Calpine (NYSE:CPN) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Tuesday. The firm currently has a $17.00 target price on the utilities provider’s stock. Zacks Investment Research‘s price target suggests a potential upside of 12.58% from the company’s current price.
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. “
A number of other equities research analysts have also recently issued reports on the stock. Macquarie cut shares of Calpine from an “outperform” rating to a “neutral” rating in a research note on Thursday, August 31st. Guggenheim cut shares of Calpine from a “buy” rating to a “neutral” rating and cut their price objective for the company from $20.00 to $15.25 in a research note on Monday, August 21st. SunTrust Banks reaffirmed a “hold” rating and issued a $15.00 price objective on shares of Calpine in a research note on Friday, November 17th. Royal Bank of Canada cut shares of Calpine from an “outperform” rating to a “sector perform” rating and upped their price objective for the company from $15.00 to $15.25 in a research note on Monday, August 21st. Finally, Citigroup cut shares of Calpine from a “buy” rating to a “neutral” rating and upped their price objective for the company from $15.00 to $15.25 in a research note on Friday, September 8th. Nine investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $15.08.
In other Calpine news, CEO Thad Hill sold 38,304 shares of the stock in a transaction on Tuesday, December 12th. The shares were sold at an average price of $15.08, for a total transaction of $577,624.32. Following the completion of the sale, the chief executive officer now owns 559,237 shares of the company’s stock, valued at approximately $8,433,293.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP W. Thaddeus Miller sold 177,627 shares of the stock in a transaction on Wednesday, December 13th. The shares were sold at an average price of $15.12, for a total transaction of $2,685,720.24. The disclosure for this sale can be found here. 1.20% of the stock is currently owned by corporate insiders.
A number of institutional investors and hedge funds have recently made changes to their positions in CPN. ING Groep purchased a new stake in shares of Calpine in the 3rd quarter worth about $1,136,000. Community Bank & Trust of Waco, Texas purchased a new stake in shares of Calpine in the 4th quarter worth about $731,000. M. Kraus & Company lifted its position in shares of Calpine by 5.7% in the 4th quarter. M. Kraus & Company now owns 162,957 shares of the utilities provider’s stock worth $2,358,000 after purchasing an additional 8,816 shares during the period. BTR Capital Management lifted its position in shares of Calpine by 8.5% in the 4th quarter. BTR Capital Management now owns 467,660 shares of the utilities provider’s stock worth $6,767,000 after purchasing an additional 36,455 shares during the period. Finally, DekaBank Deutsche Girozentrale lifted its position in shares of Calpine by 29.8% in the 4th quarter. DekaBank Deutsche Girozentrale now owns 305,382 shares of the utilities provider’s stock worth $4,410,000 after purchasing an additional 70,123 shares during the period. 85.85% of the stock is owned by institutional investors and hedge funds.
Calpine 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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