Constellation Energy (CEG) Stock on December 6, 2025: Calpine Deal Cleared, AI Power Demand Surges and Wall Street Sees More Upside

Constellation Energy Corporation (NASDAQ: CEG) has become one of the standout stories in the utility and clean‑energy sector in 2025. As of the close on December 5, 2025, Constellation Energy stock traded at $359.82, giving the company a market capitalization of roughly $110–115 billion and placing it among the world’s largest utilities by value. ^[1]

Over the past three years, the stock has delivered a staggering 311% total return, with gains of more than 40% over the last 12 months and close to 50–60% year to date, according to recent valuation work from Simply Wall St. ^[2] That kind of performance has pushed CEG firmly onto the radar of both institutional investors and retail traders looking for exposure to nuclear and AI‑driven power demand.

At the same time, today’s news flow is dominated by a major regulatory milestone for its $16.4 billion acquisition of Calpine, fresh Q3 earnings details, and a wave of updated analyst forecasts.

Note: All prices and metrics are current as of the close on December 5, 2025 unless otherwise stated. This article is for information and education only and is not financial advice or a recommendation to buy or sell any security.

Constellation Energy Stock Today: Price, Size and Recent Performance

Latest close (Dec 5, 2025): $359.82
Intraday range: $357.31 – $371.68, with volume just over 2.0 million shares.
52‑week range: approximately $160.94 – $412.70. ^[3]
Market cap: around $112 billion, making CEG a large‑cap utility and one of the top global power companies by value. ^[4]

Constellation describes itself as the nation’s largest producer of reliable, clean, carbon‑free energy, operating the largest U.S. nuclear fleet with an industry‑leading nuclear capacity factor above 94%. ^[5] Its portfolio, which already generates roughly 90% carbon‑free power, supplies millions of residential and commercial customers and about three‑quarters of Fortune 100 companies. ^[6]

That positioning — reliable baseload nuclear plus growing clean‑energy and commercial offerings — is central to the current bull case for the stock.

Breaking News: Calpine Acquisition Clears Final DOJ Hurdle

The biggest catalyst around December 6, 2025 is regulatory clearance of Constellation’s transformational Calpine Corporation acquisition.

What happened?

On December 5, Constellation announced that it had reached a resolution with the U.S. Department of Justice (DOJ) on the conditions required to complete its previously announced $16.4 billion acquisition of Calpine. ^[7]

Key points:

The deal is now through its final major regulatory hurdle, with DOJ sign‑off following prior approvals from:
- The Federal Energy Regulatory Commission (FERC)
- The New York Public Service Commission
- The Public Utility Commission of Texas. ^[8]
FERC and DOJ approvals are conditional on asset divestitures intended to preserve competition in key power markets (PJM Interconnection and ERCOT). ^[9]

Required divestitures

According to Constellation’s own release and Reuters reporting, the package of divestitures includes: ^[10]

Four of Calpine’s Mid‑Atlantic generating assets (Hay Road, Edge Moor, Bethlehem and York 1) as a condition of FERC approval.
Additional Constellation‑owned natural‑gas plants, including:
- York 2 (828 MW combined‑cycle gas plant in Pennsylvania)
- Jack Fusco Energy Center (605 MW gas plant near Houston, Texas)
- A minority stake in Gregory Power Plant near Corpus Christi, Texas.

DOJ officials said these divestitures address concerns that the combined company might otherwise lessen competition and raise prices in the PJM and ERCOT grids. ^[11]

Constellation’s management, however, framed the required sales as an opportunity. The company highlighted that surging electricity demand from onshoring, vehicle and building electrification, and AI data centers has strengthened the market for efficient natural‑gas assets, and it expects “attractive value” on the disposals, reinforcing the strategic rationale for the deal. ^[12]

Market reaction

Short‑term, the stock came under pressure. Coverage from financial media noted that CEG “flopped” on Friday as investors digested the news that the company would have to give up more than initially expected in order to assuage regulators’ concerns about the Calpine merger. ^[13]

Still, once the court signs the agreed stipulation and order, Constellation and Calpine can move toward closing — a key milestone for the company’s long‑term strategy of combining its nuclear‑centred clean‑energy platform with a broader mix of flexible gas and geothermal assets. ^[14]

Q3 2025 Earnings: Nuclear Fleet Drives Higher Adjusted EPS

On November 7, 2025, Constellation reported third‑quarter 2025 results that underline the strength of its core nuclear and clean‑energy operations. ^[15]

Headline numbers

From the company’s Q3 release: ^[16]

GAAP EPS:
- $2.97 in Q3 2025, down from $3.82 in Q3 2024 (largely due to fair‑value adjustments and other non‑operating items).
Adjusted (non‑GAAP) operating EPS:
- $3.04 vs $2.74 a year earlier — about 11% year‑over‑year growth.
Full‑year 2025 adjusted EPS guidance:
- Narrowed to $9.05 – $9.45 per share.

