CEG
The stock that ran out of breath
Constellation Energy spent 2025 looking like the kid in gym class who actually wanted the extra mile. But in 2026, the stock has given back more than 20%, and investors are suddenly wondering if the easy gains are gone.
Why the market hit the brakes
Two things are weighing on the shares:
- 2026 guidance was solid, just not spectacular. Constellation expects adjusted EPS of $11 to $12 for 2026, which is a huge jump from 2025, but the midpoint came in a hair below Wall Street’s $11.60 estimate.
- Three Mile Island is taking longer to restart. The plant, now called the Crane Clean Energy Center, is being delayed by power line issues. In stock-market terms, that’s the kind of operational hiccup that can turn a “story stock” into a “show me” stock real fast.
The bull case still has juice
Here’s the part that keeps the bulls camped out: Constellation owns the largest nuclear fleet in the U.S., and that matters a lot when data centers are guzzling electricity like it’s iced coffee season. The company also has 55 gigawatts of capacity across nuclear, natural gas, geothermal, hydro, wind, and solar, enough to power 27 million homes.
That’s why the selloff could be doing you a weird favor: if the core growth story is intact, a 20%-plus pullback can be less “broken thesis” and more “market got impatient.”
Big picture: Constellation’s near-term headlines are messy, but the long-term energy-demand story is still very much alive. Investors just have to decide whether this is a pause… or the market finally offering a discount on the power trade.