Calpine Corp. (CPN) Downgraded by Zacks Investment Research
Calpine Corp. (NYSE:CPN) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Tuesday.
According to Zacks, “CALPINE CORPORATION is helping meet the needs of an economy that demands more and cleaner sources of electricity. Calpine is a major U.S. power company, capable of delivering nearly 24,000 megawatts of clean, cost-effective, reliable and fuel-efficient electricity to customers and communities in 18 states in the U.S. The company owns, leases and operates low-carbon, natural gas-fired and renewable geothermal power plants. Using advanced technologies, Calpine generates electricity in a reliable and environmentally responsible manner for the customers and communities it serves. “
Other research analysts have also issued reports about the stock. SunTrust Banks Inc. increased their price objective on shares of Calpine Corp. from $13.00 to $14.00 in a report on Monday, August 29th. BMO Capital Markets cut their price objective on shares of Calpine Corp. from $19.00 to $17.00 and set an “outperform” rating on the stock in a report on Monday, August 1st. Finally, Deutsche Bank AG upgraded shares of Calpine Corp. from a “hold” rating to a “buy” rating and increased their price objective for the stock from $18.00 to $20.00 in a report on Tuesday, July 26th. They noted that the move was a valuation call. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and eight have assigned a buy rating to the company. The stock has an average rating of “Buy” and an average price target of $18.75.
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Shares of Calpine Corp. (NYSE:CPN) traded down 1.44% on Tuesday, hitting $12.96. 7,598,127 shares of the company were exchanged. Calpine Corp. has a 52-week low of $11.53 and a 52-week high of $16.60. The firm’s market cap is $4.65 billion. The company has a 50-day moving average price of $12.94 and a 200 day moving average price of $14.09.
Calpine Corp. (NYSE:CPN) last released its earnings results on Friday, July 29th. The company reported ($0.08) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.02) by $0.06. The firm earned $1.16 billion during the quarter, compared to analysts’ expectations of $1.29 billion. Calpine Corp. had a negative net margin of 0.02% and a positive return on equity of 10.79%. Calpine Corp.’s revenue for the quarter was down 19.3% on a year-over-year basis. During the same quarter last year, the company posted $0.09 earnings per share. Analysts predict 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 stock in a transaction that occurred on Wednesday, July 13th. The shares were sold at an average price of $15.00, for a total value of $819,000.00. Following the completion of the sale, the director now owns 684,525 shares of the company’s stock, valued at $10,267,875. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 1.30% of the company’s stock.
Hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. increased its stake in shares of Calpine Corp. by 2.0% in the second quarter. Vanguard Group Inc. now owns 26,842,053 shares of the company’s stock valued at $395,920,000 after buying an additional 523,939 shares during the period. Massachusetts Financial Services Co. MA increased its stake in shares of Calpine Corp. by 10.2% in the second quarter. Massachusetts Financial Services Co. MA now owns 16,911,137 shares of the company’s stock valued at $249,439,000 after buying an additional 1,565,268 shares during the period. Carlson Capital L P increased its stake in shares of Calpine Corp. by 31.1% in the second quarter. Carlson Capital L P now owns 12,406,679 shares of the company’s stock valued at $182,999,000 after buying an additional 2,945,144 shares during the period. BlackRock Institutional Trust Company N.A. increased its stake in shares of Calpine Corp. by 0.7% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 11,472,098 shares of the company’s stock valued at $169,213,000 after buying an additional 76,700 shares during the period. Finally, Sound Shore Management Inc. CT purchased a new stake in shares of Calpine Corp. during the second quarter valued at about $146,310,000. 92.67% of the stock is 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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