Management highlighted that Q3 represented one of the highest operating quarters for its nuclear fleet, with extremely high availability and output:

Nuclear generation (including Salem & South Texas Project stakes): 46,477 GWh in Q3 2025 vs 45,510 GWh in Q3 2024.
Nuclear plants (excluding the minority stakes) achieved a 96.8% capacity factor, up from 95.0% in Q3 2024. ^[17]

Constellation also secured a key environmental milestone during the quarter: a settlement and water quality certification for the Conowingo Dam hydro facility in Maryland, clearing the way for its continued operation and relicensing. ^[18]

The message from management was clear: the nuclear and clean‑energy portfolio is executing well, and the company sees itself as a central player in meeting rising electricity demand while supporting decarbonization goals.

AI, Data Centers and the Nuclear Revival: Three Mile Island and Big Tech Deals

Beyond the Calpine deal, Constellation is deeply intertwined with the AI and data‑center energy story, which has become one of the defining investment narratives of 2025.

Three Mile Island restart and Microsoft contract

Recent reporting notes that the U.S. Department of Energy (DOE) has agreed to back Constellation’s plan to restart the Three Mile Island Unit 1 reactor in Pennsylvania with a $1 billion federal loan, part of a broader $1.6 billion project. ^[19]

Key details from that coverage: ^[20]

The plant, shut down in 2019, is expected to return to service by 2027.
The restarted unit is slated to operate under a roughly 20‑year contract with Microsoft, supplying carbon‑free power to the tech giant’s AI‑heavy data‑center operations.
The announcement helped lift Constellation’s shares earlier this year and is viewed as a flagship example of nuclear power being paired directly with hyperscale computing demand.

Meta, AI power demand and market perception

Constellation has also struck long‑term power supply deals with Meta and other data‑center operators, including a multi‑gigawatt nuclear supply arrangement linked to its Clinton, Illinois facility, according to earlier earnings commentary and news reports. ^[21]

Investor’s Business Daily recently highlighted CEG as one of several AI‑linked names near technical buy points, noting that:

The stock has surged more than 60% in 2025, driven largely by long‑term energy contracts with Meta and Microsoft.
After that run, CEG has been consolidating near a potential buy zone and recently dipped below its 50‑day moving average, which some technical traders watch as a key support level. ^[22]

Taken together, these deals are a major part of why many investors now see Constellation less as a sleepy regulated utility and more as a high‑growth, AI‑infrastructure‑enabling clean‑energy platform.

Analyst Forecasts: Moderate Upside from Elevated Levels

Wall Street coverage of Constellation Energy remains broadly positive, though the stock’s huge run has pushed valuations to premium levels.

Consensus ratings

Across several data providers:

Public.com reports that 14 analysts currently cover CEG with an overall “Buy” consensus rating as of December 6, 2025, with no Sell or Strong Sell ratings. ^[23]
A Quiver Quantitative summary notes that recent reports from J.P. Morgan, Raymond James, BMO Capital, UBS and Jefferies have all leaned Overweight/Outperform/Buy, reflecting generally bullish Street sentiment. ^[24]

Price targets

Different platforms aggregate slightly different analyst sets, but they all cluster around the high‑$300s to low‑$400s:

MarketBeat:
- Average 12‑month price target:$390.94
- Range: $258 – $478
- Implied upside vs. ~$359 current price: about 8.7%. ^[25]
TradingView:
- Consensus price target: $401.02
- Range: $342.23 – $478. ^[26]
TipRanks:
- Based on 12 Wall Street analysts in the last three months, average target $398.45, with a high of $478 and low of $347 — roughly 8% upside from a recent price around $369. ^[27]
Public.com:
- Reports an aggregated target of $383.71 for 2025, based on third‑party analyst data. ^[28]

In other words, most analysts still see modest upside, but the easy multi‑bagger gains are widely perceived as being in the rear‑view mirror unless earnings and cash flows significantly outpace current expectations.

