NRG Energy's stock surges after $1 billion stock repurchase program announced
Shares of NRG Energy Inc. charged 3.3% higher in morning trading Monday, after the electric utility announced a $1 billion stock repurchase program, effective immediately. The buyback plan represents about roughly 11% of the company's market capitalization of about $9.24 billion. The announcement comes as the company also said it closed on its sale of 4,850 megawatts of fossil generating assets to Generation Bridge, an affiliate of ArcLight Capital Partners, for net proceeds of $620 million. The stock has dropped 16.8% over the past three months, while the SPDR Utilities Select Sector ETF has eased 1.4% and the S&P 500 has tacked on 0.8%.
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