How did the AGL share price outperform the ASX 200 by 11% in November?

The AGL Energy Limited (ASX: AGL) share price has added 16% over the course of November so far. And it did so amid plenty of excitement.

After closing October at $6.81, the energy provider’s stock lifted to trade at $7.93 today – marking a 16.45% gain.

Meanwhile, the S&P/ASX 200 Index (ASX: XJO) has lifted just 5.27% over the last 30 days. That leaves the stock having outperformed the index by 11.18% in that time.

Let’s dive into all the drama that occurred at the 180-year-old energy company over the course of November.

What went right for the AGL share price in November?

Three major happenings likely drew investor attention to AGL this month. Perhaps the most notable was the company’s annual general meeting (AGM). There, billionaire shareholder Mike Cannon-Brookes secured a second win over the AGL board.

All four nominees for the company’s board put forward by the Atlassian Corp (NASDAQ: TEAM) co-founder and co-CEO were elected by shareholders despite only one being recommended by AGL.

The win could insinuate investors may be more aligned with Cannon-Brookes’ vision for the company’s future than that of its board. The billionaire previously urged shareholders to vote for the four nominees, saying:

John Pollaers, Kerry Schott, Mark Twidell, and Christine Holman have no alignment with [Cannon-Brookes’ investment vehicle] Grok other than broadly agreeing with our view – and that of AGL shareholders – that this transition needs to occur as quickly as possible and with an ambition for AGL to lead Australia’s energy transition.

The company also received a first strike on its remuneration report, with more than 25% of shareholders voting against it.

Another major happening likely putting AGL shares in the spotlight this month was a proposal offered to Origin Energy Ltd (ASX: ORG).

And who was behind the asking? A consortium including none other than former AGL suitor Brookfield Asset Management.

Finally, the AGL share price slipped 1% on news the company plans to close its Torrens Island ‘B’ Power Station in 2026 last week. The South Australian asset will be transformed into a low-carbon industrial energy hub.

Coming into the end of November, the AGL share price is 26% higher than it was at the start of 2022. It has also gained 47% since this time last year.

Comparatively, the ASX 200 has dumped 4% year to date and is trading flat year-on-year.

The post How did the AGL share price outperform the ASX 200 by 11% in November? appeared first on The Motley Fool Australia.

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Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Atlassian. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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