Despite its reputation as a poor performing ASX 200 share, AGL Energy Limited (ASX: AGL) shares have been on a bit of a tear lately. Investors were badly burned last year when the AGL share price fell by close to 50%. 2019 and 2020 weren't much better for this energy generator and retailer either. AGL's last all-time high of close to $28 is still painfully far from the company's current share price of $8.27 at the time of writing today.
But in saying that, AGL has actually been quite the rewarding investment of late. Its shares are now up more than 30% year to date. They are also up around 62% from the company's last 52-week low of $5.10 that we saw back in November last year.
So with these gains under the belt, many investors might be wondering whether AGL shares are still a buy now that we're in April. Could AGL keep the 2022 momentum going this month and beyond?
Are AGL shares an April buy today?
Well, one ASX broker who reckons the company has a good shot is Morgans. As my Fool colleague James covered yesterday, broker Morgans has just upgraded AGL to an 'add' rating. That came with a 12-month share price target of $8.83. If that turned out to be the case, investors would be looking at a return of 6.9% on their AGL shares over the next year. That's on top of any dividends investors may receive too. Morgans reportedly re-rated AGL to the upside in response to improving electricity prices.
No doubt investors will be pleased with that assessment. But, as always, we'll have to wait and see if it proves to be accurate.
At the current AGL share price, this ASX 200 share has a market capitalisation of $5.54 billion, with a trailing dividend yield of 6.05%.
