Allianz Asset Management GmbH Reduces Stake in NRG Energy, Inc. $NRG

Allianz Asset Management GmbH decreased its holdings in shares of NRG Energy, Inc. (NYSE:NRG) by 79.7% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 10,450 shares of the utilities provider’s stock after selling 41,128 shares during the quarter. Allianz Asset Management GmbH’s holdings in NRG Energy were worth $1,692,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in NRG. Quent Capital LLC purchased a new stake in shares of NRG Energy during the 3rd quarter worth approximately $25,000. Bank of Jackson Hole Trust purchased a new stake in NRG Energy in the second quarter valued at $28,000. Atlantic Union Bankshares Corp boosted its stake in NRG Energy by 90.4% in the third quarter. Atlantic Union Bankshares Corp now owns 179 shares of the utilities provider’s stock valued at $29,000 after acquiring an additional 85 shares in the last quarter. Fourth Dimension Wealth LLC purchased a new position in shares of NRG Energy during the second quarter worth about $32,000. Finally, Twin Peaks Wealth Advisors LLC acquired a new stake in shares of NRG Energy during the second quarter worth about $35,000. 97.72% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, VP Brian Curci sold 46,976 shares of the business’s stock in a transaction that occurred on Tuesday, January 6th. The stock was sold at an average price of $158.84, for a total transaction of $7,461,667.84. Following the sale, the vice president owned 46,113 shares of the company’s stock, valued at $7,324,588.92. The trade was a 50.46% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Bruce Chung sold 12,383 shares of the firm’s stock in a transaction that occurred on Wednesday, January 7th. The shares were sold at an average price of $156.56, for a total value of $1,938,682.48. Following the completion of the transaction, the chief financial officer directly owned 79,147 shares of the company’s stock, valued at $12,391,254.32. The trade was a 13.53% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 172,556 shares of company stock worth $27,550,446. Company insiders own 0.86% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the company. Zacks Research downgraded NRG Energy from a “hold” rating to a “strong sell” rating in a research note on Friday, January 23rd. UBS Group assumed coverage on NRG Energy in a report on Tuesday, December 9th. They issued a “buy” rating and a $211.00 price objective for the company. BMO Capital Markets lifted their target price on shares of NRG Energy from $185.00 to $195.00 and gave the company a “market perform” rating in a report on Friday, November 7th. Wells Fargo & Company increased their price target on shares of NRG Energy from $202.00 to $206.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 20th. Finally, Jefferies Financial Group dropped their price objective on shares of NRG Energy from $198.00 to $181.00 and set a “buy” rating on the stock in a research note on Tuesday, January 27th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, NRG Energy currently has a consensus rating of “Moderate Buy” and an average price target of $184.91.

NRG Energy Price Performance

Shares of NYSE NRG opened at $161.81 on Friday. The company has a debt-to-equity ratio of 8.45, a quick ratio of 0.99 and a current ratio of 1.05. NRG Energy, Inc. has a one year low of $79.57 and a one year high of $180.54. The firm has a market capitalization of $34.74 billion, a P/E ratio of 24.19 and a beta of 1.27. The company’s fifty day moving average is $155.84 and its two-hundred day moving average is $159.84.

NRG Energy Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, February 17th. Shareholders of record on Monday, February 2nd will be issued a $0.475 dividend. This represents a $1.90 dividend on an annualized basis and a yield of 1.2%. This is a boost from NRG Energy’s previous quarterly dividend of $0.44. The ex-dividend date of this dividend is Monday, February 2nd. NRG Energy’s dividend payout ratio is 28.40%.

NRG Energy declared that its Board of Directors has initiated a share repurchase program on Thursday, November 6th that allows the company to buyback $3.00 billion in shares. This buyback authorization allows the utilities provider to buy up to 9.2% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.

About NRG Energy

NRG Energy (NYSE: NRG) is a U.S.-based integrated power company headquartered in Houston, Texas. The company develops, owns and operates a diversified portfolio of power generation assets and participates in wholesale and retail energy markets. NRG supplies electricity to utilities, commercial and industrial customers, and retail consumers, while also providing energy-related products and services designed to manage consumption and support reliability.

NRG’s generation mix includes conventional thermal plants as well as renewable and distributed energy resources.