Skip to navigationSkip to main contentSkip to right columnADVERTISEMENTDavid BerenThu, September 17, 2026 at 11:26 PM GMT+2 4 min readConstellation Energy Is Down 29% From Its Peak. Is the Nuclear Bull Case Still Intact? ©TIKRKey Stats for Constellation Energy (CEG)52-Week Range: $228.63 to $412.70Street Mean Target: $348.30NTM P/E: ~21xLTM EBIT Margin: 15%Fwd 2-Yr EPS CAGR: ~19%Market Cap: ~$92 billionFrom AI Darling to Pullback Candidate: What Happened to CEG?Constellation Energy (CEG) rode one of the most powerful narratives in the market over the past few years. As AI infrastructure buildout accelerated and data center operators scrambled for reliable, around-the-clock clean power, investors quickly realized that nuclear energy sat in a uniquely advantageous position.Constellation, as the largest nuclear power producer in the United States, became the obvious beneficiary. The stock ran from the low $100s to a peak above $400, and then the market cooled on the trade.What drove the pullback was a mix of valuation anxiety, noise around regulatory timelines, and a broader rotation out of last year's energy winners. The stock now sits nearly 30% below its highs, trading around $263, and well below the Street's mean target of around $348.Constellation Energy Stock Drawdowns. (TIKR)The underlying business, though, has kept executing. Q2 2026 adjusted earnings came in at $2.55 per share, up from $1.91 a year earlier.Revenues rose 23% year over year to $7.5 billion, reflecting the completed Calpine acquisition, which added natural gas and geothermal assets to Constellation's nuclear-led generation fleet.CEO Joe Dominguez raised full-year guidance by $0.50 per share following the quarter, pointing to steady progress on restarting the Crane Clean Energy Center, now slated to come back online in 2027.The Earnings Trajectory Is Hard to IgnoreHere is the part of the CEG story that doesn't get enough attention when people focus only on the stock price.