Morningstar Rating

Stock Research and Analysis

by Travis Miller

Bulls Say

Low-cost nuclear power plants run year-round and generate large profits even with currently depressed power prices.
Exelon benefits more than any other utility from rising coal and natural gas prices, higher electricity demand, and environmental regulations on fossil fuel power plants.
If gas and power prices remain low for many years, the Constellation acquisition in 2012 could prove prescient. Read more 

Bears Say

Exelon's performance depends on volatile power prices that fluctuate based on natural gas prices, coal prices, and regional electricity demand.
Acquiring Constellation's no-moat retail business and narrow-moat distribution utility in 2012 diluted Exelon's wide moat.
Many of Exelon's growth projects come with regulated or contracted returns, reducing its leverage to a possible rebound in power markets. Read more 

Management

We give Exelon's management team a Standard Stewardship Rating. Since Exelon's earnings are at the mercy of wholesale power market ups and downs, we don't see much link between Exelon's recent underperformance and management's capabilities. We saw no   Read more 

Profile

Exelon is a holding company with regulated and unregulated divisions. Its regulated utilities deliver power and gas to 6.6 million customers at Commonwealth Edison (Illinois),  Read more 

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