Constellation Energy stock gains on raised 2026 earnings guidance and AI power deals

Constellation Energy Corporation stock (ISIN US21037T1097) closed at USD 299.05 on Nasdaq on September 8, 2026, down 0.3 percent from the prior session, while still trading modestly above some valuation estimates as investors digest stronger earnings guidance and long-term AI power contracts.

Guidance raised on strong Q2 2026 earnings

According to The Globe and Mail on September 9, 2026, Constellation Energy reported non-GAAP adjusted operating earnings of USD 2.55 per share in the second quarter of 2026, about 34 percent higher than the USD 1.91 per share earned in the same quarter a year earlier.

In the same update, the company lifted its full-year 2026 adjusted operating earnings guidance to a range of USD 11.50 to USD 12.50 per share, with the midpoint sitting roughly 28 percent above the USD 9.39 per share it recorded for the prior year, underscoring how much earnings growth comes before any contribution from its biggest AI contracts.The Globe and Mail

Nuclear fleet and AI contracts underpin long-term demand

As highlighted by Intellectia on September 9, 2026, Constellation Energy's nuclear fleet generated 44,160 gigawatt-hours of electricity in the second quarter of 2026, which helped drive the 34 percent year-over-year increase in adjusted earnings per share to USD 2.55 and provided the basis for the upgraded full-year guidance to USD 11.50 to USD 12.50 per share.

An analysis from Jhotas Lab on September 9, 2026 notes that Constellation Energy has secured two major 20-year nuclear power agreements with technology giants Microsoft and Meta, linking its existing U.S. nuclear assets to growing data center electricity demand.

According to this analysis, the Microsoft agreement supports the planned restart of the former Three Mile Island Unit 1, now referred to as the Crane Clean Energy Center, with an expected restoration of about 835 megawatts of nuclear generation, subject to regulatory approvals, while Meta's agreement covers 1,121 megawatts at the Clinton Clean Energy Center in Illinois starting in 2027 and supports an additional 30 megawatts of capacity.Jhotas Lab

Valuation, analyst consensus and price level

From a valuation perspective, a commentary on September 8, 2026 from GuruFocus judged Constellation Energy stock modestly overvalued on its proprietary GF Value metric, noting that the shares were trading at USD 299.05 versus an estimated intrinsic value of USD 286.08, implying a premium of about 4.5 percent.

The same analysis highlighted a GF Score of 78 out of 100, reflecting solid overall fundamentals with room for improvement in financial strength, and pointed to insider buying activity totaling about USD 0.4 million over the past 12 months with no insider selling, which the authors interpret as a sign of management confidence in the longer-term outlook.GuruFocus

On the sell-side side, a markets article from Yahoo Finance dated September 9, 2026 reported that Constellation Energy, listed as CEG, trades near USD 299.05 against a consensus analyst price target of USD 348.30, implying roughly 16 percent upside from that price level.

According to this overview, the Street is heavily bullish on Constellation Energy with 20 Buy ratings versus only 3 Hold recommendations, although the article notes that the stock has already re-rated higher in the wake of its closed acquisition of Calpine, the natural gas and geothermal generator that is contributing to its earnings growth.Yahoo Finance

Stock level and investor takeaway

Per a recent trading note dated September 9, 2026, Constellation Energy stock closed at USD 299.05 on Nasdaq on September 8, 2026, representing a 0.3 percent decline on the day, with that closing level serving as the current reference price for investors monitoring the stock's progress against the roughly USD 348 analyst consensus target.

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