Aerospace stock Boeing (BA) recently released some data about its aircraft delivery numbers, and the news, by and large, is looking good. Several numbers are on the rise, and at least one was near a record. Investors, meanwhile, were pleased enough, and sent Boeing shares up fractionally in Tuesday afternoon’s trading.
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So far this year, Boeing has delivered 493 jets. In October, it added another 53 to its total, and landed orders for another 15. The 737 MAX line accounted for 39 of those, and one 737 NG model landed with the United States Navy to be converted into a P-8 maritime patrol plane, reports noted. Two freighters, four 767s, and seven 787 Dreamliners rounded out the list.
Better still, Boeing is within striking distance of landing a record: the highest annual delivery total since 2018. Improvements in safety and overall production allowed such conditions to occur, reports noted. Though there were a few darker signs, including the overall order book for October. Boeing landed just 15 orders in the month, for eight 737s and seven 787s. But Boeing also got seven of its previous 737 orders canceled, bringing the total to just eight for the month.
Grounded Jets
Meanwhile, another serious issue emerged, as the entire MD-11 lineup was grounded by Federal Aviation Administration (FAA) order. The MD-11 was the kind of plane involved in the recent United Parcel Service (UPS) crash, and an active investigation is under way regarding potential causes.
In fact, this latest issue is putting a major potential problem in Boeing’s lap. If Boeing closes in the red again today, reports note, this will be the fifth day running that Boeing will finish below the 200-day moving average. That is a sign of growing weakness in the stock, which could be a problem for Boeing going forward.
Is Boeing a Good Stock to Buy Right Now?
Turning to Wall Street, analysts have a Strong Buy consensus rating on BA stock based on 13 Buys and two Holds assigned in the past three months, as indicated by the graphic below. After a 34.19% rally in its share price over the past year, the average BA price target of $259.38 per share implies 32.53% upside potential.
