Exelon Transfers Listing to Nasdaq
Nuclear electric power generation company Exelon Corp. has joined the Nasdaq Global Select Market, switching from the New York Stock Exchange after nearly two decades.
Exelon common stock began trading on Nasdaq at market open on Sept. 25 and will continue to be listed under the ticker symbol EXC.
We innovate to serve our customers and continue to strive to serve our communities with a cleaner and brighter future. Nasdaq is the world’s most cost-efficient electronic trading platform with a goal of incorporating the environment in their business plan. We are proud to be amongst the world’s top tech and innovative companies at Nasdaq.Christopher M. Crane, President and CEO, Exelon
Exelon’s switch comes amid Climate Week NYC, an annual event that takes place alongside the UN General Assembly and brings together international leaders from business, government and civil society to showcase global climate action. Exelon is committed to a clean energy future, having among the lowest emission rates in the industry and returning a majority of water used in its facilities directly to the source from which it was initially withdrawn.
“Exelon is a forward-thinking energy company that sets a precedent for the evolving sector. They share our values that ESG and sustainability are imperative to the long-term growth of companies,” said Nelson Griggs, President of the Nasdaq Stock Exchange.
As Exelon switches, the broader power market has been under pressure for some time, but volatility in the power market is nothing new, according to Barclays.
“The main difference now seems to be the significant reserve margins coupled with increasing renewable additions,” Barclays analyst Eric Beaumont said. “To this end, it is important to realize that many states are focusing on clean energy standards to ascribe value to generation with favorable environmental attributes.”
Further, the company, which supports clean energy, continues to show solid growth, backed by the 7.8% expected rate base growth, according to Barclays.
“We see significant potential for revaluation as a short-term over-reaction to power prices normalizes,” Beaumont wrote in Aug. 13 research note. Barclays upgraded the stock to Overweight, with a $52 price target.
Similarly, Morgan Stanley analysts think the volatility in the power market provides a solid entry point to own a strong cash flow generating merchant business with opportunities for upside. The firm also upgraded the Exelon stock to Overweight with a $60 price target.
“We think the stock is too cheap to ignore and worth owning for the fundamental valuation upside, which offers a highly attractive risk-reward skew,” Morgan Stanley analysts, including Stephen Byrd, wrote in an Aug. 27 research note.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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