BALTIMORE - Constellation Energy Corporation (NASDAQ:CEG), a leading producer of emissions-free energy in the United States, has announced the appointment of two new members to its board of directors. Peter Oppenheimer and Eileen Paterson will join the board effective Monday, replacing long-serving independent director Laurie Brlas, who will retire at the end of the year. The company, which has seen its stock surge over 105% year-to-date and maintains a robust market capitalization of $75 billion, has earned a "GOOD" financial health rating according to InvestingPro analysis.
Oppenheimer, known for his tenure as chief financial officer at Apple (NASDAQ:AAPL) from 2004 to 2014, currently serves on the board of Goldman Sachs and is the chairman of its Audit Committee as well as the chairman of the Goldman Sachs Bank USA subsidiary board. His experience at Apple was marked by significant company growth and the launch of revolutionary products such as the iPhone and iPad.
Paterson brings a wealth of leadership experience from the aerospace and defense industry, having served as CEO of Aerojet Rocketdyne. She currently sits on the boards of Marathon Petroleum Corporation (NYSE:MPC) and Woodward (NASDAQ:WWD), Inc, where she is actively involved in committees focused on sustainability, compensation, and governance. A U.S. Army veteran, Paterson has also held significant roles at Pratt & Whitney AeroPower and Ford Motor Company (NYSE:F).
The outgoing director, Laurie Brlas, is recognized for her financial and leadership expertise, which has been instrumental in guiding Constellation's performance since its spinoff in 2022. Brlas has chaired the Audit & Risk Committee, contributing to the company's governance and oversight of financial performance and risk.
Constellation's chairman, Robert J. Lawless, expressed gratitude for Brlas's contributions and welcomed the new directors, highlighting their financial acuity and operational experience as valuable assets for the company's continued growth and innovation. With a strong gross profit margin of 20.85% and an EBITDA of nearly $6 billion in the last twelve months, the company has demonstrated solid operational performance. For deeper insights into Constellation's financial metrics and growth potential, investors can access comprehensive analysis through InvestingPro's detailed research reports, which cover over 1,400 US stocks.
Constellation, headquartered in Baltimore, is a Fortune 200 company and the nation's largest producer of clean, carbon-free energy. It serves a broad range of customers, including three-fourths of Fortune 100 companies, and is committed to achieving 100% carbon-free generation by 2040. The company currently trades at $239.02 per share, with analysts setting price targets ranging from $226 to $342, reflecting varied opinions on its growth trajectory. InvestingPro subscribers can access detailed valuation metrics and over 30 additional ProTips about Constellation's future prospects.
This announcement is based on a press release statement from Constellation.
In other recent news, Constellation Energy has seen significant developments. The energy sector leader reported robust third-quarter earnings, surpassing expectations with GAAP earnings of $3.82 per share and adjusted operating earnings of $2.74 per share. This strong performance led the company to raise its full-year earnings guidance from $8.00 to a range of $8 to $8.40 per share.
In addition, BofA Securities upgraded Constellation Energy's stock from Neutral to Buy, projecting sustained double-digit growth for the company through 2026. The firm also increased its earnings estimates for the fiscal years 2024, 2025, and 2026, marking an increase from the previous estimates.
However, following a recent decision by the Federal Energy Regulatory Commission (FERC), analyst firms including BMO Capital Markets, Jefferies, and Mizuho (NYSE:MFG) Securities have adjusted their price targets for Constellation Energy. Despite these adjustments, the companies maintained their respective Outperform, Hold, and Neutral ratings on the stock.
Furthermore, Constellation Energy announced the anticipated restart of the Crane Clean Energy Center and the addition of 2,800 megawatts of renewable energy through commercial products CORe+ and CFE (EBR:CFEB) since 2020. The company also plans to introduce 2,000 megawatts of new nuclear capacity by 2027. These are among the recent developments for Constellation Energy.
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