The AGL Energy Limited (ASX: AGL) share price gained 1.95% in Friday trade, outperforming the S&P/ASX 200 Index (ASX: XJO) which trailed in 0.87% lower at the close.
Shares in the energy and telco giant closed at $6.80 apiece. Earlier in Friday's session, they fetched a high of $6.92 and a low of $6.66.
The utilities sector was the strongest performer for the day, and the S&P/ASX 200 Utilities Index (ASX: XUJ) finished with a gain of 1.27%.
It might not be surprising to hear then that two of AGL's peer companies also finished in the green on Friday.
Meridian Energy Ltd (ASX: MEZ) gained a healthy 6.33% and Infratil Ltd (ASX: IFT) ended the day 2.15% higher.
What might be surprising is that there was no news today to spearhead AGL's price movement. But what we can do is recap some of the company's recent events to figure out what led to it.
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What's going on with the AGL Energy share price?
AGL received positive coverage from Morgans Investment advisor Jabin Hallihan on 25 October. The broker gave the company a buy recommendation and a price target of $8.81. This suggests a possible 29.5% upside at the time of writing.
More positive sentiment came from AGL board hopeful John Pollaears who described the company as having a "huge, huge upside for shareholders" provided that its transformation plan goes through.
A broker echoed this sentiment at Credit Suisse which gave AGL shares a price target of $8.20.
AGL said it would stop using coal entirely in its strategic review update posted on 29 September. For the company to stop burning coal it will cost around $20 billion and see its emissions drop from 40 million tonnes to net zero.
AGL Energy share price snapshot
The AGL share price is up 10.75% year to date. Meanwhile, the ASX 200 is down 8.84% over the same period.
The company's market capitalisation is around $4.57 billion.
