In this article, we are going to discuss the 10 best nuclear energy stocks to buy according to billionaires.
Nuclear power now provides just under 10% of the global electricity supply, becoming the second-largest source of low-emission electricity in the world. This number is expected to grow significantly, as according to the International Energy Agency, over 70 GW of new nuclear capacity is under construction globally, while more than 40 countries around the world have plans to expand nuclear’s role in their energy systems. Nuclear energy also provided over 19% of the United States’ electricity in 2024, despite representing less than 8% of the country’s total operating capacity.
READ ALSO: 11 Best Solar Energy Stocks to Buy According to Hedge Funds
Nuclear power has also emerged as a forerunner for powering the ongoing AI boom and its accompanying data centers. According to the latest estimates by Deloitte, data center electricity demand could rise fivefold by 2035, reaching 176 GW. Approximately 10% of this demand is projected to be met by nuclear energy. Just last month, several tech giants met on the sidelines of the CERAWeek conference in Houston and signed a pledge to support the goal of at least tripling the world’s nuclear energy capacity by 2050.
Yet, the issue is that many of these projects will take years to construct, with some of them even a decade or more away. They also cost billions of dollars and often face challenges related to construction timelines and cost overruns, which can hinder their economic viability and competitiveness. A solution to this has emerged in the form of SMRs, or small modular reactors, that have a power capacity of up to 300 MW per unit and are quicker to build with greater scope for cost reductions. Moreover, they can be factory-built from standard parts and are touted as flexible enough to plunk down for a single customer, like a data center or an industrial complex. The IEA estimates that with the right support, SMR installations could reach 80 GW by 2040, accounting for 10% of the overall nuclear capacity globally.
Despite a record surge in demand, a large number of nuclear energy stocks have witnessed a significant decline over the last year due to the declining price of uranium, which has fallen by around 37% since January 2024. Part of this stems from increasing tensions between the US and Canada, which is the largest supplier of uranium to its southern neighbor. Another reason behind the low uranium price is believed to be the potential lifting of sanctions on Russia, which was the largest supplier of enriched uranium to the US commercial sector in 2022 and 2023.
However, the country banned the import of Russian uranium last year, with the aim of incentivizing domestic manufacturing. The Department of Energy was also awarded $2.7 billion in funding, in an attempt to spur the growth of the US nuclear fuel supply chain. As a result, five US facilities in Wyoming and Texas have spurred a 24% increase in domestic uranium production throughout 2024. Moreover, after President Trump recently ordered a probe into potentially imposing tariffs on critical mineral imports, including uranium, investors are piling in to acquire stakes in domestic uranium companies.
With that said, here are the Best Nuclear Energy Stocks to Invest in.
Our Methodology
To collect data for this article, we scanned Insider Monkey’s database of billionaires and picked the top 10 companies operating in the nuclear power sector with the highest number of hedge fund investors in Q4 of 2024. When two or more companies had the same number of billionaires investing in them, we ranked them by their market cap as of the writing of this piece. The following are the Best Nuclear Energy Stocks According to Billionaires.
At Insider Monkey, we are obsessed with the stocks that hedge funds pile into. The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 275% since May 2014, beating its benchmark by 150 percentage points (see more details here).
10. NexGen Energy Ltd. (NYSE:NXE)
Number of Billionaire Holders: 8
NexGen Energy Ltd. (NYSE:NXE) is a Canadian uranium explorer and developer operating particularly in the Athabasca Basin region of Saskatchewan. The company is focused on optimally developing the Rook I Project into the largest, low-cost uranium mine in the world.
NexGen Energy Ltd. (NYSE:NXE)’s Rook 1 project is construction-ready, awaiting government approval, and is characterized as a high-margin, long-life, and technically de-risked asset located in a high-quality mining jurisdiction. The company revealed in December 2024 that it had already signed its first agreements with US utility companies to supply 5 million pounds of uranium. NXE expects annual delivery of about 1 million pounds from 2029 to 2033, subject to the commencement of commercial production.
