Citigroup Coverage Gives Energy-Sector Staple a Boost

The equity is up over 130% in the last 12 months

Digital Content Manager
May 14, 2021 at 10:06 AM
facebook twitter linkedin


It's been a volatile week for the energy sector, with last weekend's Colonial Pipeline ransomware attack dictating much of the space's movement throughout the week. General Electric Company (NYSE:GE) is no exception, with shares rushing to a May high of $13.58 on Monday before taking a nosedive. Yesterday's broad-market surge helped give the equity a leg up, and it looks like this positive price action is being extended into today's trading. 

The equity is up 1.5% at $13.17 this morning, after Citigroup reinstated coverage on the equity with a "buy" rating and a $17 price target. The analyst noted a "gradual but likely" recovery for General Electric's aviation unit, as well as the company's progress in rebuilding itself, which could spark "material upside" for the stock. 

The pop has put GE just shy of its 60-day moving average -- a long-term area of support that the equity slipped under over the last two sessions. The 80-day, however, kept most of this week's losses in check, helping GE maintain its impressive year-over-year lead of 130.4%. 

Coming into today, the brokerage bunch was split on the the equity. Five of the analysts covering GE called it a "buy" or better, while five said "hold." The 12-month consensus price target of $14.54, meanwhile, is a 10.7% premium to current levels.

 

Minimize Risk While Maximizing Profits

There is no options strategy like this one, which consistently minimizes risk while maintaining maximum profits. Perfect for traders looking for ways to control risk, reduce losses, and increase the likelihood of success when trading calls and puts. The Schaeffer’s team has over 41 years of options trading success targeting +100% gains on every trade. Rest assured your losses are effectively limited to your initial cost at the time of making your move! Don't waste another second... join us right now before the next trade is released! 

 


 


 
Special Offers from Schaeffer's Trading Partners