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EXC · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is Exelon Corporation (EXC) stock moving?
Exelon's Q3 2026 results on Oct 30 were the main recent catalyst: adjusted EPS of $0.87 beat the $0.79 estimate, revenue of $7.32B beat the $6.77B estimate, and FY2026 adjusted EPS guidance was narrowed to $2.85-$2.91. Management affirmed 5-7% operating EPS growth through 2029, with growth near the top of that range, and the utilities ranked 1st, 2nd, 5th and 6th nationally for reliability. A $0.42 quarterly dividend, payable Dec 15, supports income holders. The stock jumped on the results day, with a high of $47.09 on 18.7M shares (about twice the recent average volume), but has since faded to a $45.53 close on Nov 10, near the middle of the recent $45-47 range. Analyst targets are mixed: Goldman raised to $45 and BMO to $47, while Jefferies cut to $46, so the price sits close to the consensus band. Risks include a Nov 4 FERC complaint over PJM capacity auction timing, a Nov 2 report of a State Department probe into Pepco after a Washington D.C. power outage, and a guidance range that leaves little room for upside surprises. Overall, the fundamental news flow is constructive over the longer term, while the short-term picture is mixed and mostly awaiting new catalysts.
News behind the analysis
- Exelon Requests FERC to Align PJM Capacity Auctions with Delivery PeriodExelon petitioned FERC to adjust the timing of PJM Interconnection's capacity auctions so they better match the actual delivery period.
- Exelon Submits Complaint With U.S. Federal Energy Regulatory Commission To Challenge PJM Interconnection's Current Capacity Auction ScheduleExelon filed a formal complaint with FERC challenging the current PJM capacity auction schedule.
- Goldman Sachs Adjusts Price Target on Exelon to $45 From $44Goldman Sachs raised its price target on Exelon from $44 to $45.
- Exelon's Pepco Under U.S. State Department's Probe For Washington D.C. Power Outage, Daily Wire Correspondent SaysExelon's Pepco unit is reportedly under a U.S. State Department probe following a Washington D.C. power outage.
- BMO Lifts Price Target on Exelon to $47 From $45, Keeps Market Perform RatingBMO Capital Markets raised its price target on Exelon from $45 to $47 and kept a Market Perform rating.
- Exelon Declares Quarterly Dividend of $0.42 Per ShareExelon declared a quarterly dividend of $0.42 per share, payable on December 15, 2026.
- Exelon Corporation Reports Third Quarter 2026 Financial ResultsExelon reported Q3 2026 revenue of $7.32 billion and adjusted EPS of $0.87, with GAAP EPS of $0.70 and narrowed FY2026 adjusted EPS guidance.
- Exelon Q3 Adj. EPS $0.87 Beats $0.79 Estimate, Sales $7.319B Beat $6.770B EstimateExelon's Q3 adjusted EPS of $0.87 beat the $0.79 estimate, and sales of $7.319B beat the $6.770B estimate.
- Exelon Raises FY2026 Adj EPS Guidance from $2.81-$2.91 to $2.85-$2.91 vs $2.86 EstExelon's FY2026 adjusted EPS guidance was narrowed to $2.85-$2.91, with the low end raised from $2.81 and the estimate at $2.86.
- Jefferies Adjusts Exelon Price Target to $46 From $49Jefferies lowered its price target on Exelon from $49 to $46.
About Exelon Corporation
Exelon is one of the largest US utility holding companies by customer count, delivering electricity and natural gas through six regulated utilities: ComEd (Chicago area), PECO (Philadelphia), BGE (Baltimore), and Pepco, Delmarva Power and Atlantic City Electric (Washington DC and the Mid-Atlantic). Since it spun off its power-plant business (Constellation Energy) in 2022, it has operated only as a regulated 'wires' utility that delivers power but doesn't generate most of it.
How it makes money
Nearly all of its revenue comes from regulated rates that customers pay for delivering electricity and gas, plus transmission service. State regulators and FERC set these rates, allowing Exelon to earn a set return on its 'rate base', meaning the grid assets it has invested in. Earnings grow mainly as Exelon spends on grid upgrades: it has a roughly $42 billion four-year capital plan and targets about 8% annual rate base growth. Much of the energy supply cost is passed through to customers at roughly no profit.
What usually moves EXC
- Rate case decisions by state regulators
- Interest rates and the cost of financing
- Grid investment plans and data-center-driven demand for power
- Electricity affordability politics in its states
- Storms and extreme weather costs