Tag: Allegiant

Allegiant Travel (ALGT) to Expand Domestic Services in 2021

Allegiant Travel Company ALGT announced plans for a major domestic service expansion next year as air-travel demand, dampened by the coronavirus crisis, improves gradually. The airline will begin 15 new nonstop services in 2021, offering customers wider connectivity to   Southern California and the Pacific Northwest.

Beginning Feb 12, 2021, the carrier will initiate services connecting Orange County, CA with Boise, ID; Grand Junction, CO; Medford, OR and Provo, UT.

Starting Feb 18, 2021, Allegiant Travel will introduce services connecting Orange County, CA with Las Vegas, NV; Missoula, MT; Reno, NV and Spokane, WA.

Allegiant Travel Company Price

Allegiant Travel Company Price

Allegiant Travel Company price | Allegiant Travel Company Quote

Additionally, the airline will begin services to/from Las Vegas, NV connecting with Spokane, Orange County, Asheville, N.C and Flint, MI. Flights between Las Vegas and Spokane as well as Orange County will begin in February, while those connecting Las Vegas with Asheville and Flint will commence operations in March.

From Grand Rapids, MI, Allegiant Travel will start flights to Newark, NJ and Destin, FL. Both these services will be operational Mar 5, 2021 onward. Further, the carrier will begin flights between St. Petersburg, FL and Fargo, ND as well as that between Houston, TX and Mesa, AZ. These services will be available from Feb 11, 2021.

Customers can avail these services for fares as low as $39, $49, $59, $69 and $79 one way. However, the offer is limited to those who purchase tickets by Nov 18, 2020 to travel by May 24, 2021.

Zacks Rank & Key Picks

Allegiant Travel carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the broader Transportation sector are Landstar System LSTR, Expeditors International of Washington EXPD and FedEx Corporation FDX. While FedEx sports a Zacks Rank #1 (Strong Buy), Landstar and Expeditors carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Shares of Landstar, Expeditors and FedEx have gained more than 16%, 19% and 77% in a year’s time, respectively.

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Budget airlines Spirit and Allegiant shares jump on sunnier outlook

A Spirit Airlines jet comes in for a landing at McCarran International Airport on May 25, 2020 in Las Vegas, Nevada.

Ethan Miller | Getty Images

As losses mount for the aviation industry, executives at budget airlines are growing more upbeat, despite recent increases in coronavirus cases, touting their leisure-focused networks and fares that appeal to the most price-sensitive consumers.

Spirit Airlines shares gained 9.5% to close at $17.04 Thursday after the company beat revenue estimates, reporting a smaller-than-expected loss for the quarter and less cash burn than was expected. The rally outpaced the NYSE Arca Airline index’s 3.5% gain. The S&P 500 ended 1.2% higher.

Spirit’s third-quarter revenue of $401.9 million was down nearly 60% from the year-ago period. The Miramar, Florida-based airline expects revenue to be down between 43% and 45% in the fourth quarter from a year ago, when its sales totaled close to $970 million.

“Obviously, if we see heightened travel restrictions or other disruptions, it could change this outlook,” Matt Klein, Spirit’s chief commercial officer, said in an earnings call Thursday. “We are not seeing anything in our bookings to suggest this is going to happen, but we are mindful that the recovery may still be a little bit bumpy, and there will be some noise while demand recovers to pre-COVID levels.”

Shares of Allegiant Travel Company, the parent of Allegiant Air, surged 11% to end the day at $137.57 after the company gave a sunny outlook on a milestone that has eluded most of the industry.

“We are flirting with cash-flow break-even,” Allegiant CFO Gregory Anderson said on a Wednesday afternoon earnings call, citing bookings in September and October of more than $3 million a day. “While the environment remains fluid and bookings will certainly ebb and flow, our data suggests these average booking levels are sustainable moving forward.” Allegiant’s cash burn averaged $1.3 million a day in the third quarter.

Allegiant’s “point-to-point domestic leisure focus should enable them to recover faster than others in the market,” wrote Cowen & Co. airline analyst Helane Becker, raising her price target for Allegiant to $140 from $130 a share. Shares rose as high as $139.92 on Thursday.

While the economy has recovered ground from a record decline early in the coronavirus pandemic, airlines are still reeling. U.S. carriers lost more than $11 billion combined in the third quarter, usually the peak summer travel season.

Discount airlines are not as reliant on international and business travel as large network carriers. Those two segments have been the most hurt by the pandemic and are expected to recover last. In response, U.S. airlines large and small have been adding service in areas that cater to vacationers in hopes of capturing desperately needed revenue.

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