If you’re an investor looking for growth stocks in the energy sector, start by searching for companies that are benefiting from the increasing electricity demands of data centers and the increased use of nuclear power in the U.S.
Vistra (VST 0.34%) and Constellation Energy (CEG +0.18%) fit those descriptions, and both of their shares are worth holding on to for the next decade.
Image source: Getty Images.
Vistra sees long-term growth in serving hyperscalers
Vistra is the largest unregulated power producer in the U.S., and partners with Amazon (AMZN 0.87%) and Meta Platforms (META 3.77%) to help them meet their power needs. The Texas-based company generates 44,000 megawatts (MW) of energy through nuclear, natural gas, coal, and battery energy storage facilities. Its shares are down by a little more than 1% so far in 2026, but are up more than 46% over the past year.
Today’s Change
(-0.34%) $-0.55
Current Price
$159.03
Key Data Points
Market Cap
$54B
Day’s Range
$157.73 – $165.19
52wk Range
$90.51 – $219.82
Volume
135K
Avg Vol
5.5M
Gross Margin
17.72%
Dividend Yield
0.57%
In 2025, Vistra’s revenue rose 2.9% to $17.7 billion, thanks to an AI-driven surge in electricity demand from data centers. Net income fell 52.5% to $233 million due to higher interest expenses and costs related to recent acquisitions.
The company is expected to close its $4 billion deal to buy Cogentrix Energy later this year, adding roughly 5,500 MW of natural gas-fueled generation capacity. It closed a 2,600 MW acquisition from Lotus Infrastructure Partners in November for $1.9 billion.
For 2026, management is guiding for adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of $6.8 billion to $7.6 billion, which would be a 22% increase at the midpoint. Analysts currently project a one-year earnings per share (EPS) growth rate exceeding 230% as the company’s newer nuclear agreements and natural gas expansions in the Permian Basin come online.
The company has a 20-year agreement to provide Amazon Web Services with up to 1,200 MW of electricity from its Comanche Peak Nuclear Power Plant, and a similar deal to provide 2,600 MW to Meta from a trio of nuclear plants.
One of the more subtle reasons to buy Vistra is its dividend. Thanks to the stock’s rise, the yield has fallen from the 2.2% to 3.5% range it lived in just a few years ago to around 0.6% currently. However, the company has raised its payouts (admittedly, by small increments) for 17 consecutive quarters. Despite those increases, the payout ratio is only 41.2%, leaving it room for further dividend hikes.
Constellation Energy could be a star performer
Constellation, based in Baltimore, is the largest regulated producer of nuclear energy in the U.S., as well as the largest generator of carbon-free energy. Its revenue should grow, thanks in part to long-term deals with Microsoft (MSFT 1.57%) and Meta. The stock is up more than 49% over the past year, though down more than 14% so far in 2026.
Today’s Change
(0.18%) $0.55
Current Price
$302.10
Key Data Points
Market Cap
$109B
Day’s Range
$298.94 – $308.53
52wk Range
$161.35 – $412.70
Volume
74K
Avg Vol
3.6M
Gross Margin
17.35%
Dividend Yield
0.53%
In the fourth quarter, its adjusted operating EPS rose 8% year over year to $9.39, and revenue rose 12.9% to $6.07 billion.
Constellation has already made a big acquisition this year, buying Calpine, known for its natural gas and geothermal power facilities, for $16.4 billion. The company said the move will be accretive to its adjusted operating EPS by more than 20% in 2026 and add at least $2 to EPS in future years.
Also driving revenue growth will be its planned restart of the Unit 1 reactor at the Crane Clean Energy Center, formerly known as the Three Mile Island nuclear facility. With the aid of a $1 billion Department of Energy loan and a 20-year power purchase agreement with Microsoft, the project is expected to generate 835 MW. The company has a similar 20-year deal in the works with Meta for power from the Clinton Clean Energy Center in Illinois.
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