In this article, we are going to discuss the best nuclear power stocks to buy now.
The United States of America is the largest producer of nuclear power in the world, accounting for almost 30% share of the global generation of nuclear electricity. The sector has witnessed an accelerated investor interest over the last year, largely driven by a continued focus on the goal to achieve net-zero carbon emissions and the widespread recognition of nuclear’s importance in the global ‘clean energy transition’. The International Energy Agency recently revealed that nuclear is set to generate a record level of electricity in 2025. There are more than 70 gigawatts of new nuclear capacity under construction around the world, one of the highest levels in the last 30 years, and more than 40 countries have plans to expand nuclear power’s role in their energy systems.
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One of the largest modern growth drivers of nuclear energy is SMRs, or small modular reactors, that have a power capacity of up to 300 MW(e) per unit and are quicker to build with greater scope for cost reductions. 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. Several major US corporations are now actively working to develop the technology in the country, offering a potentially more flexible and cost-effective approach to nuclear power generation.
Another major accelerator for the industry is the ongoing AI boom and the accompanying data centers, which could consume as much as 9% of all energy generated in the US by 2030. This energy needs to come from a relatively cheap, clean, and reliable source where nuclear has massive potential. Several American tech giants are already investing billions of dollars in nuclear power and SMRs as an emissions-free source of electricity for their AI and other businesses. On the sidelines of the CERAWeek conference in Houston earlier this month, several major companies have even signed a pledge to support the goal of at least tripling the world’s nuclear energy capacity by 2050.
That said, a large number of nuclear energy stocks have lost momentum over the last year, primarily due to a steep fall in the prices of uranium. From highs of more than $105 per pound at the start of 2025, uranium prices have plunged to just over $63 currently. The decline of over 26% is influenced by factors such as the winding up of the Kazakh-based ANU, Trump tariff uncertainties, and geopolitical tensions with Russia, which account for around 44% of the global uranium enrichment capacity.
The United States imports the lion’s share of its uranium from Canada and President Trump’s 10% tariffs on energy imports from the northern neighbor could significantly hamper the growth of the nuclear sector. A Canadian uranium miner and producer stated last month that prices for US customers could jump by 10% if Trump’s tariff threats were to be implemented, raising costs for a sector that is looking to explode over the coming decade.
With that said, here are the Best Nuclear Energy Stocks to Invest in.
An aerial view of a nuclear plant, its domes casting a unique shadow.
Our Methodology
To collect data for this article, we scanned Insider Monkey’s database of over 1,000 hedge funds and picked the top 12 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 hedge funds investing in them, we ranked them by the revenue of their last financial year. Following are the Best Nuclear Energy Stocks to Buy According to Hedge Funds.
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 373.4% since May 2014, beating its benchmark by 218 percentage points (see more details here).
12. Denison Mines Corp. (NYSE:DNN)
Number of Hedge Fund Holders: 31
Denison Mines Corp. (NYSE:DNN) is a uranium exploration and development company with interests focused in the Athabasca Basin region of northern Saskatchewan, Canada.
Denison Mines Corp. (NYSE:DNN) reported a revenue of $4.02 million for the full year 2024, up almost 117% from the previous year. However, the company reported a net loss of $91.59 million, compared to a net income of $89.36 million in 2023, primarily due to increased exploration and evaluation expenses, as well as fluctuations in the fair value of investments. DNN ended the year with $108.52 million in liquidity, down from just over $131 million the year before.
Denison Mines Corp. (NYSE:DNN) is in for a big win from Wheeler River, which is to become one of the largest, untouched uranium mining areas in the world. The crown jewel of the project is the high-grade Phoenix uranium deposit, where DNN had already achieved a total engineering completion of approximately 65% at the end of 2024. The project is expected to achieve first production by the first half of 2028.
Shares of Denison Mines Corp. (NYSE:DNN) were held by 31 hedge funds in the Insider Monkey database at the end of Q4 2024, with Hood River Capital Management holding the largest stake worth over $47.9 million.
