NEW YORK (TheStreet) -- Exelon (EXC) shares are up 0.34% to $32.14 in afternoon trading on Friday after the a subsidiary of the company was selected to provide fixed-price electricity to the city of Cleveland, OH.
The company's Constellation subsidiary was selected by Cleveland following a competitive bidding process.
The company will now provide price fixed electricity and customer support to over 60,000 residents in the area.
"This agreement will deliver price protection to Cleveland customers, as they now can lock in a competitive rate for electricity supply for a two-year term. As a national energy leader with deep roots in serving Ohio residential as well as commercial, industrial and governmental customers, we look forward to serving Cleveland residents and supporting the City's sustainability goals," said senior VP Bruce Stewart.
TheStreet Ratings team rates EXELON CORP as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:
"We rate EXELON CORP (EXC) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. 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, impressive record of earnings per share growth and largely solid financial position with reasonable debt levels by most measures. We feel its strengths outweigh the fact that the company has had lackluster performance in the stock itself."