NexGen Energy Ltd. (NYSE:NXE) also announced last month that it has drilled its best hole to date, intersecting high-grade uranium and expanding its shallow inner high-grade subdomain at its Patterson Corridor East (PCE) in Saskatchewan.
Shares of NexGen Energy Ltd. (NYSE:NXE) were held by 37 hedge funds at the end of Q4 2024, with Waratah Capital Advisors holding the largest stake worth almost $39 million.
9. Dominion Energy, Inc. (NYSE:D)
Number of Billionaire Holders: 9
Dominion Energy, Inc. (NYSE:D) provides regulated electricity service to 3.6 million homes and businesses in Virginia, North Carolina, and South Carolina, and regulated natural gas service to 500,000 customers in South Carolina. The company also operates several nuclear power stations in the country.
Dominion Energy, Inc. (NYSE:D) reported mixed results in Q4 2024 as its revenue of $3.4 billion fell below expectations by almost $541 million. However, the company’s adjusted EPS of $0.58 topped estimates by $0.03. Moreover, Dominion’s operating earnings for the full year 2024 stood at $2.4 billion, compared to $1.7 billion for the same period in 2023. The company also maintains a current dividend level of $2.67 per share annually.
Dominion Energy, Inc. (NYSE:D) serves the world’s largest cluster of data centers in northern Virginia, connecting 15 new data centers last year and with plans to connect another 15 in 2025. The company is targeting the highly lucrative market and has recently updated its capital investment forecast from 2025 through 2029 to $50 billion, which should grow its earnings per share by 5% to 7% annually. Dominion also signed an MoU with Amazon last year to explore developing a small modular reactor near the utility’s North Anna nuclear station in Louisa County, Virginia.
8. Public Service Enterprise Group Incorporated (NYSE:PEG)
Number of Billionaire Holders: 10
Public Service Enterprise Group Incorporated (NYSE:PEG) is a predominantly regulated energy company that engages in the provision of electric and gas services. The company is involved in nuclear energy through its subsidiary PSEG Power, which owns and operates merchant nuclear generating assets.
Public Service Enterprise Group Incorporated (NYSE:PEG)’s Q4 2024 revenue of $2.47 billion was down 5.47% YoY and missed expectations by $73.6 million. However, the company’s adjusted EPS of $0.84 was slightly above market estimates by $0.01. PEG’s FY 2024 adjusted EPS came in at $3.68, marking the twentieth consecutive year that the utility company has met or exceeded its adjusted operating earnings guidance to investors.
Public Service Enterprise Group Incorporated (NYSE:PEG) is also included among the 10 Safest Dividend Stocks to Buy Now. The company has paid dividends to its shareholders for 118 consecutive years and recently announced a quarterly dividend of $0.63 per share. PEG boasts a current annual dividend yield of 3.11%.
Public Service Enterprise Group Incorporated (NYSE:PEG) continues to invest in nuclear energy and finalized an agreement with Lotus Resources in January. The utility company has now secured the purchase of at least 2.3 million pounds of uranium from the Kayelekera Uranium Project in Malawi, covering the period from 2026 to the end of 2032.
7. BWX Technologies, Inc. (NYSE:BWXT)
Number of Billionaire Holders: 12
BWX Technologies, Inc. (NYSE:BWXT) is a leading supplier of nuclear components and fuel to the US government, including the manufacturing of nuclear reactor components for US Navy submarines and aircraft carriers, and other nuclear and non-nuclear R&D and component production.
BWX Technologies, Inc. (NYSE:BWXT) had a strong Q4 2024 as its adjusted EPS of $0.92 topped expectations by $0.1. The company’s revenue of $746.27 million also beat estimates by over $23.5 million, besides being up by 2.86% YoY. BWXT ended 2024 with a backlog of $4.8 billion, up 21% YoY from large contract awards in both of its operating segments. Moreover, the company’s operating cash flow grew by around 12% YoY to $408.4 million in FY 2024, while its free cash flow also surged by approximately 20% to $255 million.