11. Uranium Energy Corp. (NYSE:UEC)
Number of Hedge Fund Holders: 34
Uranium Energy Corp. (NYSE:UEC) is engaged in uranium mining and related activities. The company is the fastest-growing uranium supplier in North America, fueling the growing demand for carbon-free nuclear energy.
Uranium Energy Corp. (NYSE:UEC) made significant progress in ramping up its production in Q2 2025. The company reported a revenue of $49.8 million on sales of 600,000 pounds of U3O8 at $82.92 per pound from its physical portfolio, generating a gross profit of $18.2 million during the quarter. UEC also holds an inventory of over 1.35 million pounds of uranium, valued at $97.3 million based on current market prices. The company maintains strong liquidity, with $214 million in liquid assets and no debt at the end of the quarter.
Uranium Energy Corp. (NYSE:UEC) further bolstered its position as the largest and fastest-growing uranium company in the US with the closing of Rio Tinto America’s Sweetwater Plant acquisition in December 2024. The deal added 4.1 million pounds U3O8 per year of licensed capacity and 175 million pounds of historic resources to the company’s portfolio. UEC expects the constrained availability of US-origin uranium to drive premium pricing, creating a significant competitive advantage for the company.
10. NexGen Energy Ltd. (NYSE:NXE)
Number of Hedge Fund Holders: 37
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 and is awaiting its final permit from the Canadian government to start construction later this year.
NexGen Energy Ltd. (NYSE:NXE) is currently engaged in advanced engineering and exploration drilling to support future mining operations and anticipates annual delivery of about 1 million pounds of uranium from 2029 to 2033, subject to the commencement of commercial production. The company announced in December 2024 that it had signed its first agreements with US utility companies to supply 5 million pounds of the nuclear fuel ingredient. NXE further revealed last month that it is nearing more deals with other utilities in the country, indicating that the ongoing trade tensions between the two neighboring countries have not hampered its progress.
Shares of NexGen Energy Ltd. (NYSE:NXE) have fallen by over 36% over the last year, as investors remain concerned about rising costs. The company’s Arrow Deposit (part of the Rook I project) has seen a 70% jump in pre-production cost, from CAD$1.3 billion to CAD$2.2 billion, causing its IRR to fall from a sensational 71.5% to a much lower 39.6%.
9. Dominion Energy, Inc. (NYSE:D)
Number of Hedge Fund Holders: 39
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 earnings in Q4 2024 with an operating EPS of $0.58 per share, topping estimates by $0.03. However, the company’s revenue declined by 3.8% YoY to $3.4 billion and missed expectations by almost $541 million. Dominion narrowed its 2025 operating EPS forecast to between $3.28 and $3.52, compared with a range of $3.25 to $3.54 it had projected before. The company also declared that it expects to maintain the current dividend level of $2.67 per share annually.
Dominion Energy, Inc. (NYSE:D) recently raised its five-year capital expenditure plan as it seeks to cash in on the growing power demand from a rise in data centers across the US. The company expects to spend $50.1 billion in the 2025 to 2029 period, up from its previous guidance of $43.2 billion. Dominion announced in October last year that it had signed an MoU with Amazon 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 Hedge Fund Holders: 42
Next on our list of the Best Nuclear Energy Stocks is Public Service Enterprise Group Incorporated (NYSE:PEG), 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) reported an adjusted EPS of $0.84 in Q4 2024, beating market estimations. Moreover, its full-year adjusted EPS of $3.68 was at the top of its 2024 guidance range, marking the twentieth consecutive year that it has met or exceeded management’s non-GAAP operating earnings guidance to investors. PSEG had a total available liquidity of $2.6 billion at the end of 2024, including approximately $100 million of cash on hand. The energy company is an avid dividend payer and recently announced a $0.12 per share increase in its annual common dividend to an indicative annual rate of $2.52 per share for 2025. This is PSEG’s fourteenth consecutive annual dividend increase and the company has paid a common dividend to its shareholders for 118 years.
Public Service Enterprise Group Incorporated (NYSE:PEG) has responded to the data center boom by raising its 2025-2029 capital spending plan to $22.5 billion to $26 billion, an increase of $3.5 billion from its prior five-year plan. The company continues to invest in nuclear and recently finalized an agreement with Lotus Resources, which along with prior deals secures 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.
