Jim Cramer’s Top 5 Stock Picks for 2023

4. Constellation Energy Corporation (NASDAQ:CEG)

YTD Stock Performance Through November 22: +50%

Jim Cramer was bullish on Constellation Energy Corporation (NASDAQ:CEG) during the start of 2023 as he believed the stock would benefit from the US government’s spending for green energy under the Inflation Reduction Act. In December 2022 Cramer said that he liked Constellation Energy Corporation (NASDAQ:CEG) because nuclear energy is the best option for carbon-free energy production. Cramer also liked Constellation Energy Corporation (NASDAQ:CEG) because he believed ESG-focused funds were showing interest in it.

Constellation Energy Corporation (NASDAQ:CEG) shares have gained a whopping 50% this year through 2023.

As of the end of the third quarter of 2023, 50 hedge funds tracked by Insider Monkey reported having stakes in Constellation Energy Corporation (NASDAQ:CEG).

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.”