Calpine Corp. (NYSE:CPN) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report 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 also recently issued reports about the stock. Deutsche Bank AG upgraded shares of Calpine Corp. from a “hold” rating to a “buy” rating and increased their price objective for the company from $18.00 to $20.00 in a research note on Tuesday, July 26th. They noted that the move was a valuation call. BMO Capital Markets reiterated a “buy” rating on shares of Calpine Corp. in a research note on Wednesday, June 22nd. Finally, SunTrust Banks Inc. increased their price objective on shares of Calpine Corp. from $13.00 to $14.00 in a research note on Monday, August 29th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and eight have given a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $18.75.
Shares of Calpine Corp. (NYSE:CPN) traded down 1.44% on Tuesday, hitting $12.96. 7,598,127 shares of the stock were exchanged. The firm’s 50 day moving average price is $12.94 and its 200 day moving average price is $14.09. Calpine Corp. has a one year low of $11.53 and a one year high of $16.60. The firm’s market cap is $4.65 billion.
Calpine Corp. (NYSE:CPN) last announced its earnings results on Friday, July 29th. The company reported ($0.08) earnings per share for the quarter, missing the consensus estimate of ($0.02) by $0.06. Calpine Corp. had a negative net margin of 0.02% and a positive return on equity of 10.79%. The firm earned $1.16 billion during the quarter, compared to analysts’ expectations of $1.29 billion. During the same quarter last year, the company posted $0.09 earnings per share. Calpine Corp.’s revenue for the quarter was down 19.3% compared to the same quarter last year. Equities analysts anticipate that Calpine Corp. will post $0.44 earnings per share for the current year.
In other news, Director Jack A. Fusco sold 54,600 shares of the firm’s stock in a transaction dated Wednesday, July 13th. The shares were 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 transaction was disclosed in a legal filing with the SEC, which is available at this link. 1.30% of the stock is currently owned by insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of CPN. Mackenzie Financial Corp boosted its stake in Calpine Corp. by 0.4% in the second quarter. Mackenzie Financial Corp now owns 37,622 shares of the company’s stock worth $555,000 after buying an additional 146 shares during the period. CIBC Asset Management Inc boosted its stake in Calpine Corp. by 1.3% in the second quarter. CIBC Asset Management Inc now owns 20,239 shares of the company’s stock worth $299,000 after buying an additional 254 shares during the period. Community Bank & Trust Waco Texas boosted its stake in Calpine Corp. by 0.6% in the second quarter. Community Bank & Trust Waco Texas now owns 65,836 shares of the company’s stock worth $971,000 after buying an additional 401 shares during the period. Burnham Asset Management Corp NY boosted its stake in Calpine Corp. by 1.1% in the second quarter. Burnham Asset Management Corp NY now owns 47,250 shares of the company’s stock worth $697,000 after buying an additional 520 shares during the period. Finally, SeaBridge Investment Advisors LLC boosted its stake in Calpine Corp. by 0.8% in the second quarter. SeaBridge Investment Advisors LLC now owns 68,994 shares of the company’s stock worth $1,018,000 after buying an additional 558 shares during the period. Institutional investors own 92.67% of the company’s stock.
Calpine Corp. 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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