Hertz, BP to Develop National Network of EV Charging Stations

HTZ is on the rise this morning, but is still near annual lows

Digital Content Manager
Sep 27, 2022 at 9:20 AM
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Hertz Global Holdings Inc (NASDAQ:HTZ) announced this morning that it was partnering with BP (BP) to create a national network of electric vehicle (EV) charging stations, which will be powered by BP Pulse. As part of its EV initiative Hertz offers electric autos at 500 of its locations in 38 states, and it's looking to grow this fleet even further. At last check, HTZ is up 3.1% premarket at $16.31. 

Coming into today, the car rental name was quickly approaching its Feb. 24 annual low of $15 after a rejection at its 180-day moving average earlier in the month. Year-to-date, HTZ has lost 36.1%, though its 14-day Relative Strength Index (RSI) sits just on the cusp of "oversold." In other words, a short-term bounce might be in the cards for the equity. 

Analysts remain optimistic. Of the seven in coverage, five say "buy" or better. Plus, the 12-month consensus price target of $30.25 is a 91.2% premium to Monday's close. Should HTZ continue to struggle on their charts, a shift from the brokerage bunch to a more bearish stance could further weigh on the equity. 

 

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