Constellation Energy CorporatioNasdaq: CEG
Utilities · Electric Utilities
$308.34
-1.49%
Vol: 1.4M
Research Digest
Friday, May 1, 2026
Microsoft Three Mile Island restart partnership progresses; Scotiabank lowered PT to $441.
Constellation Energy is restarting Three Mile Island nuclear facility for Microsoft AI data centers. Trades at $315.17 with shares up 9.6% over past week. Declared quarterly dividend of $0.4265 per share payable June 5, 2026. Scotiabank lowered PT to $441 from $481, maintaining Sector Outperform. Signed 380-MW deal with CyrusOne for data center connectivity.
Previous Market Intelligence
13 daysApr 30Constellation Energy secures NRC approval for Clinton and Dresden reactor license renewals; nuclear fleet continues strong performance.Mixed▶
Constellation Energy reported Q4/FY2025 earnings exceeding guidance midpoint for the fourth consecutive year. Nuclear Regulatory Commission approved 20-year initial license renewal for Clinton (operation through 2047) and 20-year subsequent license renewal for Dresden reactors (operation through 2049/2051). Company increased annual dividend by 10% and expects another 10% increase in 2026. Calpine subsidiary signed 380-megawatt data center supply agreement. Stock faces analyst pressure with Scotiabank reducing target to $441 from $481 while maintaining Sector Outperform rating.
Apr 16Barclays raises PT to $360; 2026 EPS guidance $11-12 (midpoint +55% YoY); capex $3.9BNeutral▶
Constellation Energy outlined 2026 guidance: adjusted EPS $11-12 (midpoint +55% vs. 2025), slightly below consensus $11.60. Barclays raised PT to $360 from $356 on April 4 with Overweight rating. Company expanded share repurchase authorization to $5B to support growth. Three Mile Island restart delayed longer than expected, but long-term growth projections remain strong. Stock down >20% YoY despite largest U.S. nuclear fleet positioned for AI/data center power demand. Consensus: Buy (16 analysts, 85%+ coverage); 2026 capex $3.9B. Q1 earnings May 11.
Apr 15Constellation Energy boosts 2026 capex to $3.9B and expands buybacks to $5B; analyst sentiment mixed after guidance disappointed.Mixed▶
Constellation Energy outlined $3.9 billion in 2026 capital spending and expanded share repurchase authorization to $5 billion. However, the announcement initially disappointed markets as the 2026 guidance fell short of AI-utility premium expectations. Barclays maintained Overweight with PT raised to $360 from $356. BMO Capital lowered PT to $368 from $410. Stock trades at ~$275, down 30% from peak. Consensus from 16 analysts: Buy at $385.94 PT.
Apr 14Stock down 24.7% over 6 months; Three Mile Island delays pressure guidance; Barclays raises target to $360.Negative▶
Constellation Energy faced 2026 operating earnings guidance miss and Three Mile Island restart delays due to regulatory and transmission hurdles. Stock recently declined 10.9% amid $5B asset sale to LS Power. Barclays raised price target from $356 to $360; Seaport Global maintains Buy. Company closed Calpine acquisition, secured $1B DOE loan guarantee for Crane restart. Annual dividend raised 10%. Next earnings April 24.
Apr 13Constellation Energy misses 2026 guidance ($11.50 EPS vs $11.78 consensus); Three Mile Island restart delayed due to transmission approval holdups.Negative▶
Constellation Energy announced 2026 guidance of $11.50 EPS (midpoint) versus consensus of $11.78, disappointing markets. The company faces delays in restarting its Three Mile Island reactor due to holdups in power transmission project approvals. On positive notes, Constellation authorized a $5 billion share buyback and committed $3.9B in growth capex. Barclays raised price target to $360 from $356, while BMO lowered to $386 from $410.
Apr 10Constellation Energy stock falls 34% from peak as 2026 guidance misses and Three Mile Island delays emerge.Negative▶
Constellation Energy stock declined 4% in April after 2026 operating earnings guidance of $11.50 per share missed $11.78 consensus. Stock has fallen 34% from 52-week high of $412.70 reached in October 2025. Three Mile Island restart plans under risk due to delays in power transmission projects critical for the 2027 restart target under Microsoft power supply contract. Company announced $3.9 billion growth capex plan and increased $5 billion share buyback authorization. Despite headwinds, company forecasts base EPS growth exceeding 20% from 2026-2029.
Apr 9Constellation Energy Three Mile Island restart delayed to 2030+, clouding near-term growth despite AI data center tailwinds.Mixed▶
Constellation Energy faces uncertainty on its Crane Clean Energy Center project at Three Mile Island, with FERC filings warning investors that reactor restart and full grid connection may not occur until end of 2030 or later. This delays major revenue catalysts despite the company's $5B share buyback announcement and strong long-term positioning from AI data center demand. The company benefited from strong analyst sentiment with Barclays raising its price target to $360 from $356, reflecting optimism around its Calpine acquisition and nuclear energy upside. However, the company recently slumped 10.9% after announcing a $5B asset sale to LS Power as part of regulatory commitments, signaling execution challenges. Analysts remain bullish long-term due to nuclear energy demand from AI hyperscalers.
