Why These Energy Stocks are Gaining This Week

7. Oklo Inc. (NYSE:OKLO)

Share Price Gains Between Nov. 28 and Dec. 5: 14.54%

Backed by OpenAI’s Sam Altman, Oklo Inc. (NYSE:OKLO) develops advanced fission power plants to provide clean, reliable, and affordable energy at scale to customers in the United States. With its Aurora small modular reactor (SMR), Oklo is considered on the bleeding edge of nuclear technology.

Oklo Inc. (NYSE:OKLO) jumped on December 2 after the U.S. Department of Energy announced a grant of up to $800 million to the Tennessee Valley Authority (TVA) and Holtec to support the development of SMRs. TVA will receive up to $400 million to accelerate the deployment of GE Vernova Hitachi Nuclear Energy’s BWRX-300 SMR in Tennessee, while Holtec will receive the same to help build two SMRs at its site in Michigan.

The development marks a significant step forward for the Trump administration in domestic SMR development, which is already at advanced stages in countries like China and Russia.

Oklo Inc. (NYSE:OKLO) also received a boost on December 3 when UBS analyst Jon Windham raised the firm’s price target on the stock from $65 to $95, while maintaining its ‘Neutral’ rating. Later on December 5, Needham also initiated coverage of OKLO with a ‘Buy’ rating and a price target of $135, driven by the company’s ‘advantaged’ regulatory position and its diversified fuel strategy.