Cormark Comments on Air Canada’s Q3 2022 Earnings (TSE:AC)

Air Canada (TSE:ACGet Rating) – Investment analysts at Cormark decreased their Q3 2022 earnings estimates for shares of Air Canada in a research note issued to investors on Wednesday, August 3rd. Cormark analyst D. Ocampo now anticipates that the company will earn $0.63 per share for the quarter, down from their prior forecast of $1.29. Cormark currently has a “Hold” rating and a $20.00 price target on the stock. The consensus estimate for Air Canada’s current full-year earnings is $0.98 per share. Cormark also issued estimates for Air Canada’s Q4 2022 earnings at ($0.46) EPS, FY2022 earnings at ($3.29) EPS, Q1 2023 earnings at ($0.42) EPS, Q2 2023 earnings at ($0.10) EPS, Q3 2023 earnings at $1.54 EPS, Q4 2023 earnings at ($0.34) EPS, FY2023 earnings at $0.68 EPS and FY2024 earnings at $2.63 EPS.

Other equities analysts have also recently issued research reports about the company. Canaccord Genuity Group upgraded Air Canada to a “buy” rating and set a C$23.00 target price for the company in a report on Tuesday, July 12th. CIBC lowered their target price on Air Canada from C$30.00 to C$29.00 in a report on Thursday, July 14th. ATB Capital increased their target price on Air Canada from C$30.00 to C$32.00 and gave the stock a “buy” rating in a report on Wednesday. Citigroup lowered their target price on Air Canada from C$25.50 to C$19.00 and set a “neutral” rating for the company in a report on Wednesday, July 20th. Finally, TD Securities increased their target price on Air Canada from C$25.00 to C$26.00 and gave the stock a “buy” rating in a report on Wednesday. Six investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of C$27.44.

Air Canada Price Performance

AC opened at C$18.06 on Friday. The company has a quick ratio of 1.17, a current ratio of 1.26 and a debt-to-equity ratio of 183,588.89. Air Canada has a 12 month low of C$15.57 and a 12 month high of C$26.80. The company has a fifty day simple moving average of C$17.99 and a 200 day simple moving average of C$21.18. The stock has a market cap of C$6.46 billion and a P/E ratio of -1.97.

Insider Activity at Air Canada

In related news, Senior Officer Murray Douglas Strom sold 3,755 shares of the firm’s stock in a transaction dated Wednesday, May 18th. The shares were sold at an average price of C$21.33, for a total value of C$80,094.15. Following the completion of the sale, the insider now directly owns 2,740 shares in the company, valued at approximately C$58,444.20. In related news, Senior Officer Amos Kazzaz acquired 4,126 shares of the business’s stock in a transaction on Friday, June 3rd. The stock was purchased at an average cost of C$21.36 per share, for a total transaction of C$88,115.68. Following the completion of the transaction, the insider now directly owns 17,043 shares of the company’s stock, valued at approximately C$363,973.72. Also, Senior Officer Murray Douglas Strom sold 3,755 shares of the firm’s stock in a transaction that occurred on Wednesday, May 18th. The stock was sold at an average price of C$21.33, for a total transaction of C$80,094.15. Following the sale, the insider now owns 2,740 shares of the company’s stock, valued at C$58,444.20.

Air Canada Company Profile

(Get Rating)

Air Canada provides domestic, U.S. transborder, and international airline services. It offers scheduled passenger services under the Air Canada Vacations and Air Canada Rouge brand name in the Canadian market, the Canada-U.S. transborder market, and in the international market to and from Canada, as well as through capacity purchase agreements on other regional carriers.

Further Reading

Earnings History and Estimates for Air Canada (TSE:AC)

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