Jim Cramer Sees Something Worth Revisiting in These Power Stocks Syeda Seirut Javed Wed, October 7, 2026 at 11:45 PM EDT 3 min read CEG VST AMZN Explore stocks on Coinbase Trading disclosure Trading disclosure The above button links to Coinbase. Yahoo Finance is not a broker-dealer or investment adviser and does not offer securities or cryptocurrencies for sale or facilitate trading. Coinbase pays us for certain activity generated through this link. Prices displayed are informational.
On October 1, Jim Cramer highlighted Constellation Energy Corporation (NASDAQ:CEG) and Vistra Corp. (NYSE:VST) during Mad Money, pointing to their share-price declines and demand for nuclear electricity, as he said:
You could go with the nuclear power plant operators like Constellation Energy and Vistra. Just this morning, Constellation announced a 20-year agreement with Amazon to sell power from their nuclear power plant in southern Maryland. Constellation and Vistra have pulled back pretty hard from their highs, down 37 and 36%, respectively. Hey, at these levels, you know what, I think they're pretty cheap.
In August, Cramer weighed whether both of these stocks were oversold.
Constellation Energy Corporation (NASDAQ:CEG) announced its Amazon agreement on September 30. The 20-year arrangement covers 690 megawatts, including approximately 190 megawatts of additional capacity at Calvert Cliffs expected between 2030 and 2032. The agreement supports more than $3 billion in infrastructure investment and the plant's proposed license extension. All electricity generated at Calvert Cliffs will continue flowing into the regional grid, rather than exclusively supplying an adjacent Amazon facility.
The company also raised its full-year adjusted operating earnings outlook to $11.50 - $12.50 per share after reporting second-quarter adjusted earnings of $2.55, compared with $1.91 a year earlier. The addition of Calpine and favorable market conditions contributed to the improvement.
Vistra Corp. (NYSE:VST) reported approximately $1.77 billion in ongoing-operations adjusted EBITDA, an increase of $418 million. Higher realized energy and capacity prices, together with acquired plants, supported the result. Management reaffirmed its full-year range of $6.8 billion - $7.6 billion.
Vistra trades at approximately 14.2x forward earnings, compared with 21.7x for Constellation. Trailing enterprise-value-to-EBITDA multiples were approximately 10.5x and 14.5x, respectively. Vistra seems less expensive on both measures, although differences in generation assets, contracts and acquisitions prevent a perfect comparison. Among these two, one made it to the list of stocks that Reddit users think will go to the moon.
Constellation Energy Corporation's (NASDAQ:CEG) Amazon expansion will arrive over several years. Before then, the company must execute the improvements while continuing to operate its existing fleet. Second-quarter nuclear capacity utilization declined to 93% from 94.8%, and management identified unfavorable nuclear outages as an offset to earnings growth.
Vistra Corp.'s (NYSE:VST) hedging program provides near-term protection but also limits immediate exposure to rising power prices. As of August 3, it had hedged approximately 100% of expected 2026 generation, 94% for 2027 and 72% for 2028. Its quarterly net income declined to $305 million despite higher adjusted EBITDA, highlighting changes in unrealized derivative losses. You can also find out how Constellation's Shell deal could affect the company.
Insider Monkey's second-quarter hedge fund count for Constellation declined to 73 funds from 79, while Vistra Corp. (NYSE:VST) increased to 111 from 106. Short interest was 3.70% and 3.35% of their respective floats.
Cramer sees value in both pullbacks. Constellation Energy Corporation's (NASDAQ:CEG) Amazon agreement adds a concrete project to its growth plans, while Vistra combines improving operating earnings with a lower valuation. Investors should still distinguish signed contracts from immediate profits: construction schedules, plant availability and existing hedges influence when stronger electricity demand reaches shareholders.
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