Highland Capital Management 13F: New $5.3M Stake in CEG
Key Points
- Highland Capital Management's new position in Constellation Energy represents about 0.64% of its total reported value of $833 million.
- Highland Capital Management held 20,958 $CEG shares at quarter end, all of it a new position.
- As of October 27, 2026, Constellation Energy's shares were recently trading around $252.44, about equal to the closing price on the filing date.
- Analysts have a consensus 'buy' rating on Constellation Energy, with a mean target price of $339.16, indicating potential upside from the recent trading levels.
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Highland Capital Management took a new position by acquiring 20,958 shares of Constellation Energy Corporation (CEG) valued at approximately $5.3 million in a filing on October 26, 2026. This new stake comes as part of Highland's broader investment strategy, and it positions the firm as the 18th largest holder of Constellation Energy in its portfolio.
CEG
Constellation Energy Corporation
Where Constellation Energy Fits in Highland Capital Management's Portfolio
Highland Capital's new position in Constellation Energy accounts for about 0.64% of its total reported value of $833 million. This move adds a significant new investment to their holdings, suggesting a strategic bet on the energy sector.
Other Institutional Activity in Constellation Energy
On the same day, several other funds adjusted their positions in Constellation Energy. Cushing Asset Management increased its stake by 13,800 shares, bringing its total to 120,800 shares valued at about $30.7 million. Meanwhile, Ag2R la Mondiale Gestion D'Actifs reduced its position by 14,442 shares, while Alta Capital Management cut its holdings by 6,700 shares, leaving it with 31,305 shares worth approximately $7.95 million.
Constellation Energy Corporation Stock Down 0.4%
As of October 27, 2026, Constellation Energy shares were trading around $252.44, which is about equal to the closing price of $252.48 on October 26, 2026. The stock is currently trading below its 50-day and 200-day moving averages by 7.7% and 10.3%, respectively, and is approximately 37.8% below its 52-week high of $406.04.
Recent Earnings
Constellation Energy reported trailing twelve-month revenue of approximately $31.3 billion, with an impressive year-over-year revenue growth of 23%. The next earnings report is scheduled for November 9, 2026, which investors will be watching closely.
Earnings drift grade
Outlook vs expectations on the last report — not price action.
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Forward outlook
1 analysts raised price targets.
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EPS & revenue
EPS beat estimates by 5.7%. Revenue beat estimates by 26.3%.
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Profit surprise
EBITDA beat by 14 percent. Operating income missed by 49 percent.
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Pre-earnings setup
Expectations were about average.
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Analyst signal
1 target raise.
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Earnings quality
Gross margin up 30.2 points. Operating margin up 14.2 points. Positive free cash flow.
Earnings Call Summary
Constellation delivered a strong first quarter, earning $2.74 per share in adjusted operating earnings, mostly from Calpine accretion and higher capacity prices in PJM. The company also repurchased $335 million of stock at an average price of $285 per share. Management emphasized that regulatory clarity in PJM on large data center connections is expected by year end, which should unlock substantial customer contracting that has been paused pending those rules.
Guidance The company reaffirmed its full year earnings guidance of $11 to $12 per share. Management highlighted free cash flow of $8.4 billion across 2026 and 2027, with further growth to $11.5 billion to $13 billion in 2028 and 2029 before optional upside levers.
Good report. The company beat and showed some forward improvement, with a few meaningful caveats.
Dividend
Constellation Energy pays an annual dividend rate of $1.71, resulting in a dividend yield of 0.68%. The company's low payout ratio of 15.9% suggests it has room to increase dividends in the future.
Insider Buying and Selling at Constellation Energy Corporation
On August 11, 2026, Director Roger W. Crandall bought 1,500 shares at an average price of $278.62, totaling approximately $417,931. This insider purchase reflects confidence in the company's future prospects.
Analysts Set New Price Targets
Analysts have shown optimism for Constellation Energy, with Morgan Stanley maintaining an 'Overweight' rating and a target price of $378 on October 21, 2026. Bernstein reiterated an 'Outperform' rating with a target of $296 on October 6, 2026. The consensus among analysts is a 'buy' rating with a mean target price of approximately $339.16.
About Constellation Energy
Constellation Energy Corporation is a major energy provider in the United States, offering electricity, natural gas, and various energy-related products and services. The company operates across several regions and has a diverse energy generation portfolio, including nuclear, wind, and solar assets.
Bottom Line
Investors should keep an eye on Constellation Energy's upcoming earnings report on November 9, 2026, and monitor any further institutional activity following Highland Capital Management's new position. This move reflects growing interest in the energy sector amid changing market conditions.
Related Filing Alerts
Source: Highland Capital Management's 13F filing on $CEG (Oct 26, 2026). 13F filings show holdings as of the end of the reporting quarter and may not reflect the fund's current position. Written by software, not financial advice. How we make alerts