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NASDAQ · Utilities

CONSTELLATION ENERGY CORP CEG

Constellation Energy is a leading electric utility company in the United States, specializing in nuclear power, natural gas, renewable energy generation and integrated energy solutions. Significantly expanded scale through the acquisition of Calpine, and actively deployed data center joint ventures and clean energy projects to drive long-term growth. The entrance to investment analysis lies in the profitability visibility brought about by its diversified clean energy portfolio, nuclear power policy dividends, and long-term power purchase agreements with technology giants.

Sources Company earnings and call materials quartr.com
Electric Utilities: Central

Company profile

Business mix

  • Nuclear power operations are the core cornerstone, with natural gas power generation (integrated through the acquisition of Calpine) and renewable energy projects such as solar energy contributing incrementally.
  • Pooling and net metering agreements for large data center customers have become an emerging growth pole, such as the Freestone project.

Current key questions

  • Some of Calpine's assets need to be divested due to regulatory requirements, and there is uncertainty about the integration progress and the release of synergy effects.
  • PJM capacity market reforms, changes in nuclear power production tax credit policies and forward power price fluctuations affect profit forecasts.
  • The balance between large capital expenditures and shareholder returns (buybacks and dividends), and the ability to deliver on free cash flow growth.
Holders 3 Current sample portfolio
Public mentions 0 Videos / interviews / letters
Valuation snapshot
PE 21.76 FCF 1.23% Buyback -3.19%
2026-06-07

Current firm holders

Firm Weight Value Filing period
Coatue Management Philippe Laffont 4.5% $1.3B 2026-03-31
Alkeon Capital Management 0.6% $383.9M 2026-03-31
Bridgewater Associates Ray Dalio 0.3% $57.6M 2026-03-31

Recent trading changes over the last 3 quarters

Last 1 quarters Last 2 quarters Last 3 quarters Last 4 quarters
Net buyers 1 Last 3 13F filing periods
Net reducers 3 Last 3 13F filing periods
Unchanged holders 2 Share count unchanged
Increase amount $65.2M Estimated from net added shares
Reduction amount $581.3M Estimated from net reduced shares
Net share change / base shares -22.6% -1,836,739 / 8,114,570
Third Point Dan Loeb 2 filing periods
13F 2025-12-31 Filed 2026-02-17
New Shares - 13F value change +$167.8M
13F 2026-03-31 Filed 2026-05-15
Sold out Shares -100.0% 13F value change -$167.8M
Settlement As of 13F 2026-03-31 · Filed 2026-05-15
Base shares 0 Last 3 periods +0 (New) Total shares 0 Value $0
Coatue Management Philippe Laffont 3 filing periods
13F 2025-09-30 Filed 2025-11-14
Minor reduction Shares -3.3% 13F value change -$27.9M
13F 2025-12-31 Filed 2026-02-17
Minor increase Shares 3.2% 13F value change +$202.6M
13F 2026-03-31 Filed 2026-05-15
Major reduction Shares -21.6% 13F value change -$793.2M
Settlement As of 13F 2026-03-31 · Filed 2026-05-15
Base shares 5,924,294 Last 3 periods -1,291,819 (-21.8%) Total shares 4,632,475 Value $1.3B
Bridgewater Associates Ray Dalio 3 filing periods
13F 2025-06-30 Filed 2025-08-13
Major reduction Shares -84.6% 13F value change -$143.1M
13F 2025-09-30 Filed 2025-11-13
Sold out Shares -100.0% 13F value change -$46.8M
13F 2026-03-31 Filed 2026-05-15
Major increase Shares 380.6% 13F value change +$42.5M
Settlement As of 13F 2026-03-31 · Filed 2026-05-15
Base shares 941,659 Last 3 periods -735,320 (-78.1%) Total shares 206,339 Value $57.6M
Alkeon Capital Management 3 filing periods
13F 2025-09-30 Filed 2025-11-14
Minor reduction Shares -8.8% 13F value change -$25.7M
13F 2025-12-31 Filed 2026-02-17
Major increase Shares 31.7% 13F value change +$141.8M
13F 2026-03-31 Filed 2026-05-15
Minor increase Shares 0.3% 13F value change -$100.5M
Settlement As of 13F 2026-03-31 · Filed 2026-05-15
Base shares 1,141,219 Last 3 periods +233,520 (+20.5%) Total shares 1,374,739 Value $383.9M
Glenview Capital Management Larry Robbins 2 filing periods
13F 2025-12-31 Filed 2026-02-17
New Shares - 13F value change +$10.7M
13F 2026-03-31 Filed 2026-05-15
Sold out Shares -100.0% 13F value change -$10.7M
Settlement As of 13F 2026-03-31 · Filed 2026-05-15
Base shares 0 Last 3 periods +0 (New) Total shares 0 Value $0
Gotham Asset Management Joel Greenblatt 3 filing periods
13F 2025-06-30 Filed 2025-08-14
Major reduction Shares -29.8% 13F value change +$2.7M
13F 2025-09-30 Filed 2025-11-14
Minor reduction Shares -4.3% 13F value change -$582,907
13F 2025-12-31 Filed 2026-02-17
Minor reduction Shares -10.9% 13F value change -$1.0M
Settlement As of 13F 2025-12-31 · Filed 2026-02-17
Base shares 107,398 Last 3 periods -43,120 (-40.1%) Total shares 64,278 Value $22.7M

Recent mentions

No public mentions.