Apr 8Constellation Energy faces 10.9% decline on $5 billion LS Power asset sale tied to Calpine acquisitionNegative▶
Constellation Energy stock declined 10.9% on news of a $5 billion asset sale to LS Power, a regulatory commitment following its Calpine acquisition. The company agreed to divest a portfolio of 4.4 GW PJM generation assets to satisfy DOJ and FERC conditions. Q4 2025 results showed GAAP net income of $1.38 per share and adjusted operating earnings of $2.30, with full-year 2025 adjusted operating earnings of $9.39. Company signed 380 MW power agreement with CyrusOne for Texas data center, plus exclusive option for Phase 2. Analyst price targets remain mixed: Barclays Buy at $360, BMO cut to $386, UBS cut to $388.
Apr 7Constellation Energy misses 2026 earnings guidance; announces $5B share buyback; stock down 25% YTDMixed▶
Constellation Energy issued full-year 2026 earnings outlook of $11.50 adjusted operating earnings, falling short of $11.72 consensus expectations. The company announced a $5B share buyback program to offset earnings disappointment. CEG remains positioned in growing nuclear energy sector with data center contracts with Microsoft and Meta benefiting from AI power demand. Barclays raised its price target to $360 while BMO Capital lowered to $386. CEG is down 9.36% weekly, 12.84% monthly, but up 34.51% year-over-year. Earnings report due May 7, 2026. Stock trades with mixed analyst sentiment given missed guidance offset by AI data center tailwinds.
Apr 6Constellation Energy trading at $301.49 after guidance miss and Three Mile Island grid connection delay to 2031Mixed▶
Constellation Energy trading at $301.49 after recent selloff driven by weak 2026 adjusted operating earnings guidance and Crane Clean Energy Center delay. PJM grid operator indicated former Three Mile Island nuclear plant likely cannot connect until 2031, four years later than planned. 52-week range: $161.35-$412.70. Company has $5 billion share buyback and ambitious capital plans. 16 analysts recommend Buy with $398.94 average target. Company generates 10% of nation's clean energy from nuclear, hydro, wind, solar facilities.
Apr 3Constellation Energy down 21% in Q1 2026 after weaker guidance; 6.5% single-day drop on March 31 as data-center deal hopes fade.Negative▶
Constellation Energy issued 2026 adjusted EPS guidance of $11.00-$12.00 with >20% base earnings growth through 2029, but stock fell sharply as no new major data-center partnerships were announced. Stock slid 21% in Q1 and another 6.5% March 31. Company raised buyback authorization to $5B and is pursuing nuclear partnerships with tech firms.
Apr 2Constellation Energy lowered analyst price target to $388 from $420 at UBS on April 1; posted worst Q1 2026 with stock down 21% quarter-over-quarter.Negative▶
Constellation Energy faced significant headwinds on April 1, 2026, with UBS lowering price target to $388 from $420 due to weaker earnings outlook and regulatory challenges. Stock fell 21% in Q1 2026, including a 6.5% drop on March's final trading day. Company posted worst quarter, down 25% YTD with $5 billion asset sale to LS Power as regulatory requirement. March 31 earnings call outlined 20%+ base EPS growth 2026-2029 supported by $5 billion buyback authorization. Calpine acquisition completed, creating largest electricity producer with 55 GW capacity across nuclear, natural gas, geothermal, hydro, wind, solar.
Apr 1Constellation Energy misses 2026 earnings guidance at $11.50 EPS vs. $11.72 consensus, triggering 6% stock decline despite strong $5B buyback authorization.Mixed▶
Constellation Energy issued 2026 EPS guidance of $11.00-$12.00 per share, with adjusted operating earnings of $11.50 missing consensus of $11.72. The company authorized a $5 billion share repurchase program and announced the finalization of its Calpine acquisition. The Three Mile Island Unit 1 restart is expected to begin operations in 2027 with 835 MW contracted to Microsoft.
Sector Peers
| Company | Price | Day | 1M | Fwd P/E | Beta | Mkt Cap |
|---|---|---|---|---|---|---|
| CEGCONSTELLATION | $308.34 | -1.49% | +13.8% | 22.8x | 1.19 | $113.4B |
| SOSOUTHERN | $97.02 | +0.33% | -0.3% | 19.6x | 0.41 | $109.0B |
| DUKDUKE | $128.89 | -0.51% | -1.4% | 18.1x | 0.45 | $100.8B |
| AEPAMERICAN | $137.20 | +0.06% | +3.6% | 19.9x | 0.57 | $74.5B |
| ETRENTERGY | $116.83 | -0.92% | +2.9% | 23.6x | 0.56 | $54.0B |
| VSTVISTRA | $155.54 | -1.46% | +4.1% | 14.2x | 1.50 | $53.4B |
Key Fundamentals
RSI (14-Day)
52-Week Range
Moving Averages
Price below 200d MA — bearish structure.