10 S&P 500 Stocks That Outperformed Bitcoin in 2024

5. Constellation Energy Corporation (NASDAQ:CEG)

1-Year Price Performance: 140.74%

Number of Hedge Fund Holders: 78

Constellation Energy Corporation (NASDAQ:CEG) is a prominent energy company with a strong clean energy portfolio of over 33,000 megawatts, which includes nuclear, solar, wind, and hydroelectric power facilities. It works across five regions: the Mid-Atlantic, the Midwest, New York, ERCOT, and Other Power Regions.

Constellation Energy Corporation (NASDAQ:CEG) agreed to purchase Calpine Corporation in January for about $16.4 billion in shares. In addition to $4.5 billion in cash and the assumption of approximately $12.7 billion in Calpine net debt, the acquisition included 50 million CEG shares. Following the merger, Constellation Energy Corporation (NASDAQ:CEG) will become the country’s largest clean energy supplier.

On January 3, Jefferies maintained a Hold rating on Constellation Energy (NASDAQ:CEG) shares, with a $234 price target. The firm’s report highlighted Constellation Energy’s new U.S. General Services Administration contract, which is estimated to contribute around $55 million in EBITDA and $44 million in free cash flow annually as a result of nuclear uprates. The contract, worth around $84 per MWh over a 10-year period, includes 75% existing and 25% new energy suppliers.