EXC
Exelon CorporationNYSE
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  • Mon, Dec. 5, 1:48 PM
    • Exelon (EXC +0.9%) extends Friday's gains and is now 3.5% higher in two sessions after the Illinois legislature voted late last week to provide a $235M/year subsidy to the company for 10 years, allowing the unprofitable Clinton and Quad Cities nuclear power plants to remain open.
    • The bill now awaits Gov. Rauner’s signature, which Guggenheim analyst Shahriar Pourreza expects soon, and “with that, zero emission subsidies for nuclear would go into effect mid-2017, securing economic viability for Exelon’s nuclear plants at risk of retiring.”
    • Proponents say the measure will cost electricity ratepayers less than $0.25/month and provide hundreds of millions of dollars in energy efficiency programs, while critics contend it is a corporate bailout that will raise energy prices and that Illinois has enough power generation without the nuclear plants.
    | Mon, Dec. 5, 1:48 PM | 9 Comments
  • Thu, Dec. 1, 10:54 AM
    • November monthly performance was: +2.66%
    • AUM of $18.8B
    • 52-week performance vs. the S&P 500 is: +1%
    • No dividends were paid in November
    • Top 10 Holdings as of 9/30/2016: General Mills Inc (GIS): 2.95066%, AT&T Inc (T): 2.90074%, Coca-Cola Co (KO): 2.73316%, The Hartford Financial Services Group Inc (HIG): 2.54395%, Exelon Corp (EXC): 2.51904%, PPL Corp (PPL): 2.41072%, Procter & Gamble Co (PG): 2.34328%, Suncor Energy Inc (SU): 2.27143%, The Kraft Heinz Co (KHC): 1.91049%, Campbell Soup Co (CPB): 1.87577%
    | Thu, Dec. 1, 10:54 AM
  • Fri, Nov. 18, 3:16 PM
    • Exelon (EXC +0.7%) is upgraded to Overweight from Equal Weight with a $37 price target at Morgan Stanley, which says EXC offers attractive growth at a compelling valuation with room for meaningful expansion of return on equity at acquired utilities.
    • Stanley says EXC has underperformed peers in recent months due to concerns over declining gas and power prices, concerns over its recently acquired Pepco utilities and the reduced likelihood of federal carbon regulations following the presidential election, but the stock's decline is overblown in relation to the slight fundamental decline in gas and power prices.
    • The firm notes several drivers that could result in $1 in EPS improvements over the next year, including legislative support for Illinois nuclear power plants, lower corporate taxes under a federal tax reform, higher commodities prices, and improving allowed returns at its ComEd utility.
    | Fri, Nov. 18, 3:16 PM
  • Thu, Nov. 17, 4:57 PM
    • Entergy's (NYSE:ETR) FitzPatrick nuclear power plant in New York is approved for sale to Exelon (NYSE:EXC) by the New York Public Service Commission.
    • ETR will transfer the 838 MW plant's operating license to EXC for $110M upon closing, subject to approval by federal regulators.
    • Approval was expected, since the state created a nuclear subsidy program in August intended to rescue upstate nuclear plants including FitzPatrick.
    • Separately, ETR also won approval from the Louisiana Public Service Commission to build a new natural gas-fired, combined-cycle power plant in St. Charles Parish.
    • The approval clears the way for construction of the 980 MW unit, expected to be in service by June 2019, at an estimated cost of $869M.
    | Thu, Nov. 17, 4:57 PM | 8 Comments
  • Tue, Nov. 15, 11:30 AM
    • General Electric (GE -0.6%) signs up Exelon (EXC +2.4%) for a five-year contract to use its full software set to analyze and manage U.S. power plants, in GE's largest deployment in the power sector and one of the three largest sales of its Predix industrial operating system so far.
    • EXC says it will use GE's Predix software and applications across its 91 power plants, which produce 32.7K MW and supply more than 10M customers, as well as software that analyzes the company's business performance and profitability.
    • In initial uses, GE's technology has increased power plant efficiency by 3% and reliability by 5%, while cutting operating and maintenance costs by 25%, according to GE Power's top exec Steve Bolze.
    • The companies did not disclose the value of the contract.
    | Tue, Nov. 15, 11:30 AM | 23 Comments
  • Fri, Nov. 4, 12:28 PM
    • Companies that sell electricity to utilities have reported slim profits or losses for Q3 compared to a year ago, as they continue to be hurt by falling prices for wholesale power and natural gas.
