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Sectors

Sector Update: Energy Stocks Rise Late Afternoon

Energy stocks advanced late Thursday afternoon, with the NYSE Energy Sector Index and the State Street Energy Select Sector SPDR ETF (XLE) each adding 0.8%.The Philadelphia Oil Service Sector Index was climbing 1.3%, and the Dow Jones US Utilities Index was up 0.3%.Front-month West Texas Intermediate crude oil was rising 0.8% to $101.79 a barrel, and the global benchmark Brent crude contract was adding 0.6% to $106.30 a barrel. Henry Hub natural gas futures rose 1.6% to $2.91 per 1 million BTU.US natural gas stocks rose by 85 billion cubic feet in the week ended May 8, smaller than the 87 billion gain expected in a survey compiled by Bloomberg and following an increase of 63 billion cubic feet in the previous week.In corporate news, Infinity Natural Resources (INR) shares gained 3% after RBC Capital Markets said in a note the company is positioned to outperform peers over the next year as a "niche player" that can switch focus between oil and natural gas.Constellation Energy (CEG) and Pine Creek RNG said Thursday they have signed a long-term agreement under which Constellation will buy a minority equity interest in five Pine Creek production facilities. Constellation shares increased 0.3%.Chevron (CVX) has agreed to sell its downstream fuels and lubricants marketing businesses in Singapore, Malaysia, the Philippines, Australia, Vietnam and Indonesia, to Eneos for $2.17 billion, Eneos said. Chevron shares added 0.2%.New Fortress Energy (NFE) is seeking permission from a UK court for a restructuring plan that will convert 90% of its $6.5 billion debt into equity and transfer ownership of the company to creditors, Bloomberg reported. New Fortress shares fell 7%.

$CEG$CVX$INR$NFE
Sectors

Sector Update: Energy Stocks Higher Thursday Afternoon

Energy stocks advanced Thursday afternoon, with the NYSE Energy Sector Index rising 0.8% and the State Street Energy Select Sector SPDR ETF (XLE) adding 0.9%.The Philadelphia Oil Service Sector Index was climbing 1%, and the Dow Jones US Utilities Index was fractionally higher.Front-month West Texas Intermediate crude oil was rising 0.7% to $101.70 a barrel, and the global benchmark Brent crude contract was adding 0.1% to $105.73 a barrel. Henry Hub natural gas futures rose 1.4% to $2.90 per 1 million BTU.US natural gas stocks rose by 85 billion cubic feet in the week ended May 8, smaller than the 87 billion gain expected in a survey compiled by Bloomberg and following an increase of 63 billion cubic feet in the previous week.In corporate news, Constellation Energy (CEG) and Pine Creek RNG said Thursday they have signed a long-term agreement under which Constellation will buy a minority equity interest in five Pine Creek production facilities. Constellation shares increased 0.6%.Chevron (CVX) has agreed to sell its downstream fuels and lubricants marketing businesses in Singapore, Malaysia, the Philippines, Australia, Vietnam and Indonesia, to Eneos for $2.17 billion, Eneos said. Chevron shares added 0.3%.New Fortress Energy (NFE) is seeking permission from a UK court for a restructuring plan that will convert 90% of its $6.5 billion debt into equity and transfer ownership of the company to creditors, Bloomberg reported. New Fortress shares fell nearly 6%.

$CEG$CVX$NFE
Commodities

Constellation Buys Stake in Pine Creek RNG Facilities in Clean Energy Push

Constellation Energy (CEG) said on Thursday it had agreed to purchase a minority equity stake in five operating renewable natural gas facilities owned by Pine Creek RNG, expanding its push into low-carbon fuel markets.The portfolio, located across Washington, Utah, Iowa, and Illinois, currently produces about 1.5 million MMBtus of RNG per year. The agreement also establishes a framework for the two energy firms to jointly develop an additional 3 million MMBtus of RNG production capacity per year.RNG is produced from organic waste sources such as landfills, wastewater treatment plants, and agricultural digesters. Once processed, it can be injected into pipelines or used as fuel for transport fleets or on-site power generation.Constellation Energy operates a diversified generation fleet across nuclear, natural gas, wind, hydro, solar and geothermal assets, with about 55 gigawatts of capacity, enough to power about 27 million homes.Price: $275.80, Change: $+0.91, Percent Change: +0.33%

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Research

Research Alert: CFRA Reiterates Buy Opinion On Shares Of Constellation Energy Corporation

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We raise our 12-month target by $1 to $354, 30.0x our next-12-month EPS estimate of $11.79, reflecting the highest valuation multiple in our Utility sector coverage as we see CEG as one of the top beneficiaries of data-center-driven power demand growth. Our premium valuation is further supported by our expectations of EPS to grow at a 22.5% CAGR from 2025-2028, far exceeding the peer average of 8.0%. We keep our 2026 EPS view unchanged at $11.77 and trim our 2027 EPS view by $0.03 to $13.67. Regarding PJM regulatory uncertainty (reliability backstop procurement), management expects PJM to file a proposal at FERC by June, bilateral contracting beginning September, and central procurement by March 2027, with full clarity expected by year-end 2026, a pace described as "faster than we had hoped" that addresses the vagueness noted at the March investor event. The powered land strategy remains attractive, with 780 MW signed and an additional 380 MW Phase 2 expansion.

