All articles tagged with #nrg energy
Hedge fund Elliott Management is seeking to remove the CEO of NRG Energy, Mauricio Gutierrez, citing concerns over the company's performance and corporate governance. Elliott, which owns a 9.4% stake in NRG, has nominated five directors to the company's board and is pushing for a strategic review of the business.
Constellation is set to acquire NRG Energy's 44% ownership stake in the South Texas Project Electric Generating Station, a 2,645-megawatt, dual-unit nuclear plant, for $1.75 billion. The acquisition will expand Constellation's fleet of reliable, carbon-free nuclear plants and make it one of three owners with oversight of the South Texas Project Nuclear Operating Company. The purchase is subject to approval by the Nuclear Regulatory Commission and Department of Justice and is expected to be completed by year end.
Elliott Investment Management has taken a position in NRG Energy for the second time in six years and is calling for a boardroom overhaul and strategic changes at the US power company. The activist investor wants NRG to appoint five new independent board members and unwind its recent acquisition of home security firm Vivint Smart Home. Elliott is asking NRG to implement cost cuts worth $500m and is pushing for a strategic review to help the company refocus on its core business of supplying power.
Analysts predict blowout first-quarter profit growth from 11 S&P 500 companies, including MGM Resorts, NRG Energy, and Marathon Petroleum. However, the S&P 500 is expected to post a 6.6% drop in first-quarter profit, with analysts cutting profit forecasts by 6.3% since December. Only three sectors are expected to show earnings growth higher than inflation, and those three groups have also been subject to the largest negative estimate revisions.