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.
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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.
