CEG - Why Constellation Energy Stock Surged Nearly 17% in May
2024-06-07 12:18:57 ET
Shares of Constellation Energy (NASDAQ: CEG) rallied 16.8% in May, according to data provided by S&P Global Market Intelligence . Powering the utility's strong performance were its first-quarter results and the growing optimism surrounding artificial intelligence (AI)-driven power demand growth.
Constellation Energy reported strong first-quarter results in early May. The utility generated $1.82 per share of adjusted operating earnings. That was up from $0.78 per share in the year-ago period. The company benefited from higher output from its power generation fleet, supportive energy policies, and strong performance in its commercial business.
That strong performance gave the company the confidence to reaffirm its full-year outlook. It also enabled the utility to increase its share repurchase program by $1 billion. Constellation Energy repurchased more than $500 million of its shares in the first quarter, boosting its total repurchases to $1.5 billion since 2023.
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Why Constellation Energy Stock Surged Nearly 17% in May