$CEG
Commodities

Constellation Energy Reports Dip in Nuclear Power Generation in Q1

Constellation Energy (CEG), one of the largest utilities in the US, reported a dip in its nuclear power generation amid increased refueling outages, in a Q1 earnings update on Monday.The company's nuclear fleet, which includes its owned output from the Salem and South Texas Project generating stations, produced 44,666 gigawatt-hours of electricity during the quarter, down from 45,582 GWh last year.This was attributed to a decline in capacity factors, essentially the maximum possible electricity output from the reactors, to 92.3% down from 94.1%, as planned refueling outage days increased to 99, from 88 days last year.Constellation said its combined-cycle and cogeneration natural gas fleet generated approximately 23 million megawatt-hours of electricity while operating at a 47.1% capacity factor.The company said its expanded retail and commercial platform now delivers about 275 million megawatt-hours of electricity annually and around 800 billion cubic feet of natural gas annually across customers in 40 states.Total capital expenditures stood at $1.27 billion, up from $806 million last year, with the company forecasting $3.9 billion in capital expenditures for the full-year.

$CEG
Commodities

Constellation Energy Reports Fall in Q1 Nuclear Output

Constellation Energy (CEG) on Monday reported Q1 production of 44.67 terrawatt-hours by its nuclear fleet, down from 45.58 TWh in the corresponding quarter last year.The production includes the company's owned output from the Salem and South Texas Project generating stations, the company said in its Q1 earnings statement.The Maryland-based energy company said its nuclear plants, excluding Salem and STP, reported a 92.3% capacity factor in Q1, versus 94.1% in the year-ago period."There were 99 planned refueling outage days in the first quarter of 2026 and 88 in the first quarter of 2025 for sites we operate. There were no non-refueling outage days in the first quarter of 2026 and 2025 for sites we operate," the company added.Earlier in January, the company completed the acquisition of Texas-based power producer Calpine from Energy Capital Partners in a deal valued at about $16.4 billion.Last month, its 460 megawatt Pin Oak Creek Energy Center natural gas-fired peaking power plant in Freestone County, Texas commenced commercial operations. The 105 MW Pastoria solar project in California's Kern County was also commissioned in April.In Q1, the company reported an equivalent forced outage factor for its natural gas, oil, and pumped-storage hydro fleet at 4.5%. EFOF is the percentage for which a generating unit is unavailable due to unplanned outages and forced deratings during a certain period.During the quarter, renewable energy capture for the company's wind, solar and run-of-river hydro fleet stood at was 96.7%, up from 96.2% last year.Constellation Energy has a capacity of 55 gigawatts from nuclear, natural gas, oil, geothermal, hydro, wind and solar facilities and provides power to about 2.5 million customers, according to its statement.Price: $299.47, Change: $-4.16, Percent Change: -1.37%

$CEG
Asia Markets

US Equity Futures Slightly Lower Pre-Bell as Trump Rejects Iran's Response to Peace Proposal, Oil Prices Rise

