Calpine Corp. (CPN) Raised to “Buy” at Deutsche Bank AG
Calpine Corp. (NYSE:CPN) was upgraded by research analysts at Deutsche Bank AG from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Tuesday. The firm currently has a $20.00 target price on the stock, up from their prior target price of $18.00. Deutsche Bank AG’s price target indicates a potential upside of 59.36% from the stock’s current price. The analysts noted that the move was a valuation call.
CPN has been the topic of several other research reports. Zacks Investment Research cut Calpine Corp. from a “hold” rating to a “sell” rating in a research report on Wednesday, June 15th. Royal Bank Of Canada reissued a “buy” rating on shares of Calpine Corp. in a research report on Tuesday, May 31st. SunTrust Banks Inc. cut their price objective on Calpine Corp. from $16.00 to $15.00 and set a “neutral” rating on the stock in a research report on Thursday, May 19th. Citigroup Inc. cut their price objective on Calpine Corp. from $22.00 to $19.00 and set a “buy” rating on the stock in a research report on Tuesday, March 29th. Finally, BMO Capital Markets restated a “buy” rating on shares of Calpine Corp. in a research note on Wednesday, June 22nd. Three equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $18.75.
Calpine Corp. (NYSE:CPN) traded up 1.70% during mid-day trading on Tuesday, hitting $12.55. The stock had a trading volume of 5,409,998 shares. The company’s 50 day moving average is $12.92 and its 200-day moving average is $14.10. The stock’s market capitalization is $4.51 billion. Calpine Corp. has a 52 week low of $11.53 and a 52 week high of $16.60.
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Calpine Corp. (NYSE:CPN) last posted its quarterly earnings data on Friday, July 29th. The company reported ($0.08) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate 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 business earned $1.16 billion during the quarter, compared to analysts’ expectations of $1.29 billion. During the same period in the prior year, the firm posted $0.09 EPS. The firm’s revenue for the quarter was down 19.3% on a year-over-year basis. On average, analysts expect that Calpine Corp. will post $0.44 EPS for the current fiscal year.
In other Calpine Corp. news, Director Jack A. Fusco sold 54,600 shares of the company’s stock in a transaction dated Wednesday, July 13th. The stock was sold at an average price of $15.00, for a total value of $819,000.00. Following the transaction, the director now directly owns 684,525 shares in the company, valued at approximately $10,267,875. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Jack A. Fusco sold 24,800 shares of the company’s stock in a transaction dated Monday, July 11th. The stock was sold at an average price of $14.75, for a total value of $365,800.00. Following the completion of the transaction, the director now owns 722,825 shares in the company, valued at $10,661,668.75. The disclosure for this sale can be found here. Corporate insiders own 1.30% of the company’s stock.
A number of institutional investors have recently made changes to their positions in CPN. ING Groep acquired a new position in shares of Calpine Corp. during the third quarter worth $1,136,000. Sei Investments Co. raised its position in shares of Calpine Corp. by 35.2% in the fourth quarter. Sei Investments Co. now owns 156,570 shares of the company’s stock worth $2,265,000 after buying an additional 40,764 shares in the last quarter. First Trust Advisors LP raised its position in shares of Calpine Corp. by 7.1% in the fourth quarter. First Trust Advisors LP now owns 382,112 shares of the company’s stock worth $5,529,000 after buying an additional 25,407 shares in the last quarter. California Public Employees Retirement System raised its position in shares of Calpine Corp. by 0.6% in the fourth quarter. California Public Employees Retirement System now owns 981,040 shares of the company’s stock worth $14,196,000 after buying an additional 5,800 shares in the last quarter. Finally, State of Wisconsin Investment Board raised its position in shares of Calpine Corp. by 36.0% in the fourth quarter. State of Wisconsin Investment Board now owns 914,633 shares of the company’s stock worth $13,235,000 after buying an additional 241,960 shares in the last quarter. Institutional investors and hedge funds own 92.67% of the company’s stock.
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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