NEW YORK (TheStreet) -- Shares of NRG Energy Inc. (NRG) are higher by 6.15% to $31.78 in mid-afternoon trading on Wednesday, as energy stocks rise following two days of declines, after benchmark U.S. crude grew for the first time in five days, rising by $1.50 to $78.74 per barrel, the Associated Press reports.
Oil prices have been declining since the summer, and dropped further at the beginning of the week, after Saudi Arabia made the decision to sell its oil to the U.S. at bargain prices in an effort to maintain its market share during a boost in U.S. production, the AP added.
Additionally, NRG Energy stock may also be gaining due to its 2014 third quarter earnings results, which were released today.
The company posted an increase in net income to $168 million, or 48 cents per diluted share, compared to $119 million, or 36 cents per diluted share for the 2013 third quarter.
Revenue for the latest quarter grew to $4.56 billion, from $3.49 billion for last year's third quarter.