NEW YORK (TheStreet) -- NRG Energy  (NRG - Get Report) stock is advancing by 4.60% to $14.10 in afternoon trading on Wednesday, following its 2015 third quarter earnings results. 

Before the market open, the power company posted earnings of 18 cents per share for the most recent quarter, down from 48 cents per share for the year ago period. 

Revenue declined year over year to $4.43 billion, down from $4.57 billion for the 2014 third quarter.

Analysts had forecast for earnings of 73 cents per share on revenue of $4.24 billion. 

NRG Energy has begun a company-wide cost reduction program of $150 million, and announced an additional $100 million per year cost reduction program for 2016. 

The company also narrowed its full year 2015 adjusted EBITDA guidance to a range between $3.25 billion and $3.35 billion, from the prior range of $3.20 billion and $3.40 billion.

"Strong operational performance across our wholesale, retail and renewable platforms, including near record results at home retail and strong performance in commercial operations, paved the way for a solid third quarter and provides the foundation to support our efforts under the NRG Reset to free up capital for shrinking and enhancing the balance sheet as part of our ongoing capital allocation plan," CEO David Crane said in a statement.

Separately, TheStreet Ratings team rates NRG ENERGY INC as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:

We rate NRG ENERGY INC (NRG) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its impressive record of earnings per share growth, compelling growth in net income and good cash flow from operations. However, as a counter to these strengths, we also find weaknesses including a generally disappointing performance in the stock itself, generally higher debt management risk and poor profit margins.

You can view the full analysis from the report here: NRG

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Any reference to TheStreet Ratings and its underlying recommendation does not reflect the opinion of Jim Cramer, TheStreet or any of its contributors.