    • NRG Energy's (NRG +13%) Q3 net earnings fell by $203M, due to lower energy margins and costs related to paying down debt, on 11% less revenue of $3.95B; CEO Mauricio Gutierrez says its generation business "performed well during some very challenging market conditions."
    • Dynegy (DYN +8.6%) posted a Q3 loss of $249M, a 10x larger loss than in the year-ago quarter, saying it aims to navigate the low prices by buying plants and streamlining operations as well as ramping up lobbying efforts with regulators, including opposing New York's plan to subsidize money-losing nuclear power plants to keep them operating.
    • Calpine (CPN +2.7%) last week reported Q3 net earnings of $295M, up 8% Y/Y, but net profit for the first nine months of the year was just $68M, down 76% Y/Y.
    • Exelon (EXC +0.7%) has been faring better than some rivals since it also owns regulated utilities, which offer more stable profits.
    • "It's an adverse environment because of the low gas prices, and it's aggravated by the growth of renewables," says Hugh Wynne at investment research firm SSR.
    • ETFs: XLU, UTG, IDU, VPU, GUT, BUI, FUTY, RYU, UPW, FXU
    | Fri, Nov. 4, 12:28 PM | 4 Comments
  • Thu, Nov. 3, 8:48 AM
    • October monthly performance was: -0.58%
    • AUM of $18.4B
    • 52-week performance vs. the S&P 500 is: +12%
    • No dividends were paid in October
    • Top 10 Holdings as of 6/30/2016: General Mills Inc (GIS): 3.56363%, AT&T Inc (T): 3.10141%, Coca-Cola Co (KO): 2.92358%, Campbell Soup Co (CPB): 2.52377%, Exelon Corp (EXC): 2.36382%, Suncor Energy Inc (SU): 2.32307%, The Hartford Financial Services Group Inc (HIG): 2.28103%, PPL Corp (PPL): 2.13051%, The Kraft Heinz Co (KHC): 2.07219%, Heineken NV (OTCQX:HINKF): 1.90962%
    | Thu, Nov. 3, 8:48 AM
  • Wed, Oct. 26, 1:22 PM
    • Nuclear power will come to an end in the U.S. if the industry fails to obtain more government support, Carlyle Group predicts.
    • U.S. nuclear reactors need more subsidies to keep running, such as a federal carbon tax that would reward them for their zero-emissions power, according to Bob Mancini, co-head of Carlyle's power unit.
    • Mancini points to measures approved in New York as an example of the kind of help nuclear power plant owners will need to survive; in August, NY state regulators cleared ~$500M/year in subsidies as part of a clean energy plan to reduce greenhouse gas emissions.
    • Relevant tickers include EXC, ETR, DUK, D, NEE, SO, PCG, ED, EIX, AEP, PPL, DTE, FE, NRG, PNM, POR, SCG, WR, XEL, LNT, GE, URA, NLR
    | Wed, Oct. 26, 1:22 PM | 44 Comments
  • Wed, Oct. 26, 8:05 AM
    • Exelon (NYSE:EXC): Q3 EPS of $0.91 beats by $0.13.
    • Revenue of $8.84B (+19.3% Y/Y) beats by $1.05B.
    • Press Release
    | Wed, Oct. 26, 8:05 AM | 5 Comments
  • Tue, Oct. 25, 8:43 AM
    | Tue, Oct. 25, 8:43 AM
  • Thu, Oct. 20, 5:59 PM
    • PJM Interconnection, which operates the biggest power market in the U.S., will hold an auction in May 2017 to award contracts to suppliers, which could decide the fate of some nuclear power plants that have struggled to make money because of competition from cheaper gas-fired electric plants and renewables.
    • A Bloomberg analysis says four of the nuclear plants submitting bids - FirstEnergy's (NYSE:FE) Davis-Besse in Ohio and Eaver Valley in Pennsylvania, as well as Exelon's (NYSE:EXC) Three Mile Island in Pennsylvania and Byron Nuclear Generating Station in Illinois - may not be able to supply power cheaply enough to make the cut, and could be forced to close if they fail to win contracts.
    | Thu, Oct. 20, 5:59 PM | 3 Comments
  • Wed, Oct. 5, 7:05 PM
    • Utilities shares (NYSEARCA:XLU) fell today for the ninth straight session, marking their longest losing streak since 2002 and deepening the recent slide in income producing investments as investors warily watch central banks and interest rates.
