Calpine Corporation (CPN) Stock Rating Lowered by Citigroup Inc.
Calpine Corporation (NYSE:CPN) was downgraded by stock analysts at Citigroup Inc. from a “buy” rating to a “neutral” rating in a note issued to investors on Friday, Marketbeat.com reports.
CPN has been the subject of several other reports. Morgan Stanley set a $11.00 price target on Calpine Corporation and gave the company a “hold” rating in a report on Tuesday, July 11th. Royal Bank Of Canada cut Calpine Corporation from an “outperform” rating to a “sector perform” rating and raised their price target for the company from $15.00 to $15.25 in a report on Monday, August 21st. BidaskClub raised Calpine Corporation from a “sell” rating to a “hold” rating in a report on Tuesday, June 27th. ValuEngine raised Calpine Corporation from a “sell” rating to a “hold” rating in a report on Tuesday, May 16th. Finally, BMO Capital Markets raised their price target on Calpine Corporation from $14.00 to $16.00 and gave the company an “outperform” rating in a report on Monday, July 31st. One research analyst has rated the stock with a sell rating, ten have given a hold rating and three have assigned a buy rating to the stock. Calpine Corporation currently has an average rating of “Hold” and a consensus target price of $14.95.
Shares of Calpine Corporation (NYSE CPN) traded up 0.68% on Friday, hitting $14.76. The stock had a trading volume of 7,563,889 shares. The company has a market cap of $5.32 billion, a price-to-earnings ratio of 110.98 and a beta of 1.01. Calpine Corporation has a one year low of $9.30 and a one year high of $14.94. The firm’s 50-day moving average is $14.28 and its 200-day moving average is $12.56.
Calpine Corporation (NYSE:CPN) last announced its earnings results on Friday, July 28th. The utilities provider reported ($0.61) earnings per share for the quarter, missing the consensus estimate of $0.02 by $0.63. Calpine Corporation had a net margin of 0.57% and a negative return on equity of 8.92%. The company had revenue of $2.08 billion during the quarter, compared to analysts’ expectations of $1.15 billion. During the same quarter last year, the business posted $0.06 earnings per share. The company’s revenue for the quarter was up 79.0% compared to the same quarter last year. On average, analysts expect that Calpine Corporation will post $0.41 EPS for the current fiscal year.
In other news, Director Jack A. Fusco sold 348,100 shares of Calpine Corporation stock in a transaction on Wednesday, August 23rd. The stock was sold at an average price of $14.73, for a total value of $5,127,513.00. Following the completion of the sale, the director now owns 344,835 shares of the company’s stock, valued at $5,079,419.55. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Jack A. Fusco sold 949,525 shares of Calpine Corporation stock in a transaction on Thursday, August 24th. The shares were sold at an average price of $14.72, for a total value of $13,977,008.00. Following the completion of the sale, the director now directly owns 344,835 shares of the company’s stock, valued at approximately $5,075,971.20. The disclosure for this sale can be found here. Insiders own 1.20% of the company’s stock.
Several large investors have recently made changes to their positions in the company. Phocas Financial Corp. grew its position in shares of Calpine Corporation by 4.7% in the second quarter. Phocas Financial Corp. now owns 421,403 shares of the utilities provider’s stock valued at $5,702,000 after purchasing an additional 18,795 shares during the period. Dynamic Technology Lab Private Ltd purchased a new stake in shares of Calpine Corporation in the second quarter valued at $431,000. Valueworks LLC grew its position in shares of Calpine Corporation by 21.7% in the second quarter. Valueworks LLC now owns 415,819 shares of the utilities provider’s stock valued at $5,626,000 after purchasing an additional 74,019 shares during the period. Arrowstreet Capital Limited Partnership grew its position in shares of Calpine Corporation by 725.2% in the second quarter. Arrowstreet Capital Limited Partnership now owns 226,925 shares of the utilities provider’s stock valued at $3,070,000 after purchasing an additional 199,425 shares during the period. Finally, BlueCrest Capital Management Ltd grew its position in shares of Calpine Corporation by 162.3% in the second quarter. BlueCrest Capital Management Ltd now owns 202,653 shares of the utilities provider’s stock valued at $2,742,000 after purchasing an additional 125,389 shares during the period. 97.17% of the stock is owned by institutional investors and hedge funds.
Calpine Corporation Company Profile
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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