NEW YORK (TheStreet) --Shares of Exelon Corp. (EXC) are gaining by 3% to $34.54 on heavy volume in late afternoon trading on Friday, after the company announced that the Maryland Public Service Commission approved its merger with Pepco Holdings (POM).
Exelon, an energy company, said it is pleased with Maryland's decision to okay its merger with the holding company and electricity distributor and supplier but noted that state's approval comes with modifications to a number of its proposed conditions, adding that it will need to carefully review the decision in its entirety.
"Our proposal delivers significant economic benefits to Maryland customers, increases reliability, promotes energy efficiency and advances clean energy as part of a long-term commitment to improve service and modernize our grid. We will have more to say once we have time to study the order," Exelon said in a statement announcing the deal's approval.
So far today, 7.44 million shares of Exelon have exchanged hands as compared to its average daily volume of 6.98 million shares.
Separately, TheStreet Ratings team rates EXELON CORP as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate EXELON CORP (EXC) a BUY. This is driven by several positive factors, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, compelling growth in net income, good cash flow from operations, notable return on equity and impressive record of earnings per share growth. We feel its strengths outweigh the fact that the company has had lackluster performance in the stock itself."