From Nasdaq: 2024-11-08 10:19:00

Constellation Energy Corporation (CEG) shares have surged 6.9% post third-quarter 2024 results. Earnings of $2.74 per share beat estimates by 0.7% and rose 28.6% YoY. Stock closed at $241.59 on Nov. 7, up 101.8% in a year. CEG outperformed S&P 500 with a 39.8% growth.

CEG secured a 20-year power deal with Microsoft to restart Three Mile Island Unit 1 as Crane Clean Energy Center. Nuclear plants registered a 95.0% capacity factor in Q3, raising adjusted operating earnings guidance. Earnings are consistent with positive surprises in last three quarters.

Factors like strong nuclear fleet, AI-driven data center demand, and positive earnings estimate revisions boost CEG stock. Company’s ROE of 16.26% beats industry average, and it rewards shareholders through buybacks and dividends. CEG trades at a premium on a P/E basis.

Constellation Energy benefits from clean energy demand, nuclear production capacity, and positive earnings surprises. Holders of Zacks Rank #3 stock can enjoy dividends, buybacks, and rising earnings estimates. Download the free report on profiting from the infrastructure boom.



Read more at Nasdaq: CEG Stock Gains 6.9% Since Q3 Earnings Beat: Time to Buy or Hold?