Sound Shore Management stated the following regarding Public Service Enterprise Group Incorporated (NYSE:PEG) in its Q3 2024 investor letter:
“In recent letters we have discussed the resurgence of nuclear power as a base load electricity source and the opportunities our team has uncovered in the power generation space. Public Service Enterprise Group Incorporated (NYSE:PEG), better known as PSE&G, is another example and one of our strongest contributors for the three-month period. The company is a “hybrid” regulated utility and unregulated nuclear power generator that we were able to purchase at an attractive price relative to its earning power. PSE&G’s well managed, regulated utilities provide consistent returns that we expect will grow steadily with their rate bases. As well, we believe there is unappreciated value in their nuclear plants which sit in an unregulated subsidiary that can capture the upside potential of increased power prices. Carbon-free and reliable electricity commands a premium in the marketplace, as seen in recently announced 20-year long data center sales contracts by peer companies. Presently, PSE&G is in discussions to do the same. Our projections estimate this provides a 20% or more upside to earnings for PSE&G from here over the next few years.”
7. BWX Technologies, Inc. (NYSE:BWXT)
Number of Hedge Fund Holders: 55
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. The company boasts 15 major operating sites in the US, UK, and Canada.
BWX Technologies, Inc. (NYSE:BWXT) had a strong Q4 2024 as it reported a revenue of $746.3 million, growing 2.9% YoY and topping expectations by $23.55 million. The company’s adjusted EPS of $0.92 was also above analysts’ estimates by $0.1. BWXT ended the year with a backlog of $4.8 billion, up 21% YoY from large contract awards in both of our operating segments. The firm posted a full-year operating cash flow of $408.4 million in 2024, leading to a free cash flow of $254.8 million, up 20% YoY. As a result, the company raised its quarterly dividend by 4.2% per share last month.
BWX Technologies, Inc. (NYSE:BWXT) has outlined a $3 billion revenue target for 2025, with anticipation of $265 million to $285 million of free cash flow. Just last month, the company was awarded a $2.1 billion contract by the US Navy for the procurement of nuclear reactor components for the Naval Nuclear Propulsion Program.
BWX Technologies, Inc. (NYSE:BWXT) was also included in our list of the 11 Best American Defense Stocks to Buy Now.
6. Cameco Corporation (NYSE:CCJ)
Number of Hedge Fund Holders: 65
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) had a strong Q4 2024 as its revenue of $834.83 million shot up by over 33% YoY, topping expectations by $68.38 million. The uranium producer’s full-year revenue for 2024 also surged by 21%, driven primarily by increased prices The company’s average realized price rose 17% to $58.34 per pound while its sales volumes grew 5% in 2024. CCJ also achieved record production at its key McArthur River/Key Lake mine last year, made possible by its investments in automation, digitization, and optimization projects.
Cameco Corporation (NYSE:CCJ) maintains a robust balance sheet, with $600 million in cash and cash equivalents, and $1.3 billion in total debt at the end of 2024. Cameco increased its annual dividend per share by a solid 33% last year and expects to significantly raise its payouts even further in 2025 and 2026.
Aristotle Capital Management, LLC stated the following regarding Cameco Corporation (NYSE:CCJ) in its Q4 2024 investor letter:
“Cameco Corporation (NYSE:CCJ), one of the world’s largest uranium producers, was a major contributor during the period. With the continued focus on artificial intelligence and clean energy, the demand for nuclear energy remained robust. Some of the largest companies in the world, such as Amazon, Google and Meta, announced nuclear power agreements in the quarter. Given Cameco’s tier-one assets in reliable jurisdictions, proven operating experience and strong reputation, we believe the company is in a unique position to benefit as various industries and governments pursue clean, reliable and scalable sources of energy. Correspondingly, Cameco increased its production outlook, having already secured commitments that net an average of 29 million pounds per year over the next four years. We believe Cameco’s continued ability to efficiently increase production while securing long-term contracts will lead to sustainably higher levels of normalized FREE cash flow. While its Canada-based mines and Westinghouse unit are executing well, production was recently suspended at Cameco’s Inkai joint venture in Kazakhstan. We believe production will restart soon and note that Cameco’s share of Inkai’s production amounts to less than 10% of total Cameco volumes, a figure that can be offset with increased production at the company’s MacArthur River and Key Lake mines in Canada.”
