The Qantas Airways Ltd (ASX: QAN) share price climbed 1.96% higher to $7.28 per share yesterday – a new record high for Qantas on the ASX. The company's shares have surged 26.39% higher in 2019.
But what's driving the Aussie airline's shares higher, and is November the best time to buy?
Why Qantas just hit a new record high
The Qantas share price climbed higher on Monday as Aussie equities generally performed well.
The S&P/ASX 200 Index (INDEXASX: XJO) added 21.60 points (0.32%) to close at 6,731.40 points yesterday.
There were no announcements or news from Qantas in yesterday's trade but there could be some momentum behind the stock.
The Qantas share price pushed higher on Friday after gaining ACCC approval for its deal with BP.
The regulator will grant a 5-year authorisation, which will allow BP to require BP-branded petrol stations to be a part of the Qantas rewards programs.
Cost savings and public benefits were cited as key factors behind the decision. The ACCC doesn't believe it will result in materially lower competition in the market.
Qantas has gone from strength to strength in recent weeks and hit another record high last Wednesday.
The company's shares have surged higher in November after unveiling its plans to be net carbon neutral by 2050. Qantas will double the number of flights being carbon offset with a cap on net emissions starting next year.
Is November the time to buy?
Qantas shares clearly have momentum behind them at the moment following the stock's recent record highs.
However, that may be a double-edged sword, as shares could be overvalued at $7.28 per share.
That being said, if you're looking for an airline to add to your portfolio in 2019, I think Qantas looks like better value than Virgin Australia Holdings Ltd (ASX: VAH) or Air New Zealand Ltd (ASX: AIZ).
Both airline rivals have seen their share prices fall lower in 2019 as higher fuel prices and weaker earnings have had a significant impact.
