BALTIMORE - Constellation Energy Corporation (NASDAQ:CEG), a major producer of clean energy in the United States, has announced a quarterly dividend for its shareholders. The company's Board of Directors declared a dividend of $0.3525 per share on its common stock, which is scheduled to be paid on June 10, 2024. Shareholders on record by 5 p.m. Eastern time on May 29, 2024, will be eligible for the dividend payout.
Constellation Energy, a Fortune 200 company based in Baltimore, is recognized as the country's largest producer of carbon-free energy. It is a prominent supplier of energy products and services to a diverse range of customers, including businesses, homes, community aggregations, and public sector clients across the continental United States. The company's portfolio includes a significant number of Fortune 100 companies.
The energy corporation boasts a substantial clean energy output, with nearly 90% of its annual generation being carbon-free. This is largely due to its hydro, wind, and solar facilities, as well as the nation's largest nuclear fleet. Together, these sources have the capacity to power the equivalent of 16 million homes, contributing to approximately 10% of the nation's clean energy.
In line with its commitment to sustainability, Constellation Energy has set an ambitious target to achieve 100% carbon-free generation by 2040. The company is actively investing in emerging technologies aimed at eliminating carbon emissions across various economic sectors.
The information about the dividend declaration is based on a press release statement from Constellation Energy Corporation.
InvestingPro Insights
Constellation Energy Corporation (NASDAQ:CEG) continues to navigate the energy market with a substantial market capitalization of $59.43 billion, reflecting investor confidence in its position as a leading clean energy producer.
The company's recent financial performance exhibits a Price/Earnings (P/E) Ratio of 37.65, which adjusts to 40.45 when considering the last twelve months as of Q4 2023. This valuation metric may suggest a premium compared to the industry average, possibly due to Constellation's strategic focus on carbon-free energy generation and its growth prospects.
Investors keeping an eye on growth metrics will note that Constellation Energy's revenue grew by 1.96% in the last twelve months as of Q4 2023. Still, it is worth noting that the company experienced a quarterly revenue decline of -20.96% in Q4 2023. Despite this, the company's EBITDA grew by an impressive 38.09% during the same period, indicating strong underlying operational performance.
For those looking at the company's stock performance, Constellation Energy has seen a significant 143.87% one-year total return on its share price as of the date provided, showcasing a robust upward trend. This is reinforced by the company's YTD price total return of 59.38%, which may interest investors looking for momentum in their portfolio.
InvestingPro Tips: Constellation Energy's commitment to carbon-free energy and its ambitious goal to achieve 100% carbon-free generation by 2040 could potentially offer long-term value to investors. Additionally, with a dividend yield of 0.76% as of the provided date, the company offers a modest income stream. For a deeper dive into Constellation Energy's investment potential, including additional InvestingPro Tips, consider exploring InvestingPro, which offers 25+ additional tips for subscribers. Use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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