CEG - Why Did Constellation Energy Stock Surge Over 70% in the 1st Half of 2024?
2024-07-15 12:15:00 ET
Shares of Constellation Energy (NASDAQ: CEG) rocketed 71.3% in the first half of 2024, according to data from S&P Global Market Intelligence . That easily outperformed the S&P 500 , which got off to a strong start by rallying 14.5% in the first half. The clean-energy producer's stock surged because of its strong financial outlook and a growing belief that technology companies will use nuclear energy to power their AI data centers.
Here's a closer look at what powered the nuclear energy company's strong first half and whether it can maintain its momentum for the rest of this year.
Constellation Energy provided its outlook for 2024 and beyond in late February. It's targeting to deliver at least 10% annual base earnings-per-share growth through the end of the decade. Powering that forecast is the nuclear production tax credit from the Inflation Reduction Act and its ability to effectively deploy its strong free cash flow .
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Why Did Constellation Energy Stock Surge Over 70% in the 1st Half of 2024?