Shares of NRG Energy Inc.
NRG,
charged up 1.7% toward a 17-month high, after the energy utility announced a $950 million accelerated share repurchase program. That represents about 9.2% of the company’s current market capitalization of $10.29 billion. The company said the ASR was entered into with multiple dealers. The stock, which was on track to close at the highest price seen since June 7, 2022, has run up 21.9% over the past three months, while the Utilities Select Sector SPDR ETF
XLU,
has lost 3.3% and the S&P 500
SPX,
has eased 2.4%.
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