BWX Technologies, Inc. (NYSE:BWXT) continues to expand its footprint and announced in January that it has agreed to acquire Kinectrics, a provider of engineering, testing, and consulting services. The $525 acquisition will expand BWXT’s capabilities, including lifecycle management, specialized plant services, and engineering, along with nearly doubling its workforce.
6. Talen Energy Corporation (NASDAQ:TLN)
Number of Billionaire Holders: 12
Next on our list of the Best Nuclear Power Stocks is Talen Energy Corporation (NASDAQ:TLN), a leading independent power producer and energy infrastructure company with 10.7 GW of generation assets, including 2.2 GW of nuclear power.
Talen Energy Corporation (NASDAQ:TLN) reported a strong performance in Q4 2024, posting an EPS of $0.47, significantly above analysts’ estimates by $0.67. The company’s revenue of $467 million also topped expectations by $33.1 million, despite being down 11.39% YoY. TLN maintains a robust balance sheet, with approximately $1.2 billion of liquidity, including over $470 million in cash. The company also generated an adjusted free cash flow of $283 million in FY 2024, exceeding its guidance midpoint.
Talen Energy Corporation (NASDAQ:TLN) remains committed to its shareholders, with a target to return 70% of its adjusted free cash flow. The company repurchased $2 billion worth of its stock in 2024, equal to 22% of its total outstanding shares. Moreover, it still has $1.1 billion of remaining share repurchase program capacity through year-end 2026.
River Road Asset Management stated the following regarding Talen Energy Corporation (NASDAQ:TLN) in its Q4 2024 investor letter:
“Another top contributor was Talen Energy Corporation (NASDAQ:TLN), a leading independent power producer. TLN boasts a diverse 10.7 GW generation portfolio spanning nuclear (48%), natural gas (41%), and coal (11%) assets across the PJM (northeastern states) and WECC (western regions). The electrical grid faces mounting pressure from rapidly escalating demand, fueled by transformative technologies like artificial intelligence (AI). Consequently, the price of clean and reliable nuclear power is expected to increase significantly. TLN’s crown jewel, the Susquehanna nuclear facility, enjoys dual advantages: a tax credit safeguarding its cash flow downside and upside cash flow potential as power prices respond to new agreements. These benefits are exemplified by TLN’s recent contract with Amazon® and Constellation Energy Group’s (CEG) plans to reactivate Three Mile Island to meet Microsoft’s® demand.
This strategic positioning drove several powerful catalysts in the quarter despite the Federal Energy Regulatory Commission’s (FERC’s) rejection of the ISA amendment for increased Amazon Web Services (AWS) power capacity. The company demonstrated strong shareholder commitment by executing an additional $1B buyback, bringing total repurchases to 20% of shares in 2024, with $1.0B still authorized through 2026. The stock benefited from substantial passive fund demand, with over six million shares acquired in September alone following inclusion in five equity indices. Most importantly, the underlying business fundamentals remained robust, with expanded spark spreads driving increased generation margins across the fleet, while maintaining a conservative leverage ratio of 2.4x, well below the 3.5x target. The market particularly responded to the growing narrative around data center power demand, which is expected to surge from 25 gigawatts in 2024 to more than 80 gigawatts by 2030, positioning Talen’s existing generation capacity as increasingly valuable in a market facing significant supply constraints. We trimmed the position as it approached its assessed value.”
5. Cameco Corporation (NYSE:CCJ)
Number of Billionaire Holders: 13
Cameco Corporation (NYSE:CCJ) is one of the largest global providers of uranium fuel with a licensed capacity to produce more than 53 million pounds of uranium concentrates annually, backed by more than 464 million pounds of proven and probable mineral reserves.
