Calpine Corp. (CPN) Trading Up 2.7%
Calpine Corp. (NYSE:CPN) shares were up 2.7% during trading on Tuesday . The stock traded as high as $13.65 and last traded at $13.62, with a volume of 2,280,899 shares traded. The stock had previously closed at $13.26.
Several research analysts recently commented on CPN shares. Deutsche Bank AG upgraded shares of Calpine Corp. from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $18.00 to $20.00 in a research note on Tuesday, July 26th. They noted that the move was a valuation call. SunTrust Banks Inc. cut their price target on shares of Calpine Corp. from $14.00 to $13.00 and set a “neutral” rating on the stock in a research note on Wednesday, August 24th. Zacks Investment Research lowered shares of Calpine Corp. from a “hold” rating to a “sell” rating in a research note on Tuesday, June 21st. BMO Capital Markets restated a “buy” rating on shares of Calpine Corp. in a research note on Wednesday, June 22nd. Finally, Royal Bank Of Canada restated a “buy” rating on shares of Calpine Corp. in a research note on Tuesday, May 31st. Three investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $19.71.
The stock has a 50 day moving average price of $12.85 and a 200 day moving average price of $14.23. The stock’s market cap is $4.89 billion.
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Calpine Corp. (NYSE:CPN) last issued its quarterly earnings results on Friday, July 29th. The company reported ($0.08) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.02) by $0.06. Calpine Corp. had a positive return on equity of 10.79% and a negative net margin of 0.02%. The firm earned $1.16 billion during the quarter, compared to analysts’ expectations of $1.29 billion. During the same quarter in the prior year, the firm earned $0.09 EPS. The firm’s revenue was down 19.3% compared to the same quarter last year. On average, analysts anticipate that Calpine Corp. will post $0.44 EPS for the current fiscal year.
In related news, Director Jack A. Fusco sold 154,600 shares of Calpine Corp. stock in a transaction that occurred on Friday, July 1st. The shares were sold at an average price of $14.72, for a total value of $2,275,712.00. Following the completion of the transaction, the director now owns 737,625 shares in the company, valued at $10,857,840. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Jack A. Fusco sold 54,600 shares of the firm’s stock in a transaction that occurred on Wednesday, July 13th. The stock was sold at an average price of $15.00, for a total transaction of $819,000.00. Following the sale, the director now directly owns 684,525 shares in the company, valued at approximately $10,267,875. The disclosure for this sale can be found here. 1.30% of the stock is currently owned by corporate insiders.
A number of hedge funds have recently added to or reduced their stakes in the company. Goldentree Asset Management LP boosted its stake in Calpine Corp. by 14.9% in the first quarter. Goldentree Asset Management LP now owns 5,715,155 shares of the company’s stock worth $86,699,000 after buying an additional 740,080 shares during the last quarter. State Street Corp boosted its stake in Calpine Corp. by 2.5% in the first quarter. State Street Corp now owns 6,996,542 shares of the company’s stock worth $106,128,000 after buying an additional 168,694 shares during the last quarter. Renaissance Technologies LLC boosted its stake in Calpine Corp. by 90.3% in the first quarter. Renaissance Technologies LLC now owns 2,567,700 shares of the company’s stock worth $38,952,000 after buying an additional 1,218,600 shares during the last quarter. Geode Capital Management LLC boosted its stake in Calpine Corp. by 5.5% in the first quarter. Geode Capital Management LLC now owns 2,057,247 shares of the company’s stock worth $31,190,000 after buying an additional 106,951 shares during the last quarter. Finally, M&T Bank Corp bought a new stake in Calpine Corp. during the first quarter worth $207,000. 92.69% of the stock is currently owned by institutional investors.
About Calpine Corp.
Calpine Corporation is a power generation company. The Company is engaged in the ownership and operation of primarily natural gas-fired and geothermal power plants in North America. The Company’s segments include West (including geothermal), Texas and East (including Canada). In the Northeast and Mid-Atlantic regions, the Company has generating units capable of burning either natural gas or fuel oil.
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