Best Stock to Own in March Already Drew a Bull Note

Plus, another 24 stocks for bulls to consider this month

Digital Content Manager
Mar 1, 2024 at 10:47 AM
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NRG Energy Inc (NYSE:NRG) stock is starting the month of March on the right foot, up 0.9% at $55.76, after a price-target hike from Citigroup to $62 from $52, and earlier hit a record high of $56.13. The equity boasts a 70.4% year-over-year lead, with a nearly 8% gain amassed just in 2024, and a floor near the $50 level ready to contain any eventual pullbacks.

NRG Intraday

It's not likely NRG will face headwinds anytime soon, however. According to Schaeffer's Senior Quantitative Analyst Rocky White, the security is the best S&P 500 Index (SPX) name to own in February, and one of just six electricity names on the list. NRG Energy stock finished the month higher in nine of the past 10 years, averaging a 5.9% return. 

Best of March

Despite its upbeat price action, the 15.18 million shares sold short still make up 6.8% of the stock's available float. In other words, a short squeeze could still boost the security.

Traders hoping to bank on this seasonality trend should consider doing so with options, which are reasonably priced at this time. The stock's Schaeffer's Volatility Index (SVI) of 28% sits higher than 24% of readings from the last 12 months -- a relatively low reading.
 
 
 

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