Cameco Corporation (NYSE:CCJ) reported better-than-expected results in Q4 2024 as its adjusted EPS of $0.25 topped expectations by $0.03. The company’s revenue also increased by over 33% YoY to $834.83 million, beating estimates by $68.38 million. Cameco’s full-year 2024 revenue also shot up 21% primarily due to higher prices. The company’s average realized price rose 17% to $58.34 per pound while its sales volumes grew 5% in 2024.
Cameco Corporation (NYSE:CCJ) delivered 33.6 million pounds of uranium last year and expects 36 million pounds in total in 2025. The company’s long-term contracts stood at nearly 220 million pounds at the end of 2024, and it already has a large pipeline under discussion.
Cameco Corporation (NYSE:CCJ) ended FY 2024 with $600 million in cash and cash equivalents and $1.3 billion in total debt. The company raised its annual dividend from $0.12 per share in 2023 to $0.16 per share in 2024.
4. PG&E Corporation (NYSE:PCG)
Number of Billionaire Holders: 16
PG&E Corporation (NYSE:PCG) provides natural gas and electric service to residential and business customers in northern and central California. The company also owns the Diablo Canyon Power Plant, the only operational nuclear power plant in the Golden State.
PG&E Corporation (NYSE:PCG) had a tough Q1 2025 as its adjusted EPS of $0.33 slightly missed estimates by $0.01. The company’s revenue of $5.98 billion also fell below expectations by $40.35 million, despite being up by a little over 2% YoY. That said, the utility company maintained its EPS growth guidance for 2026 through 2028, which remains at least 9% each year.
PG&E Corporation (NYSE:PCG) connected over 3,000 new electric customers and nearly 400 new electric vehicle charging ports in the first quarter. The company is also well-positioned to take advantage of the increased data-center demand and has updated its data center project pipeline from 5.5 GW to 8.7 GW. PCG serves the Bay Area, which has a fiber network enabling speed and reliability for data center customers, in addition to the density of talent required to maximize the development of AI.
In a significant development, Moody’s upgraded credit ratings for PG&E Corporation (NYSE:PCG) and its Pacific Gas & Electric subsidiary last month, citing the company’s ongoing progress in reducing wildfire risk, strengthening its financial profile, and improving its relationships with key stakeholders.
3. Constellation Energy Corporation (NASDAQ:CEG)
Number of Billionaire Holders: 17
Constellation Energy Corporation (NASDAQ:CEG) is the largest producer of carbon-free energy in the US, with approximately 34,200 MW of generating capacity consisting of nuclear, wind, solar, natural gas, and hydroelectric assets.
Constellation Energy Corporation (NASDAQ:CEG) had a strong Q4 2024 as its revenue of $5.38 billion beat estimates by $633.73 million. The company’s adjusted EPS of $2.44 was also above expectations of $2.14. CEG also remains committed to its shareholders and bought back $1 billion of its common stock in FY 2024, in addition to increasing its annual dividend by 25%. The company now aims to grow its yield by another 10% in 2025.
Constellation Energy Corporation (NASDAQ:CEG) continues to expand its footprint and recently entered into a definitive agreement to acquire Calpine Corp., a natural gas and geothermal company. The $26.6 billion acquisition will create the ‘nation’s largest clean energy provider’, boasting nearly 60 GW of capacity from zero- and low-emission sources. In fact, CEG is already ranked among the 10 Best Clean Energy Stocks to Buy According to Billionaires.
In significant news, Citigroup upgraded its outlook for Constellation Energy Corporation (NASDAQ:CEG) from Neutral to Buy earlier this month, with a price target of $232. The CEG stock has gained more than 18% over the last 52 weeks, despite the recent decline in the energy market.
2. GE Vernova Inc. (NYSE:GEV)
Number of Billionaire Holders: 20
GE Vernova Inc. (NYSE:GEV) brings together General Electric’s portfolio of energy businesses, including Power, Wind, Electrification, and Digital businesses. The company’s nuclear business, General Electric Hitachi Nuclear Energy, is a world-leading provider of advanced reactors, fuel, and nuclear services. There are currently 65 nuclear plants running on GEV’s technology in the United States.
