NRG Energy (NRG) Approves $100M Buyback
NRG Energy (NYSE: NRG) announced that its Board of Directors, at its last regularly scheduled meeting of 2014, authorized the Company to repurchase $100 million of its common stock as part of its 2015 Capital Allocation Program. The authorization is effective immediately.
“In the collective view of NRG's management and directors, NRG stock represented a compelling value proposition even before the recent market weakness and the share price in no way reflects fairly either the existing value proposition or our exciting growth prospects across the full range of NRG businesses,“ said David Crane, NRG’s President and Chief Executive Officer. "We have a lot of exciting opportunities to reinvest NRG capital in our businesses in a value enhancing way but the value proposition of our own stock at these price levels is irresistible."
The purchase of common stock will be made using cash on hand with no defined timeframe and may be made from time to time as market conditions warrant and subject to regulatory considerations. This action does not foreclose the possibility of further or different capital allocation actions in the future.
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