5 Cheap Renewable Energy Stocks to Buy Now

4. Constellation Energy Corporation (NASDAQ:CEG)

Number of Hedge Fund Holders: 51

One-Year Average Price Estimate: $97.92

Constellation Energy Corporation (NASDAQ:CEG) is one of the cheap renewable energy stocks according to analysts. Constellation Energy Corporation (NASDAQ:CEG) was trading at around $76.5 as of April 6 morning, while its one-year average analyst price estimate is $97.92. This shows a strong upside potential.

Constellation Energy Corporation (NASDAQ:CEG) recently announced that hydrogen production has started at its Nine Mile Point Nuclear Plant in New York.

As of the end of the fourth quarter of 2022, 51 hedge funds tracked by Insider Monkey were bullish on Constellation Energy Corporation (NASDAQ:CEG). The total worth of these hedge funds’ stakes was $2.4 billion. The biggest hedge fund stakeholder of Constellation Energy Corporation (NASDAQ:CEG) was William B. Gray’s Orbis Investment Management which owns a $357 million stake.

Alger Capital made the following comment about Constellation Energy Corporation (NASDAQ:CEG) in its Q3 2022 investor letter:

“Constellation Energy Corporation (NASDAQ:CEG) is America’s leading clean energy company, based on carbon-free production. The company is the largest supplier of clean energy and sustainable solutions to homes, businesses, governments, community aggregations, and a range of wholesale customers (such as municipalities, cooperatives, and other end markets) across the continental U.S., backed by approximately 32,400 megawatts of generating capacity consisting of nuclear, wind, solar, natural gas and hydroelectric assets. Constellation produces nearly 10% of the nation’s carbon-free energy.

Shares outperformed during the third quarter primarily due to the Inflation Reduction Act (IRA). Signed into law in august, the bill provides a nuclear production tax credit of approximately $43.75 per megawatt hour of energy generated. This credit favorably impacted earnings, resulting in an increase in Constellation’s share price.”