Constellation Energy $CEG stock continued in a powerful uptrend channelUptrend and downtrend channel patterns are technical analysis tools used to identify potential future price movements. They are formed by two parallel lines on a chart and can be u... on November 22, 2022, a day after a large dark pool trade occurred in the stock.
A $41 million dark pool trade occurred in $CEG stock on November 21, 2022. We think the dark pool trade was a buy order because of how $CEG stock rose following the print hitting the tape.
David Tepper’s Appaloosa Management had Constellation Energy $CEG as the top holding by size as of September 30, 2022.
Constellation Energy price target raised at Wells Fargo
Constellation Energy’s price target was increased by Wells Fargo analyst Neil Kalton on November 9, 2022, from $91 to $104 while maintaining an Overweight rating for the stock. Besides highlighting the advantages of the Inflation Reduction Act on the company’s fleet of carbon-free nuclear power plants, Neil Kalton said that management had narrowed the range of its 2022 EBITDA guidance. *Note: Constellation Energy narrowed FY22 adj EBITDA to $2.45B-$2.65B from $2.35B-$2.75B.
Constellation Energy Reports Third Quarter 2022 Results
On November 8, 2022, Constellation Energy Corporation reported its financial results for the third quarter of 2022. Constellation missed on EPS but beat big time on revenueThe income statement provides a summary of a company's revenue and expenses over a specified period of time, typically a year or a quarter. It shows the company's total revenue, th.... Constellation Energy reported Q3 GAAP EPS of (57c) versus the consensus estimate of 71c. The company reported Q3 GAAP revenue of $6.05B versus the consensus estimate of $3.92B.
“We reported solid quarterly financial and operational results, and our long-term outlook has strengthened significantly with passage of the landmark Inflation Reduction Act, which will allow us to create value and drive America’s clean energy transition,” said Joe Dominguez, president and CEO of Constellation. “Support for carbon-free energy in the legislation creates opportunities for us to extend the life of our nuclear fleet past mid-century and pursue hydrogen production to slash emissions from difficult-to-decarbonize sectors of the economy. Now there are both state and federal policies that recognize the essential role our zero-carbon nuclear assets must play in achieving our nation’s climate goals, preserving jobs and ensuring a secure energy supply.”
Constellation Energy $CEG Stock Technical Analysis
Constellation Energy $CEG stock is in a technical strong uptrend. Long-term indicators suggest a continuation of the uptrend. The stock is approaching overbought territory, so profit taking or even a trend reversal is possible.