5. PG&E Corporation (NYSE:PCG)
Number of Hedge Fund Holders: 74
PG&E Corporation (NYSE:PCG) provides natural gas and electric service to residential and business customers in northern and central California. The Diablo Canyon Power Plant, the only operational nuclear power plant in the Golden State, is a major source of clean energy for the company.
PG&E Corporation (NYSE:PCG) reported core EPS for Q4 of $0.31, bringing it to $1.36 for the full year 2024, up 11% from 2023. However, the company’s revenue declined by 5.82% YoY during the quarter and missed market expectations by over $587 million. PG&E’s operating cash flow of $8 billion in 2024 was also significantly up from $4.7 billion in 2023. The company announced an annual dividend rate of $0.10 per share for 2025, up from $0.04 last year. Moreover, it is targeting to reach a dividend payout ratio of 20% of its core earnings per share by 2028 with consistent annual increases.
The stock of PG&E Corporation (NYSE:PCG) fell sharply in January 2025 following the devastating wildfires in California. However, the decline appears to be an overreaction as the company had no direct exposure to the fire zones and no confirmed liability. In fact, PG&E announced in its 2024 earnings call that it has achieved a second consecutive year of zero major wildfires caused by its equipment.
4. Talen Energy Corporation (NASDAQ:TLN)
Number of Hedge Fund Holders: 77
Ranked at number 4 on our list of the Best Nuclear Energy Stocks According to Hedge Funds 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 and a significant dispatchable fossil fleet.
Talen Energy Corporation (NASDAQ:TLN) reported an EPS of $0.47 for Q4 2024, beating expectations by $0.67. Although its revenue of $467 million was down 11.39% YoY, it was still above estimates by over $33 million. The company reported a net income attributable to stockholders of $998 million for the full year 2024, up about 63% from 2023. Since the start of 2024, Talen has repurchased approximately 22% of its outstanding shares for a total of $1.95 billion, with $1.1 billion of remaining share repurchase program capacity through year-end 2026.
Bank of America Securities initiated coverage on Talen Energy Corporation (NASDAQ:TLN) last month, assigning the stock a Buy rating and setting a price target of $253. After the company agreed to provide power to Amazon’s AWS unit via its Susquehanna nuclear plant, the bank estimates that the deal will lift Talen’s annual EBITDA by $110 million starting in 2027. Moreover, the power producer has agreements in place that are guaranteed to generate $110 million of revenue between May 2025 and 2029.
ClearBridge Investments stated the following regarding Talen Energy Corporation (NASDAQ:TLN) in its Q4 2024 investor letter:
“We added several new positions during the quarter and updated our utilities and energy exposure. In utilities, we bought Talen Energy Corporation (NASDAQ:TLN), an independent power producer which sells electricity, capacity, and ancillary services into wholesale power markets, which we funded by exiting our position in Constellation Energy. Although both companies are merchant power producers that stand to benefit from higher power prices as AI data centers are brought online, we believe that Talen’s stock price has milder embedded expectations than does the more optimistic Constellation. As a result, we believe that Talen represents a much more attractive risk/reward tradeoff that still capitalizes on the strong, long-term trend toward higher power prices.”
3. Constellation Energy Corporation (NASDAQ:CEG)
Number of Hedge Fund Holders: 85
Constellation Energy Corporation (NASDAQ:CEG) is the largest producer of carbon-free energy in the US, with approximately 34,200 megawatts of generating capacity consisting of nuclear, wind, solar, natural gas, and hydroelectric assets.
Constellation Energy Corporation (NASDAQ:CEG) had a strong Q4 2024 as it posted an adjusted EPS of $2.44, topping estimates by $0.3. The company’s revenue of $5.38 billion was down by over 7% YoY but still above market expectations by $633.73 million. Constellation also remains committed to its shareholders and bought back $1 billion of its common stock in 2024. Moreover, the company increased its annual dividend by 25% last year and expects to grow it by another 10% in 2025.
