5 Best Renewable Energy Stocks to Buy Now

4. Constellation Energy Corporation (NASDAQ:CEG)

Number of Hedge Fund Holders:  51

Baltimore, Maryland-based Constellation Energy Corporation (NASDAQ:CEG) is operating major renewable energy resources in the country. Constellation Energy Corporation (NASDAQ:CEG) says it’s the largest producer of carbon-free energy in the country. Earlier this month, Constellation Energy Corporation (NASDAQ:CEG) announced that it has started hydrogen production at its Nine Mile Point Nuclear Plant in Oswego, New York.

As of the end of the last quarter of 2022, 51 elite hedge funds tracked by Insider Monkey reported owning stakes in Constellation Energy Corporation (NASDAQ:CEG). The net worth of these stakes was $2.4 billion.

Alger Capital made the following comment about Constellation Energy Corporation (NASDAQ:CEG) in its Q3 2022 investor letter:

“Constellation Energy Corporation (NASDAQ:CEG) is America’s leading clean energy company, based on carbon-free production. The company is the largest supplier of clean energy and sustainable solutions to homes, businesses, governments, community aggregations, and a range of wholesale customers (such as municipalities, cooperatives, and other end markets) across the continental U.S., backed by approximately 32,400 megawatts of generating capacity consisting of nuclear, wind, solar, natural gas and hydroelectric assets. Constellation produces nearly 10% of the nation’s carbon-free energy.

Shares outperformed during the third quarter primarily due to the Inflation Reduction Act (IRA). Signed into law in august, the bill provides a nuclear production tax credit of approximately $43.75 per megawatt hour of energy generated. This credit favorably impacted earnings, resulting in an increase in Constellation’s share price.”