Recent Independent Analyses: Undervalued on DCF, Expensive on Multiples

Two of the more detailed pieces of independent analysis published around December 6, 2025 tell a nuanced story about Constellation Energy’s valuation.

Simply Wall St: 311% three‑year run, but DCF still sees upside

A Simply Wall St breakdown titled “Should Investors Chase Constellation Energy After Its 311% Three Year Surge?” poses exactly the question many investors are asking. ^[29]

Highlights from their December 6 report:

The stock is:
- Up about 48% year to date
- Up 42.7% over the last 12 months
- Up 311% over three years, even after a modest recent pullback. ^[30]
Their Discounted Cash Flow (DCF) model:
- Projects a sharp swing from currently negative free cash flow (due to heavy investment) to roughly $5.7 billion FCF by 2029, rising toward $7.9 billion by 2035.
- Implies a fair value around $492 per share, suggesting the stock might be about 27% undervalued versus the current price near $359. ^[31]
However, on a price‑to‑earnings basis, Simply Wall St calculates that CEG trades around 41x earnings, roughly double the industry average of ~20x and above the platform’s own “fair” PE estimate of 38.1x. ^[32]

Their takeaway: depending on whether you emphasize long‑term cash‑flow potential (DCF) or current earnings multiples, Constellation can look either attractively undervalued or somewhat expensive relative to peers.

Zacks / Nasdaq: Strong fundamentals, premium valuation

In a December 5 piece on Nasdaq titled “CEG Outpaces Its Industry in the Past Month: How to Play the Stock?”, Zacks highlights a similar tension between performance and valuation. ^[33]

Zacks notes that:

CEG shares have gained about 5% over the past month, outperforming both the Alternative Energy – Other industry and the broader energy sector. ^[34]
The company is benefitting from:
- A nuclear fleet capacity factor of 96.8% in Q3
- A power production mix that is nearly 90% carbon‑free, with targets of 95% by 2030 and 100% by 2040. ^[35]
Constellation expects to invest roughly $3 billion in 2025 and $3.5 billion in 2026, with about 35% dedicated to securing nuclear fuel, supporting long‑term reliable generation. ^[36]

On the financial side, Zacks stresses several positive metrics:

Debt‑to‑capital ratio:33.46 vs industry average 57.27 — indicating more conservative leverage.
Times interest earned:8.5, signaling strong capacity to service debt.
Return on equity (ROE):21.59%, far above the industry’s 6.23%. ^[37]
Capital returns: a $3 billion share‑repurchase authorization with around $593 million of capacity remaining as of September 30, 2025, and an annual dividend growth target of 10%, with the current annual dividend at $1.55 per share (about a 0.4% yield at current prices). ^[38]

However, Zacks also flags valuation concerns:

On a forward 12‑month basis, CEG trades at about 32.7x earnings, versus an industry average around 20.8x. ^[39]
As a result, Zacks assigns the stock a Zacks Rank #3 (Hold), suggesting existing shareholders might continue to hold for dividends and growth, while new investors may prefer to wait for a better entry point. ^[40]

Fundamentals Snapshot: Earnings, Dividend and Balance Sheet

Putting the various data points together, here is a high‑level fundamentals screen for Constellation Energy as of early December 2025:

Earnings:
- Trailing EPS of roughly $8.7 per share, implying a trailing P/E near 40–41x at the current price range. ^[41]
- Zacks consensus EPS estimates suggest year‑over‑year earnings growth of ~8.4% in 2025 and ~21.5% in 2026. ^[42]
Dividend:
- Annual dividend of $1.55 per share, for a yield around 0.4–0.5% at current prices.
- Management aims to grow the dividend by 10% per year, subject to board approval. ^[43]
Leverage and profitability:
- Debt‑to‑capital: ~33% (vs industry ~57%).
- ROE: ~22% vs industry ~6%. ^[44]
Market position:
- Market cap around $112–115 billion. ^[45]
- Largest U.S. carbon‑free energy producer and largest nuclear operator, with output equivalent to about 10% of U.S. clean energy. ^[46]

For traditional utility investors, the low current yield and high P/E make CEG look unlike the typical “bond‑proxy” power stock. Instead, the market is effectively pricing Constellation more like a growth‑oriented infrastructure and clean‑tech platform.

