Norges Bank Takes $930M Vistra Position as AE Wealth Trims Stake 25.3%
AE Wealth Management cut its Vistra stake by 25.3%, selling 29,584 shares to hold 87,444 shares valued at $17.13 million at quarter-end. Norges Bank opened a new $930.1 million position while Lone Pine, Alkeon, MFS and Invesco adjusted their stakes by +40.5%, +280.6%, +15.1% and +25.2%, and insiders sold 166,680 shares worth $28.76 million over the past 90 days.
1. Institutional Ownership Shifts
AE Wealth Management LLC reduced its stake in Vistra by 25.3% in the third quarter, selling 29,584 shares and ending the period with 87,444 shares valued at $17.13 million. Meanwhile, Norges Bank initiated a new position during the second quarter worth approximately $930.08 million. Lone Pine Capital LLC increased its holding by 40.5%, adding 1,864,931 shares to reach a total position valued at $1.25 billion. Alkeon Capital Management LLC boosted its stake by 280.6% with a purchase of 1,000,000 shares, bringing its total to 1,356,357 shares worth $262.88 million. Massachusetts Financial Services Co. added 930,912 shares in the third quarter (+15.1%), and Invesco Ltd. grew its position by 25.2% through the second quarter. These movements leave institutional and hedge fund ownership at 90.88% of the company’s shares.
2. Earnings and Operational Performance
In the most recent quarter, Vistra reported earnings per share of $1.75, narrowly missing the consensus estimate by $0.03, on revenue of $4.97 billion versus analyst projections of $6.60 billion. The company achieved a return on equity of 64.04% and a net margin of 6.70%. Vistra’s diversified generation fleet includes thermal and nuclear assets delivering emission-free power, underpinning its expectation of achieving more than $7.4 billion in EBITDA by 2027. Nearly all of 2026’s generation is hedged, providing revenue visibility, while ongoing acquisitions such as Energy Harbor and Cogentrix have expanded its nuclear footprint and overall capacity.
3. Insider Transactions and Capital Allocation Strategy
Executive vice presidents collectively sold 166,680 shares over the last 90 days, generating proceeds of $28.76 million, representing meaningful reductions of their holdings (up to 21.07% for individual transactions). Looking ahead, the company has outlined a capital allocation plan through 2027 targeting $10 billion in total distributions, prioritizing share buybacks over dividend growth. Management intends to maintain modest dividend increases, continue debt reduction to enhance financial flexibility, and support the balance sheet while funding strategic investments and returning cash to shareholders.