US equity futures were marginally lower pre-bell Monday as President Donald Trump rejected Iran's response to the US peace proposal, sending oil prices higher amid concerns that the closure of the Strait of Hormuz would be prolonged.Dow Jones Industrial Average futures were flat, S&P 500 futures were down 0.2%, and Nasdaq futures were 0.1% lower.Trump said in a post on Truth Social that he found Iran's response "totally unacceptable." Iran's response had included a demand for war reparations, an end to sanctions, full sovereignty over the Strait of Hormuz, and the release of frozen Iranian assets, the country's state media had said.Energy firm Constellation Energy (CEG) was one of the first companies to kick off earnings this week, posting higher Q1 adjusted earnings and revenue. Among the companies reporting financial results this week are Petrobras (PBR), Cisco Systems (CSCO), Alibaba Group (BABA), Applied Materials (AMAT), and Brookfield (BN).Oil prices were higher, with front-month global benchmark North Sea Brent crude up 2.8% at $104.11 per barrel and US West Texas Intermediate crude 2.9% higher at $98.16 per barrel.Existing home sales report, scheduled for release at 10 am ET, is expected to show an increase of 2% for April after a decline of 3.6% in the prior month, according to estimates compiled by Bloomberg.In other world markets, Japan's Nikkei closed 0.5% lower, Hong Kong's Hang Seng ended 0.1% higher, and China's Shanghai Composite finished 1.1% higher. Meanwhile, the UK's FTSE 100 was up 0.1%, and Germany's DAX index was 0.5% lower in Europe's early afternoon session.In equities, Palantir Technologies (PLTR) stock was down 2.2% after the company's external staff and other consultants were provided unrestricted entry to identifiable medical records by the UK's National Health Service, according to a Financial Times report citing an internal briefing note.On the winning side, Intel (INTC) shares rose 5.2% after the company and Apple (AAPL) reached a preliminary agreement under which the chipmaker will make some of the chips powering Apple devices, according to a Wall Street Journal report on Friday. Barrick Mining (B) shares were up 3% after the company reported higher Q1 adjusted earnings and revenue. The mining firm also reduced its quarterly dividend and authorized a $3 billion share repurchase program. Constellation Energy (CEG) stock was up 1.3% after the company reported its Q1 financial results.

Dow JonesNasdaq CompositeS&P 500$AAPL$AMAT$B$BABA$BN$CEG$CSCO$INTC$PBR$PLTR
Research

Research Alert: Constellation Energy Beats Q1 Estimates; Calpine Deal Drives Growth Outlook

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:Constellation Energy delivered strong Q1 results with adjusted EPS rising 28% to $2.74, beating the consensus by 5.1%, while revenues increased 63.8% to $11.1B due to the Calpine acquisition completed in January. Nuclear operations maintained strong performance with 92.3% capacity factor, slightly below the prior year due to 99 planned refueling outage days vs. 88 in the comparable period. The PUCT's approval of net metering for data center co-location at the Freestone site represents meaningful progress in capturing data center demand growth, building on the previously announced 380 MW agreement with CyrusOne and exclusive rights for an additional 380 MW Phase 2 expansion. Management reaffirmed 2026 adjusted EPS guidance of $11.00-$12.00. We believe the company is well-positioned with projected base earnings growth of ~20% CAGR through 2029, notably excluding significant upside from hyperscaler contracting, natural gas optimization, and the newly authorized $5B share buyback program.

$CEG
Japan

US Equity Futures Largely Flat Pre-Bell as Trump Rejects Iran's Response to Peace Proposal, Oil Prices Rise

US equity futures were largely flat pre-bell Monday as President Donald Trump rejected Iran's response to the US peace proposal, sending oil prices higher amid concerns that the closure of the Strait of Hormuz would be prolonged.Dow Jones Industrial Average futures were 0.1% lower, S&P 500 futures were flat, and Nasdaq futures were 0.1% higher.Trump said in a post on Truth Social that he found Iran's response "totally unacceptable." Iran's response had included a demand for war reparations, an end to sanctions, full sovereignty over the Strait of Hormuz, and the release of frozen Iranian assets, the country's state media had said.Energy firm Constellation Energy (CEG) was one of the first companies to kick off earnings this week, posting higher Q1 adjusted earnings and revenue. Among the companies reporting financial results this week are Petrobras (PBR), Cisco Systems (CSCO), Alibaba Group (BABA), Applied Materials (AMAT), and Brookfield (BN).Oil prices were higher, with front-month global benchmark North Sea Brent crude up 2.5% at $103.82 per barrel and US West Texas Intermediate crude 2.5% higher at $97.77 per barrel.Existing home sales report, scheduled for release at 10 am ET, is expected to show an increase of 2% for April after a decline of 3.6% in the prior month, according to estimates compiled by Bloomberg.

Dow JonesNasdaq CompositeS&P 500$AMAT$BABA$BN$CEG$CSCO$PBR
Stocks Down Pre-Bell as US Rejects Iran's Response to Peace Plan; Investors Await Key Inflation Data
US Markets

Stocks Down Pre-Bell as US Rejects Iran's Response to Peace Plan; Investors Await Key Inflation Data