Market Sentiment and Flows: Congress, Institutions and Social Buzz

Sentiment indicators also show strong institutional and political attention around Constellation Energy:

A Quiver Quantitative review notes significant discussion on X (Twitter) about CEG’s nuclear assets and AI‑linked power contracts, with many retail investors framing it as a key play on long‑term clean‑energy demand. ^[47]
The same piece highlights:
- Multiple trades by members of the U.S. Congress in CEG stock over the past six months, with more purchases than sales.
- Robust institutional activity, with hundreds of funds increasing or decreasing positions and several large asset managers adding millions of shares. ^[48]

While congressional trading and social media buzz should never be decisive investment factors on their own, they underscore how central Constellation has become to the market’s broader energy transition and AI‑infrastructure narrative.

Key Risks Investors Are Watching

Despite strong fundamentals and powerful tailwinds, Constellation Energy is not a risk‑free story. Some of the main concerns appearing in recent research and commentary include:

Valuation risk
- At ~40x trailing earnings and a forward multiple well above the utility average, CEG is priced for continued high growth and policy support. ^[49]
- Any disappointment in earnings, regulatory support or data‑center demand could lead to a sharp rerating.
Regulatory and political risk
- Nuclear operations and large power‑market positions are inherently regulatory‑sensitive.
- The Calpine divestiture conditions highlight how regulators can reshape the economics of M&A deals to address competition or grid concerns. ^[50]
Execution and integration risk
- Closing and integrating a $16.4 billion Calpine acquisition while simultaneously managing massive capex, nuclear restarts and new projects like Three Mile Island Unit 1 will test Constellation’s operational bandwidth. ^[51]
Commodity and power price dynamics
- Although many CEG contracts are long‑dated, changes in wholesale power prices, fuel costs, or policy‑driven subsidies (such as nuclear production tax credits) can materially affect profitability.
Project and construction risk
- Big nuclear and infrastructure programs are prone to delays and cost overruns. The DOE‑backed Three Mile Island restart and other capacity‑expansion projects will have to be carefully executed to avoid eroding returns. ^[52]

The Bull Case in a Nutshell

Supporters of Constellation Energy stock tend to emphasize several key points:

Unique scale in carbon‑free baseload power, with the largest U.S. nuclear fleet and a track record of exceptionally high capacity factors. ^[53]
Explosive structural demand from AI data centers, electrification, and onshoring, paired with long‑term contracts with Microsoft, Meta and other hyperscalers that can provide visibility into future cash flows. ^[54]
A relatively conservative balance sheet (vs peers) and strong ROE, providing financial flexibility to fund growth, dividends and buybacks simultaneously. ^[55]
A supportive policy backdrop in Washington for nuclear and clean energy, illustrated by the DOE loan for Three Mile Island and broad regulatory recognition of the need for carbon‑free baseload power. ^[56]

From this perspective, Constellation still has room to grow into its valuation as earnings and free cash flow ramp, especially if Calpine integration goes smoothly and nuclear restarts stay on schedule.

Bottom Line: How Constellation Energy Stock Looks as of December 6, 2025

As of December 6, 2025, Constellation Energy (CEG) stands at a crossroads:

The Calpine transaction has cleared its final regulatory hurdles, cementing Constellation’s status as a powerhouse in U.S. generation and trading — albeit at the cost of material gas‑plant divestitures. ^[57]
Q3 2025 results and guidance confirm robust operating momentum, particularly in the nuclear fleet, and management continues to talk confidently about growing demand and its ability to meet it with carbon‑free power. ^[58]
The stock is up several‑fold in three years, trades at a premium valuation, and yet still enjoys Buy‑leaning analyst consensus with price targets clustered in the high‑$300s and low‑$400s. ^[59]

For investors and readers following Constellation Energy today, the picture is of a company at the center of the nuclear and AI power story, with:

Powerful structural tailwinds
Strong fundamentals
A valuation that already reflects high expectations

Anyone considering CEG should carefully weigh that combination of growth potential and valuation risk, factor in their own risk tolerance and time horizon, and, ideally, consult a qualified financial adviser before making investment decisions.