Company Reports

We are maintaining our $39 fair value estimate for Exelon after the company reported first-quarter earnings per share of $0.68, down from $0.70 in the same year-ago period. Management reaffirmed EPS guidance of $2.40 to $2.50, in line with our estimate. Management's 5% to 7% annual earnings growth target remains unchanged.

Exelon is a pure-play electric and gas transmission and distribution utility providing investors a stable earnings profile.

We are increasing our fair value estimate to $39 from $38 after Exelon reported full-year 2023 adjusted earnings per share of $2.38 up from $2.27 in 2022.

Exelon is a pure-play electric and gas transmission and distribution utility providing investors a stable earnings profile.

We are lowering our fair value estimate for Exelon to $38 per share from $40, after Exelon received its Illinois rate case decision for its ComEd subsidiary, the first under recent legislation that supported traditional ratemaking.

Exelon is a pure-play electric and gas transmission and distribution utility providing investors a stable earnings profile.

With the U.N. Climate Change Conference, otherwise known as COP28, starting this week, we are reasserting our view that the market underappreciates utilities' critical role in limiting global warming.

Exelon is a pure-play electric and gas transmission and distribution utility providing investors a stable earnings profile.

We are reaffirming our $42 per share fair value estimate after Exelon reported third-quarter adjusted earnings per share of $0.67, down from $0.75 in the same year-ago period. Our narrow moat remains unchanged.

We are reaffirming our fair value estimates and economic moat ratings for all U.S. utilities after the sector fell nearly 5% on Monday. We think the sector's 11% drop since last week offers a rare opportunity for investors to buy high-quality utilities at very attractive prices.

Exelon is a pure-play electric and gas transmission and distribution utility providing investors a stable earnings profile.

We are reaffirming our $41 per share fair value estimate after Exelon reported second-quarter adjusted earnings per share of $0.41, down from $0.44 in the same year-ago period. Management reaffirmed 2023 full-year earnings guidance of $2.30-$2.42 per share, in line with our estimate.

We are reaffirming our $41 per share fair value estimate after Exelon reported first-quarter adjusted earnings per share of $0.70 up from $0.64 in the same year-ago period. Management reaffirmed 2023 full-year earnings guidance of $2.30 to $2.42 per share, in line with our estimate.

After spinning off its merchant generation and retail energy segment, Constellation Energy, through a distribution to Exelon shareholders, the new Exelon is now a pure-play electric and gas transmission and distribution utility providing investors a more stable earnings profile. We viewed the separation positively for shareholders. A standalone regulated utility strengthens Exelon's narrow moat and lowers the company's cost of capital.

We are reaffirming our $41 per share fair value after Exelon reported 2022 full-year adjusted earnings per share of $2.27 up from $1.83 in 2021. Earnings in 2021 included the now-divested Constellation business. Management initiated 2023 full-year earnings guidance of $2.30 to $2.42 per share, which we view as achievable.

We are reaffirming our $41 fair value estimate and narrow moat and stable moat trend ratings for Exelon after the company's ComEd subsidiary reached an agreement with Chicago Mayor Lori Lightfoot's administration to renew the company's franchise agreement.

We are reaffirming our $41 per share fair value estimate for Exelon after its Illinois subsidiary, ComEd, filed a rate case seeking to increase rates $1.5 billion over four years. Our narrow moat and stable moat trend ratings remain unchanged.

After spinning off its merchant generation and retail energy segment, Constellation Energy, through a distribution to Exelon shareholders, the new Exelon is now a pure-play electric and gas transmission and distribution utility providing investors a more stable earnings profile. We viewed the separation positively for shareholders. A standalone regulated utility strengthens Exelon's narrow moat and lowers the company's cost of capital.

We are reaffirming our $41 per share fair value estimate for Exelon after it reported third-quarter adjusted earnings per share of $0.75 up from $0.61 in the same year-ago period. Comparable earnings were adjusted for the Constellation Energy divestiture earlier this year and discontinued operations.

We are reaffirming our fair value estimates for U.S. utilities after raising our 10-year annual U.S. electricity demand growth forecast to 1.4%, up from 1.2% in our previous forecast two years ago. We also are reaffirming our economic moat and moat trend ratings for all U.S. utilities.