Southwest Airlines (LUV) closed the most recent trading day at $31.22, moving +1.23% from the previous trading session. This move lagged the S&P 500's daily gain of 2.59%. Meanwhile, the Dow gained 2.66%, and the Nasdaq, a tech-heavy index, added 0.12%.Prior to today's trading, shares of the airline had lost 16.06% over the past month. This has lagged the Transportation sector's loss of 13.13% and the S&P 500's loss of 9.22% in that time.Wall Street will be looking for positivity from Southwest Airlines as it approaches its next earnings report date. This is expected to be October 27, 2022. On that day, Southwest Airlines is projected to report earnings of $1.20 per share, which would represent year-over-year growth of 621.74%. Meanwhile, our latest consensus estimate is calling for revenue of $6.22 billion, up 33.02% from the prior-year quarter.LUV's full-year Zacks Consensus Estimates are calling for earnings of $2.11 per share and revenue of $24.17 billion. These results would represent year-over-year changes of +198.14% and +53.06%, respectively.Investors should also note any recent changes to analyst estimates for Southwest Airlines. Recent revisions tend to reflect the latest near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.Research indicates that these estimate revisions are directly correlated with near-term share price momentum. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 2.16% lower within the past month. Southwest Airlines currently has a Zacks Rank of #3 (Hold).Digging into valuation, Southwest Airlines currently has a Forward P/E ratio of 14.6. This valuation marks a premium compared to its industry's average Forward P/E of 12.69.We can also see that LUV currently has a PEG ratio of 2.43. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. The Transportation - Airline industry currently had an average PEG ratio of 1.65 as of yesterday's close.The Transportation - Airline industry is part of the Transportation sector. This industry currently has a Zacks Industry Rank of 182, which puts it in the bottom 28% of all 250+ industries.The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.To follow LUV in the coming trading sessions, be sure to utilize Zacks.com. 7 Best Stocks for the Next 30 Days Just released: Experts distill 7 elite stocks from the current list of 220 Zacks Rank #1 Strong Buys. They deem these tickers "Most Likely for Early Price Pops." Since 1988, the full list has beaten the market more than 2X over with an average gain of +24.8% per year. So be sure to give these hand-picked 7 your immediate attention. See them now >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Southwest Airlines Co. (LUV): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research