Constellation Energy Corporation (NASDAQ:CEG) made headlines in Q4 2024 when it signed its largest-ever power purchase agreement with Microsoft to help resurrect a unit of the Three Mile Island nuclear plant and power its AI data center. It is estimated that Microsoft might pay the power company about $110-$115 per megawatt-hour (MWh) as part of the 20-year-long fixed price PPA. Moreover, Constellation Energy announced plans earlier this year to acquire Calpine, a privately held company that is the leading generator of electricity from natural gas and geothermal resources in the country, for a net purchase price of $26.6 billion. The blockbuster deal will turn Constellation into the largest independent power provider in the US, sharply growing its mix of natural gas-fired electricity generation.
2. GE Vernova Inc. (NYSE:GEV)
Number of Hedge Fund Holders: 111
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 reactor, fuel, and nuclear services. 65 nuclear plants currently run on GEV’s technology in the United States.
GE Vernova Inc. (NYSE:GEV) reported a record revenue of $10.56 billion in Q4 2024, up 5.2% YoY, as the growing need for reliable power boosted demand for its gas turbines as well as grid equipment and services. The company’s quarterly net income more than doubled to $484 million, but its EPS of $1.73 still missed expectations by $0.71. GEV also approved an initial $6 billion share repurchase authorization in Q4 and declared a quarterly dividend of $0.25 per share in January.
It was announced earlier this month that GE Vernova Inc. (NYSE:GEV) has signed an agreement with Amazon’s cloud services business to support the e-commerce giant’s data center expansion plans. Under the agreement, the power company will provide electrification solutions, including substation connectivity for AWS data centers, renewable energy collaboration, and power generation equipment. GE Vernova is also aiming to deploy small nuclear reactors across the developed world and targeting over $2 billion in annual revenue from the business by the mid-2030s.
1. Vistra Corp. (NYSE:VST)
Number of Hedge Fund Holders: 120
Topping our list of the Best Nuclear Energy Stocks is Vistra Corp. (NYSE:VST), a leading Fortune 500 integrated retail electricity and power generation company based in Texas. Vistra is the largest competitive power generator in the US with a capacity of approximately 41,000 megawatts, powered by a diverse portfolio that includes natural gas, coal, nuclear, solar, and battery energy storage facilities.
Vistra Corp. (NYSE:VST) reported a revenue of just over $4 billion in Q4 2024, up 31.16% YoY and above market estimates by $124 million. The company’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. VST maintains a robust 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. While its $16 billion debt load is significant, its robust cash flow should comfortably cover debt obligations while allowing for strategic reinvestment. Moreover, the company expects to return at least $2 billion in total through share repurchases in 2025 and 2026, which includes the additional $1 billion share repurchase authorization announced in Q3 2024.
Vistra Corp. (NYSE:VST) revealed that it has begun construction at its sites in Oak Hill, TX, in support of its contract with Amazon, and Pulaski, IL, for a contract with Microsoft. Once online, these facilities will add over 600 megawatts of renewable capacity to its portfolio.
Meridian Funds stated the following regarding Vistra Corp. (NYSE:VST) in its Q4 2024 investor letter:
“Vistra Corp. (NYSE:VST) is an integrated retail and power generation company with operations across the U.S., primarily serving Texas and the Midwest. We believe Vistra is well-positioned to capitalize on the structural tightening of power markets, as electricity demand accelerates, and baseload generation capacity continues to retire. This trend has been amplified by the rapid growth of AI, which is driving unprecedented demand for data centers and the power required to run them. These factors create a favorable pricing environment for Vistra’s generation fleet, especially its nuclear and gas assets. The company has locked in much of this value via hedging, providing clear visibility into future cash flows. Vistra has also successfully grown its retail business and completed a strategic acquisition of Energy Harbor, which added a portfolio of nuclear, retail, and renewable assets.”
Overall, Vistra Corp. (NYSE:VST) ranks first on our list of the best nuclear power stocks to buy now. While we acknowledge the potential for VST to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. 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 the cheapest AI stock.
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