The AGL Energy Limited (ASX: AGL) share price has started this week on a roll, currently 2.08% higher at $8.82.
And while there’s been no word from the company lately, there have been a few recent happenings that could be helping its stock.
The energy producer and retailer’s stock earlier reached an intraday high of $8.83 — the highest it’s been since July 2021.
For context, the S&P/ASX 200 Index (ASX: XJO) is also in the green on Tuesday. It’s currently up 0.57%.
Let’s take a look at all that might be driving AGL’s stock upwards today.
What’s boosting the AGL share price today?
The AGL share price is moving higher on Tuesday, as is its home sector.
Right now, the S&P/ASX 200 Utilities Index (ASX: XUJ) is up 1.33%, with all three of its constituents recording gains.
On top of that, the S&P/ASX 200 Energy Index (ASX: XEJ) has gained 1.32%, making them among the best-performing sectors today.
While the positive momentum among its ASX 200 peers might be driving the AGL share price higher, its gains might also be a delayed reaction to the company’s recently changed short position.
In late March, AGL’s short position was 2.28%, according to Australian Securities and Investments Commission (ASIC) data. Now, it’s sitting at 0.49%.
Previously, around 15 million of the company’s shares were in the hands of short sellers. As of the most recent data available, that number has fallen to approximately 3.3 million.
That means fewer market participants are betting the company’s stock will fall.
Since the regulator broke the news of the notable drop, the AGL share price has surged 15%.
Additionally, today’s gains included, it’s almost 40% higher than it was at the start of 2022.
Though, it has fallen 4.6% since this time last year.
The post Why is the AGL share price having such a stellar start to the week? appeared first on The Motley Fool Australia.
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More reading
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- What was the highest ever AGL Energy share price?
- Rain or sunshine for ASX renewable shares in the March quarter?
- Could April be a good month for the AGL share price?
- Why AGL, Alliance Aviation, Woodside, and Xero shares are charging higher
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 no position in any of the stocks mentioned. 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 Bruce Jackson.
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