Bluegrass Energy stock price surge
Bluegrass Power, one of the nation’s biggest energy producers, posted its second-best quarterly profit in two years, according to data released Thursday.
The company’s net income rose 12.9 percent to $1.19 billion.
The stock’s market value was up 18.2 percent to nearly $5 billion.
The Bluegrass stock surged 10.5 percent this year, jumping more than 100 percent to close Thursday at $3.20.
The performance was bolstered by the company’s decision to open a new headquarters in Nashville.
The new headquarters will have more than 1,000 employees and will have about 300,000 square feet of space.
Bluegrass, which also owns the Tennessee Valley Authority, is a publicly traded company with about 4,500 employees.
The stock has gained more than 9 percent over the past year.
Bluegrasses stock is up nearly 10 percent this month, and the company said it will be raising capital for a new $500 million facility in Nashville this summer.
The Tennessee Valley Coalition, a business group that represents more than 150,000 businesses, was pleased to see Bluegrass’s stock soar to record levels.
The group applauded the Bluegrass announcement that it will invest $100 million in new capacity and expand its production capacity.
Bluegrass, a subsidiary of the Nashville-based Envision Energy Corp., was founded in 2005 by former Sen. John Cornyn and former Gov.
The Bluegrass name is synonymous with bluegrass music, bluegrass events and the region.
Bluegrasses main competitor in the Tennessee market, Metronet Energy, also posted a quarterly profit.
The utility’s net profit rose 14.1 percent to more than $8 billion.