    • The S&P Utilities sector has dropped 7.5% in the nine days, including a 0.3% fall today, trimming its YTD gain to 8.9%; during the period, AES -10%, EXC -8.8%, PPL -8.8%, PCG -8.2%, ED -8%, EIX -7.6%, SO -7.4%, NEE -7.4%, SRE -7.1%, AEP -6.8%, D -6.7%, DUK -6.5%.
    • “Trees don’t grow to the sky,” says Fred Alger's Management's Brad Neuman, “It was almost like the market was waiting for an excuse” to send high-yielding stocks back toward their historical valuations, adding that such stocks could have further to fall.
    • Even after the recent decline in share prices, utilities had a 12-month trailing P/E ratio of 21.4 as of Tuesday, vs. 19.8 for the S&P; at the beginning of the year, utilities had a lower ratio than the broader market.
    | Wed, Oct. 5, 7:05 PM | 70 Comments
  • Mon, Oct. 3, 10:31 AM
    • September monthly performance was: -0.61%
    • AUM of $18.1B
    • 52-week performance vs. the S&P 500 is: 0%
    • $0.07 in dividends were paid in September
    • Top 10 Holdings as of 6/30/2016: General Mills Inc (GIS): 3.56363%, AT&T Inc (T): 3.10141%, Coca-Cola Co (KO): 2.92358%, Campbell Soup Co (CPB): 2.52377%, Exelon Corp (EXC): 2.36382%, Suncor Energy Inc (SU): 2.32307%, The Hartford Financial Services Group Inc (HIG): 2.28103%, PPL Corp (PPL): 2.13051%, The Kraft Heinz Co (KHC): 2.07219%, Heineken NV (OTCQX:HINKF): 1.90962%
    | Mon, Oct. 3, 10:31 AM
  • Wed, Sep. 21, 8:39 AM
    • Exelon (NYSE:EXC) faces having to pay as much as $1.45B in back taxes, penalties and interest after the U.S. Tax Court rejected its position in a tax shelter scheme and ruled that EXC was not entitled to defer tax on the transaction.
    • The case involves an aggressive tax strategy EXC's predecessor company took after selling Illinois power plants in 1999 for $4.8B; EXC invested much of the proceeds in long-term leases of power plants in other parts of the U.S. and then leasing the plants back to the owner-operators, transactions the IRS says were intended mainly as a tax dodge.
    • EXC says it would not seek to recover any of the $1.45B from ratepayers.
    | Wed, Sep. 21, 8:39 AM | 7 Comments
  • Tue, Sep. 6, 11:27 AM
    • August monthly performance was: -0.88%
    • AUM of $17.7B
    • 52-week performance vs. the S&P 500 is: -6%
    • No dividends were paid in August
    • Top 10 Holdings as of 6/30/2016: General Mills Inc (GIS): 3.56363%, AT&T Inc (T): 3.10141%, Coca-Cola Co (KO): 2.92358%, Campbell Soup Co (CPB): 2.52377%, Exelon Corp (EXC): 2.36382%, Suncor Energy Inc (SU): 2.32307%, The Hartford Financial Services Group Inc (HIG): 2.28103%, PPL Corp (PPL): 2.13051%, The Kraft Heinz Co (KHC): 2.07219%, Heineken NV (OTCQX:HINKF): 1.90962%
    | Tue, Sep. 6, 11:27 AM | 1 Comment
  • Wed, Aug. 10, 5:58 PM
    • Exelon (NYSE:EXC) sees its earnings growth in regulated utilities, and wants utilities to comprise 70% of its profit, up from ~50% now, CEO Chris Crane says.
    • EXC, which has favored a portfolio balanced between earnings from nuclear power and utility profits, now plans to devote 80% of its capital investment to the regulated business as cheap natural gas from shale basins hurts power prices, the CEO says, adding that EXC would not follow rivals such as Southern Co. (NYSE:SO) and Duke Energy (NYSE:DUK) that are buying natural gas pipeline businesses for growth.
    • EXC plans to invest as much as $3.2B of cash flow from its generation operations through 2020 in its utilities, earning stable returns from regulators, a strategy that depends in part on adding $465M/year to revenue at Pepco utilities through rate requests with federal and state regulators.
    | Wed, Aug. 10, 5:58 PM | 9 Comments