Constellation Energy gains after Corvex's Keith Meister discloses stake
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Constellation Energy Corp. (NASDAQ:CEG) rose 2.7% in after hours trading after Corvex Management's Keith Meister disclosed a new stake in the recently spun off nuclear power company.
12.5% of the carbon free energy in North America is generated by CEG, "yet the company only has a valuation of $16 billion," Meister, of activist hedge fund Corvex, said in an interview on CNBC. "Our guess is what happens over time is that we need to move to more renewables. Nuclear is the bridge fuel."

"There's no reason that over the fullness of time why energy infrastructure assets shouldn't trade at 10x or 12x EBITDA and the business grows," Meister added. "So we think there's a path to double."
Meister also discussed his investment in Five9 Inc. (FIVN), sending those shares up 2.1% in after hours trading. He highlighted that Anaplan (PLAN) was today sold for 11.5x 2023 revenue and if you put a similar multiple on FIVN, you would have a double."
"... More businesses are trying to move more things to the cloud and use companies like Five9 to take costs out so we think there a well managed business with great long term prospects that could be a highly strategic asset over time," Meister said.
Last week, Constellation started with Buy at Goldman on strong clean energy profile.