The benchmark US stock measures were pointing lower before the opening bell Monday as the US rejected Iran's response to its proposal to end their war in the Middle East, while traders await key inflation data later in the week.The S&P 500 and the Nasdaq edged down 0.1% each in premarket activity, while the Dow Jones Industrial Average was slightly in the red. The indexes finished Friday trading in the green, with the S&P 500 and the Nasdaq logging new closing highs.Iran formally sent a response to the latest US peace proposal, outlining its own demands and leaving key gaps between the two sides, The Wall Street Journal reported Sunday. Tehran's response didn't resolve Washington's demand for commitments on its nuclear program and stockpile of highly enriched uranium, according to the report."I have just read the response from Iran's so-called 'representatives,'" President Donald Trump said in a social media post on Sunday. "I don't like it - totally unacceptable!"Iran has reportedly insisted on compensation for war damages, control over the crucial Strait of Hormuz, lifting all sanctions on it and the release of frozen assets.Israeli Prime Minister Benjamin Netanyahu reportedly said in a recent interview with CBS that the war with Iran is not over. "There is still enrichment sites that have to be dismantled, there's still proxies that Iran supports, there are ballistic missiles that they still want to produce ... there's work to be done," Netanyahu said.West Texas Intermediate crude oil increased 2.5% to $97.79 a barrel before the open, while Brent advanced 2.4% to $103.72.Treasury yields were trending upwards in premarket action, with the two-year rate rising 2.9 basis points to 3.92% and the 10-year rate gaining 2.6 basis points to 4.39%.The consumer price index for April is scheduled to be released on Tuesday, followed by data on wholesale prices for the same month on Wednesday. Last month's retail sales report is due on Thursday.Last week, government data showed that the US economy added more jobs than expected in April, while the unemployment rate remained unchanged.For the Federal Reserve, the hiring momentum further shifts the focus to inflation, keeping it on the sidelines for now, "and raising the possibility of future rate hikes," Stifel Chief Economist Lindsey Piegza said in a report e-mailed toon Friday.Consumer sentiment continued to fall in May as cost pressures tied to the Middle East conflict sent the measure tumbling to fresh lows, a survey by the University of Michigan showed Friday.Monday's thin economic calendar has the existing home sales report for April at 10 am ET.Constellation Energy (CEG), Circle Internet (CRCL), Fox (FOX, FOXA), Mosaic (MOS) and Monday.com (MNDY) are slated to report their latest financial results before the bell, among others.Shares of Micron Technology (MU) rose 2.6% pre-bell after closing Friday's trading session up 16%. Hims & Hers Health (HIMS) added 4.5% after the stock closed 10% higher in the previous session. Intel (INTC) climbed 5.5%.Gold declined 1.3% to $4,671 per troy ounce, while bitcoin slipped 0.5% to $81,015.

Dow JonesNasdaq CompositeS&P 500$CEG$CRCL$FOX$FOXA$HIMS$INTC$MNDY$MOS$MU
Wire

JPMorgan Adjusts Constellation Energy Price Target to $386 From $400

Constellation Energy (CEG) has an average rating of overweight and mean price target of $374.67, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)Price: $315.82, Change: $+2.82, Percent Change: +0.90%

$CEG
Research

President Capital Initiates Constellation Energy at Buy With $352 Price Target

Constellation Energy (CEG) has an average rating of overweight and mean price target of $375.39, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

$CEG
Wire

Scotiabank Adjusts Constellation Energy Price Target to $441 From $481, Maintains Sector Outperform Rating

Constellation Energy (CEG) has an average rating of overweight and mean price target of $375.39, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)Price: $300.91, Change: $-4.80, Percent Change: -1.57%

$CEG
Wire

Constellation Energy Keeps Quarterly Dividend at $0.4265 a Share, Payable June 5 to Holders of Record May 15

Constellation Energy Keeps Quarterly Dividend at $0.4265 a Share, Payable June 5 to Holders of Record May 15

$CEG
Commodities

Meta Partners With Overview Energy, Noon Energy for 1 GW of Space Solar Power, Storage

Meta Platforms (META) said Monday it has partnered with Overview Energy and Noon Energy to deliver up to 1 gigawatt of space solar energy and long-duration energy storage, to power its artificial intelligence infrastructure and data centers.Overview Energy's solar satellites will harness energy from space and beam it to solar facilities on Earth, "increasing the capacity of existing solar farms by enabling around-the-clock energy production," the company said.By utilizing existing solar and grid infrastructure, electricity from the technology is expected to come online faster at scale, compared with power from traditional buildouts.Meta said commercial delivery could begin as early as 2030, if an orbital demonstration planned for 2028 is successful.Meanwhile, Noon Energy's battery technology will use carbon-based storage, instead of the conventional lithium-ion batteries, to provide up to 1 GW, or 100 gigawatt-hours of ultra-long-duration energy storage capacity.The companies expect an initial 25 megawatt, or 2.5 GWh, pilot demonstration project to be completed by 2028.Meta said it has so far contracted more than 30 GW of clean and renewable energy to support its data center operations. It has partnered with Sage Geosystems and XGS Energy to develop next-generation geothermal energy, and has purchased 7.7 GW of nuclear energy from Vista (VST), TerraPower, Oklo (OKLO), and Constellation Energy (CEG).

$CEG$META$OKLO$VST

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