The past year for SRE has been anything but smooth. Looking at the chart, it's had some big swings dropped to about 74 last June, then a slow grind higher and a pretty strong October push. Since early spring, though, it's mostly been bouncing around this 90 96 zone. It's not running away, but it's not rolling over either.

I'm leaning bullish here, but not chasing it. There's a good defensive base utilities are still in demand with all the uncertainty around rates and economic growth, so SRE should keep benefitting from stable cash flows and rate base growth. Plus, their infrastructure investments look like they'll actually show up in earnings over the next couple of quarters. If they guide for steady dividend raises again at the next update, that should be a solid sentiment boost too.

That said, you can't ignore how quickly this stock rebounded from the fall lows. We're already up quite a bit in the last 12 months, so I'm not expecting fireworks. There's also the risk that if rates spike, SRE could retrace fast. If California or Texas hit them with new regulatory headaches, that's another possible drag.

I’m setting my target at 106.00 over the next 16 weeks. It's not a huge upside from here but feels reasonable given the recent trend and the sector. The next earnings call could be the main catalyst especially if they lift guidance or talk up their project pipeline. Keeping my bets small and my stop tight, but this looks like one of the steadier setups in utilities right now.