1-Star Price
PREMIUM
5-Star Price
PREMIUM
Economic Moat
PREMIUM
Capital Allocation
PREMIUM
We are raising our fair value estimate for Vistra Energy to $22 per share from $21 after management announced a $2 billion stock repurchase plan, funded in part by $1 billion of new preferred stock. We are reaffirming our no-moat and negative moat trend ratings.
Vistra Energy emerged from the Energy Future Holdings bankruptcy as a stand-alone entity in 2016. Vistra is one of the largest power producers and retail energy providers in the U.S. It owns and operates 38 gigawatts of nuclear, coal, and natural gas generation in its wholesale generation segment after acquiring Dynegy in 2018. Its retail electricity segment serves 5 million customers in 20 states. Vistra's retail business serves almost one third of all Texas electricity consumers.
