10 Best Utility Stocks to Buy Now

3. Constellation Energy Corporation (NASDAQ:CEG)

Number of Hedge Fund Holders: 54

Constellation Energy Corporation (NASDAQ:CEG), founded in 2021, is a US power generation company with a diverse portfolio, totaling 33,094 megawatts. The company sells electricity, natural gas, and sustainability solutions to a wide range of customers across the country.

Constellation Energy Corporation (NASDAQ:CEG) delivered a strong first quarter in 2024. Earnings per share rose to $1.82, compared to $0.78 in the same period last year. This increase was due to factors like higher output, favorable energy policies, and a thriving commercial business. Constellation Energy Corporation (NASDAQ:CEG) also reaffirmed its full-year adjusted EPS guidance of $7.23 to $8.03 per share.

Constellation Energy Corporation’s (NASDAQ:CEG) future looks bright as the demand for its reliable nuclear power plants is on the rise. Moreover, companies are increasingly seeking renewable energy solutions, and Constellation Energy Corporation (NASDAQ:CEG), is a leader in this space, striking deals to meet those needs.

Reflecting this optimism, Wall Street analysts have assigned Constellation Energy Corporation (NASDAQ:CEG) a “Moderate Buy” rating with an average price target of $229.9, suggesting a potential upside of 5.40%.