Utilities, Nuclear Players Draw Fresh Upgrades

A series of analyst actions and corporate updates on April 21–24 spotlighted large utilities and energy groups with material nuclear exposure, alongside broader strength in the U.S. utilities sector. Price target changes, earnings beats and long-term guidance revisions collectively underscored how these companies are positioning around regulated assets, nuclear generation and clean energy projects.

NextEra Energy, Inc. (NEE) reported first-quarter 2026 results on April 23, sending its shares to a record high. Adjusted EPS came in at $1.09, beating estimates by $0.12, while profit rose almost 162% year over year to $2.18 billion. Revenue grew more than 7% to $6.7 billion, though this was 5.8% below consensus.

NextEra Energy Resources, the company’s renewables and storage arm, logged a record quarter, adding 4 GW of new renewable and storage projects to its backlog, which now totals about 33 GW. Management reaffirmed its 2026 adjusted EPS target of $3.92–$4.02 per share, compared with $3.71 per share in the prior year, and reiterated plans for adjusted EPS to grow at a compound rate of over 8% through 2032 and again from 2032 through 2035, off a 2025 base.

The company also maintained its dividend growth outlook, targeting roughly 10% annual dividend per share growth through 2026 off a 2024 base, and 6% per year from year-end 2026 through 2028. Separate analyst consensus compiled after the results points to 2026 revenue of $31.5 billion, about 13% above the last 12 months, and EPS of $3.97. The consensus price target stands at $97.61, with individual targets ranging from $55 to $112.

GE Vernova Inc. (GEV) also reached an all-time high after releasing first-quarter 2026 numbers on April 22. Adjusted EBITDA climbed 87% year over year to $896 million, and net profit increased to $4.75 billion from $264 million a year earlier. Free cash flow of $4.8 billion in the quarter already exceeded the company’s full-year 2025 figure.

Orders in the quarter totaled $13 billion. GE Vernova now expects to reach a $200 billion backlog in 2027, earlier than its prior 2028 forecast. Reflecting the stronger performance, it raised 2026 revenue guidance to $44.5–$45.5 billion and increased its free cash flow outlook to $6.5–$7.5 billion, up from $5–$5.5 billion previously.

On April 21, Morgan Stanley (MS) adjusted its views on two major listed utilities. For Vistra Corp. (VST), one of the largest competitive power generators in the U.S. with a fleet spanning natural gas, nuclear, coal, solar and battery storage, analyst David Arcaro lowered the price target from $214 to $208 while maintaining an ‘Overweight’ rating. The new target still implies more than 26% upside from current levels.

Morgan Stanley (MS) cited updated estimates across its North American Regulated & Diversified Utilities / IPPs coverage and noted that the utilities sector rose 16.4% in March, outpacing the S&P 500 (SPX)’s 9.6% gain. Vistra is targeting more than $10 billion of cash generation through year-end 2027. Adjusted free cash flow before growth is expected to exceed $12.5 per share in 2026 and rise to about $16 per share after additional actions including the Cogentrix acquisition and agreements with Meta.

For Dominion Energy, which derives around 40% of its energy from nuclear facilities, Morgan Stanley (MS) trimmed its price target from $69 to $68 on April 21 and kept an ‘Overweight’ rating. The revised target suggests nearly 9% upside. Dominion serves 3.6 million electricity customers in Virginia and the Carolinas and 500,000 natural gas customers in South Carolina.

Dominion recently achieved first power from the Coastal Virginia Offshore Wind project, a 2.6 GW development described as the largest offshore wind project in the United States. Once in full operation, it is expected to provide clean energy to 660,000 customers, adding a major renewable component alongside the company’s nuclear generation.

Evercore ISI resumed coverage of Constellation Energy Corporation on April 24 with an ‘Outperform’ rating and a $380 price target, implying more than 21% upside. Constellation operates the largest nuclear fleet in the U.S. and is described as the country’s largest provider of clean, low-carbon energy.

The note highlighted Constellation’s $26.6 billion acquisition of Calpine, completed in January. The combined company now has 55 GW of capacity from zero- and low-emission sources including nuclear, natural gas and geothermal, which management estimates as about 10% of total U.S. clean energy production. Constellation is targeting 2026 adjusted earnings of $11–$12 per share and a 20% base earnings CAGR from 2026 to 2029, supported by $3.9 billion in growth capex and a recently increased $5 billion share repurchase plan.

In regulated nuclear operations, Duke Energy said on April 23 that the U.S. Nuclear Regulatory Commission renewed the operating license for its Robinson Nuclear Plant in South Carolina for 20 years, extending operations to 2050. The 759 MW facility is described as providing enough carbon-free electricity for 570,000 homes, supporting about 500 jobs and generating roughly $28 million in annual local taxes. Duke plans to seek similar license extensions for all 11 units in its nuclear fleet.

On the fuel side, CIBC on April 21 reduced its Cameco Corporation price target from C$202 to C$200 while maintaining an ‘Outperformer’ rating, still implying nearly 20% upside. The revision came amid broader target updates in gold and base metals ahead of first-quarter reports. William Blair initiated coverage of Cameco on April 20 with an ‘Outperform’ rating and a $165 fair value estimate, citing the company’s position as the world’s second-largest uranium producer and its exposure across the nuclear fuel value chain.

William Blair also pointed to Cameco’s 49% stake in Westinghouse Electric Company as a key advantage, with potential benefits from each new reactor and associated demand for nuclear fuel products.

Public Service Enterprise Group declared a quarterly dividend of $0.67 per share on April 21, payable June 30 to shareholders of record on June 9, equating to an annual yield of 3.34%. The company has paid a common dividend since 1907. PSEG now projects 2026 operating earnings of $4.28–$4.40 per share, a 7% year-over-year increase at the midpoint, and has raised its long-term adjusted earnings growth outlook to 6%–8% through the end of the decade.

To support demand and growth in its regulated and nuclear businesses, PSEG increased its 2026–2030 capital program from $24 billion to $28 billion. Across the group of companies highlighted, management teams and analysts are emphasizing regulated earnings visibility, nuclear and clean energy assets and multi-year capital investment plans as they update forecasts and valuations.