AE Wealth Management LLC reduced its stake in Vistra Corp. by 25.3% during the third quarter, selling 29,584 shares and ending the period with 87,444 shares valued at approximately $17.1 million. In contrast, Norges Bank initiated a new position worth roughly $930 million in the second quarter. Lone Pine Capital LLC increased its holdings by 40.5%, acquiring an additional 1.86 million shares for a total position worth $1.25 billion, while Alkeon Capital Management LLC expanded its stake by 280.6% to 1.36 million shares, valued at $262.9 million. Massachusetts Financial Services Co. added 930,912 shares in the third quarter, bringing its total to 7.11 million shares ($1.39 billion), and Invesco Ltd. boosted its position by 25.2% to 4.54 million shares ($879.4 million). Institutional investors and hedge funds now control 90.88% of Vistra’s outstanding shares.

In the third quarter Vistra reported earnings per share of $1.75, falling short of the consensus estimate by $0.03, while revenue came in at $4.97 billion versus the $6.60 billion forecast. The company delivered a return on equity of 64.04% and a net margin of 6.70%, underscoring efficient cost management despite lower-than-anticipated top-line results. Liquidity ratios remain tight, with a quick ratio of 0.88 and a current ratio of 0.99, and the debt-to-equity ratio stands at 5.74, reflecting the firm’s significant leverage. Analysts project full-year EPS of 7.00, supported by robust cash flow from its nuclear and thermal generation fleet.

Following the earnings release, three major brokerage firms raised their price targets: Scotiabank from $287 to $293, BMO Capital Markets from $230 to $244 and Wells Fargo reiterated an overweight stance with a target of $236. Bank of America trimmed its target from $231 to $218 but maintained a buy rating. Overall, three analysts rate Vistra as a Strong Buy, ten as a Buy and three as Hold, yielding an average consensus price target of $239.20. This collective optimism reflects confidence in the company’s emission-free nuclear capacity and retail customer base across competitive U.S. markets.

Vistra’s recent acquisitions—including Energy Harbor and Cogentrix—boost its generation capacity and nuclear footprint, underpinning management’s guidance for EBITDA to exceed $7.4 billion by 2027. Nearly all 2026 generation is hedged, insulating cash flows from commodity price swings. The capital allocation plan through 2027 prioritizes $10 billion in deployable capital, with a bias toward share repurchases over dividend increases, while continuing debt reduction to preserve financial flexibility for future investments.