Bernstein Reiterates Buy Rating on Constellation Energy
Bernstein analyst Sunaina Ocalan keeps a buy rating with a $296 target for CEG, a 7.43% upside from the current price.
Key Points
- Bernstein analyst Sunaina Ocalan reiterated a buy rating on Constellation Energy on June 17, 2026, with a price target of $296.
- Bernstein's $296 price target implies 7.43% upside from Constellation Energy Corporation's ($CEG) current $275.53 share price.
- Constellation Energy (NasdaqGS:CEG) trades near $268, with a market cap of $95.7 billion and a P/E ratio of 23.3.
- Insider buying includes multiple purchases on April 28, 2026, and analysts from TD Cowen and Mizuho maintain positive ratings.
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On June 17, 2026, Bernstein analyst Sunaina Ocalan reiterated a buy rating on Constellation Energy Corporation (NasdaqGS: CEG), setting a price target of $296. The stock is currently trading around $268.
Constellation Energy Corporation Stock Down 0.4%
Shares of Constellation Energy (NasdaqGS: CEG) are trading near $268. The company boasts a market capitalization of approximately $95.7 billion and a P/E ratio of 23.3. Its forward P/E is slightly lower at 19.7, indicating expectations of earnings growth. The stock has seen a 52-week range between $240.51 and $412.70, with a 50-day moving average of $284.76 and a 200-day moving average of $319.65.
Recent Earnings
In its latest quarter, Constellation Energy reported revenue of about $29.87 billion, reflecting a growth rate of 0.64%. The company's net margin stands at 12.7%, with a return on equity of 16.1%. Earnings per share were $11.50. The next earnings report is expected on August 10, 2026.
Earnings drift grade
Outlook vs expectations on the last report — not price action.
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Forward outlook
1 analysts raised price targets.
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EPS & revenue
EPS beat estimates by 5.7%. Revenue beat estimates by 26.3%.
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Profit surprise
EBITDA beat by 14 percent. Operating income missed by 49 percent.
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Pre-earnings setup
Expectations were about average.
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Analyst signal
1 target raise.
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Earnings quality
Gross margin up 30.2 points. Operating margin up 14.2 points. Positive free cash flow.
Earnings Call Summary
Constellation delivered a strong first quarter, earning $2.74 per share in adjusted operating earnings, mostly from Calpine accretion and higher capacity prices in PJM. The company also repurchased $335 million of stock at an average price of $285 per share. Management emphasized that regulatory clarity in PJM on large data center connections is expected by year end, which should unlock substantial customer contracting that has been paused pending those rules.
Guidance The company reaffirmed its full year earnings guidance of $11 to $12 per share. Management highlighted free cash flow of $8.4 billion across 2026 and 2027, with further growth to $11.5 billion to $13 billion in 2028 and 2029 before optional upside levers.
Good report. The company beat and showed some forward improvement, with a few meaningful caveats.
Dividend
Constellation Energy pays an annual dividend of $1.71, yielding 0.64%. The dividend payout ratio is a conservative 13.8%, suggesting room for future increases.
Insider Buying and Selling at Constellation Energy Corporation
There was notable insider buying activity on April 28, 2026. Insiders including Robert Lawless, Yves De Balmann, Bradley Halverson, John Richardson, Eileen Paterson, and Julie Holzrichter each purchased 556 shares at an average price of $305.71.
Analysts Set New Price Targets
On June 17, 2026, Bernstein reiterated a buy rating with a target of $296. Previously, Mizuho maintained a hold rating with a $310 target on May 12, while TD Cowen retained a buy rating with a $381 target on May 4. Scotiabank also maintained a buy rating, setting a high target of $441 on April 29. Overall, the consensus rating is a strong buy, with an average target price of $368.43 based on 19 analyst opinions.
About Constellation Energy Corporation
Constellation Energy Corporation, based in Baltimore, Maryland, produces and sells energy products and services across the United States. Operating through segments like Mid-Atlantic, Midwest, and New York, it offers electricity, natural gas, and sustainable solutions. The company manages approximately 31,676 megawatts of generating capacity, including nuclear, wind, solar, natural gas, and hydroelectric power sources. CEO Joseph Dominguez leads the company, which employs over 15,000 people.
Bottom Line
Bernstein's reiterated buy rating on Constellation Energy reflects continued confidence in the company's growth prospects. With a strong market position and a diverse energy portfolio, Constellation remains a key player in the utilities sector. Investors should note that analyst ratings are forward-looking and may not reflect current market conditions.
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