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Elliott Management Exits NRG Energy in Q1: What’s Next?

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NRG Energy

According to its latest 13F filing, Elliott Management, the activist shareholder whose involvement largely doubled NRG Energy (NRG) stock in the last year, has exited NRG. In the first quarter, it sold 10 million shares of NRG, the largest merchant power player.

Bluescape Energy Partners still has a 2.9% stake in NRG Energy. The Vanguard Group added 1.3 million shares of NRG and raised its stake to 11.4% in the first quarter. At the end of 4Q17, it held a 10.9% stake in NRG.

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Among the noteworthy additions, Deutsche Asset Management added 4.9 million shares and increased its stake to 4%. Brahman Capital added net 3.6 million shares and held more than 5% as of March 31.

Fidelity Management & Research added net 0.3 million shares in the first quarter and held 5% of NRG Energy’s total outstanding shares as of March 31.

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NRG’s transformation plan

NRG Energy stock soared after introducing a transformation plan in July 2017 that focuses on its core merchant power business. It aims to reduce debt through asset sales and cost-cutting. NRG stock, one of the smallest components of the S&P 500 Utilities Index (XLU), rose a whopping 130% in the past year.

You can read more about NRG’s transformation plan and its first-quarter earnings in NRG Energy Posts Stronger 1Q18 Earnings, Maintains Guidance.

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