On September 21, Constellation Energy Corp rose 3.14% in regular trading, trading at $262.50/share, with turnover of $277 million. The stock rebounded from recent weakness driven by two positive catalysts.
Morgan Stanley raised its price target on Constellation Energy Corp to $369 from $364, maintaining an Overweight rating, signaling continued confidence in the company's growth trajectory. Separately, the company announced a 15-year renewable energy agreement with Toyota Motor North America to develop new solar generation capacity. Under the deal, Toyota will receive Renewable Energy Certificates from the Milan solar project, which is expected to commence commercial operations in September of next year.
These developments come as the company continues to digest its $715 million acquisition of a 609-megawatt natural gas combined-cycle facility in Rhode Island from Shell, announced earlier in September. That deal is expected to be immediately accretive to operating earnings at an effective net price of $580 million after first-year tax benefits, without affecting the company's $5 billion share repurchase program through the end of next year. Within the Electric Utilities sector, Oklo Inc. rose 6.55%, while other major peers traded largely flat.
Constellation Energy Corp is the largest carbon-free energy producer in the United States, with nuclear, hydro, wind, and solar facilities powering the equivalent of 16 million homes, representing approximately 10% of U.S. carbon-free energy.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)
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