Co.’s Q2 2024 Earnings (NYSE:LUV)
Southwest Airlines Co. (NYSE:LUV – Free Report) – Seaport Res Ptn lowered their Q2 2024 earnings per share estimates for Southwest Airlines in a research note issued on Thursday, June 27th. Seaport Res Ptn analyst D. Mckenzie now expects that the airline will post earnings per share of $0.37 for the quarter, down from their prior estimate of $0.50. The consensus estimate for Southwest Airlines’ current full-year earnings is $0.95 per share. Seaport Res Ptn also issued estimates for Southwest Airlines’ Q3 2024 earnings at $0.25 EPS and FY2024 earnings at $0.93 EPS.
Southwest Airlines (NYSE:LUV – Get Free Report) last posted its quarterly earnings results on Thursday, April 25th. The airline reported ($0.36) EPS for the quarter, missing analysts’ consensus estimates of ($0.34) by ($0.02). The firm had revenue of $6.33 billion during the quarter, compared to analyst estimates of $6.42 billion. Southwest Airlines had a return on equity of 8.91% and a net margin of 1.59%. The firm’s revenue for the quarter was up 11.0% on a year-over-year basis. During the same quarter last year, the business posted ($0.27) earnings per share.
A number of other brokerages also recently commented on LUV. Citigroup lifted their target price on Southwest Airlines from $27.50 to $29.00 and gave the company a “neutral” rating in a research note on Monday, June 17th. Raymond James reaffirmed an “outperform” rating and set a $30.00 price target (down previously from $33.00) on shares of Southwest Airlines in a report on Friday, April 26th. HSBC began coverage on Southwest Airlines in a report on Monday, May 13th. They set a “hold” rating and a $27.80 target price on the stock. Jefferies Financial Group cut Southwest Airlines from a “hold” rating to an “underperform” rating and dropped their target price for the stock from $28.00 to $20.00 in a report on Monday, April 29th. Finally, StockNews.com cut Southwest Airlines from a “hold” rating to a “sell” rating in a report on Friday, April 12th. Five research analysts have rated the stock with a sell rating, ten have issued a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $29.83.
Check Out Our Latest Stock Analysis on LUV
Southwest Airlines Stock Up 0.5 %
NYSE:LUV opened at $28.61 on Monday. The company has a market capitalization of $17.12 billion, a price-to-earnings ratio of 45.41, a price-to-earnings-growth ratio of 1.83 and a beta of 1.15. Southwest Airlines has a one year low of $21.91 and a one year high of $39.53. The stock has a 50-day simple moving average of $27.73 and a 200 day simple moving average of $29.39. The company has a debt-to-equity ratio of 0.78, a quick ratio of 1.02 and a current ratio of 1.09.
Hedge Funds Weigh In On Southwest Airlines
Hedge funds have recently bought and sold shares of the business. Hexagon Capital Partners LLC increased its position in Southwest Airlines by 374.0% during the fourth quarter. Hexagon Capital Partners LLC now owns 858 shares of the airline’s stock worth $25,000 after buying an additional 677 shares during the last quarter. Capital Advisors Ltd. LLC lifted its stake in Southwest Airlines by 82.8% during the fourth quarter. Capital Advisors Ltd. LLC now owns 914 shares of the airline’s stock worth $26,000 after purchasing an additional 414 shares during the period. First Horizon Advisors Inc. bought a new position in Southwest Airlines during the fourth quarter worth about $29,000. ICA Group Wealth Management LLC acquired a new stake in shares of Southwest Airlines during the fourth quarter worth approximately $29,000. Finally, Pineridge Advisors LLC acquired a new stake in shares of Southwest Airlines during the fourth quarter worth approximately $32,000. 80.82% of the stock is owned by institutional investors and hedge funds.
Southwest Airlines Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 10th. Stockholders of record on Wednesday, June 19th will be paid a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.52%. The ex-dividend date is Tuesday, June 18th. Southwest Airlines’s dividend payout ratio (DPR) is presently 114.29%.
About Southwest Airlines
Southwest Airlines Co operates as a passenger airline company that provides scheduled air transportation services in the United States and near-international markets. As of December 31, 2023, the company operated a total fleet of 817 Boeing 737 aircraft; and served 121 destinations in 42 states, the District of Columbia, and the Commonwealth of Puerto Rico, as well as ten near-international countries, including Mexico, Jamaica, the Bahamas, Aruba, the Dominican Republic, Costa Rica, Belize, Cuba, the Cayman Islands, and Turks and Caicos.
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