GE Vernova Inc. (NYSE:GEV) reported a strong performance in Q1 2025 as its adjusted EPS of $0.85 beat expectations by $0.48. The company’s revenue also increased by 10.63% YoY to just over $8 billion, topping estimates by almost $483.8 million. The energy giant reported total orders of $10.2 billion in the quarter, up roughly 8%, while its total backlog now stands at a hefty $123 billion. The company management reaffirmed its full-year guidance for $36 billion to $37 billion in revenue and a high-single-digit EBITDA margin. GEV maintains a robust balance sheet, generating $1 billion in positive free cash flow in Q1, $1.6 billion more than from the same period last year. The company also repurchased shares worth $1.2 billion and declared a quarterly dividend of $0.25 per share.
GE Vernova Inc. (NYSE:GEV) continues to believe in the potential of nuclear energy, with the aim to achieve more than $2 billion in annual revenue from its small reactor business by the mid-2030s. The company expects demand for as many as 57 small reactors in total across its target markets in the US, Canada, the UK, and Europe by 2035.
1. Vistra Corp. (NYSE:VST)
Number of Billionaire Holders: 25
Topping our list of the Best Nuclear Energy Stocks to Buy Now is Vistra Corp. (NYSE:VST), the largest competitive power generator in the US with a capacity of approximately 41,000 MW, powered by a diverse portfolio that includes natural gas, coal, nuclear, solar, and battery energy storage facilities.
Vistra Corp. (NYSE:VST) reported an EPS of $2.41 in Q4 2024, in line with market expectations. However, the company’s revenue of $4.04 billion managed to top estimates by $124 million, besides being up by 31.16%. Vistra’s adjusted core profit from continuing operations during the quarter rose to $1.99 billion, compared to $965 million the previous year, as strong electricity demand from AI data centers helped boost its earnings. The company also maintains a strong balance sheet, generating an operating cash flow of over $4.56 billion in 2024 and ending the year with $1.2 billion in cash on hand. Moreover, VST has committed to a minimum of $2.25 billion in share buybacks through 2025, with an additional $1 billion targeted.
Vistra Corp. (NYSE:VST) started 2024 with ‘only’ 2.4 GW of nuclear generation capacity but significantly added to that figure with the completion of a deal to acquire Energy Harbor in March. The deal added 4 GW of nuclear generation capacity to the company’s portfolio, making it the owner of the second-largest competitive nuclear fleet in the US.
ClearBridge Investments stated the following regarding Vistra Corp. (NYSE:VST) in its Q1 2025 investor letter:
“Volatility also created entry points to motivate our first purchase in the utility sector, Vistra Corp. (NYSE:VST), as well as reduce our underweight to the consumer discretionary sector with the addition of CAVA Group. Vistra is the largest competitive power generator in the U.S. with a 41 GW fleet of power plants diversified by geography and fuel sources. Long-term fundamentals of the deregulated power markets remain constructive with Vistra well positioned to benefit from continued tightening in its primary PJM (Pennsylvania, New Jersey, Maryland Interconnection) and ERCOT (Texas) markets. Pending regulatory clarity could also pave the way for additional power purchase agreements with hyperscalers and act as a positive catalyst for independent power producer stocks. These agreements, in combination with federal subsidies for nuclear plants, have the potential to improve visibility and lower earnings variability across the industry.”
Overall, Vistra Corp. (NYSE:VST) ranks first on our list of the best nuclear energy stocks to buy according to billionaires. While we acknowledge the potential of VST to grow, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter time frame. There is an AI stock that went up since the beginning of 2025, while popular AI stocks lost around 25%. If you are looking for an AI stock that is more promising than VST but that trades at less than 5 times its earnings, check out our report about this cheapest AI stock.
READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires.
Disclosure: None. Insider Monkey focuses on uncovering the best investment ideas of hedge funds and insiders. Please subscribe to our free daily e-newsletter to get the latest investment ideas from hedge funds’ investor letters by entering your email address below.
