Calpine (CPN) Cut to “Hold” at Zacks Investment Research

Zacks Investment Research downgraded shares of Calpine (NYSE:CPN) from a buy rating to a hold rating in a report published on Tuesday morning.

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 recently issued research reports about the company. SunTrust Banks reiterated a hold rating and issued a $15.00 price target on shares of Calpine in a research note on Friday, November 17th. Citigroup cut Calpine from a buy rating to a neutral rating and boosted their price target for the stock from $15.00 to $15.25 in a research note on Friday, September 8th. Finally, Royal Bank of Canada restated a hold rating and set a $15.25 price objective on shares of Calpine in a research note on Monday, October 30th. Ten analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The stock has an average rating of Hold and a consensus price target of $15.08.

Calpine (NYSE:CPN) traded down $0.09 during trading hours on Tuesday, hitting $15.05. The company had a trading volume of 24,464,699 shares, compared to its average volume of 11,559,166. The company has a debt-to-equity ratio of 3.39, a quick ratio of 1.10 and a current ratio of 1.33. Calpine has a fifty-two week low of $9.30 and a fifty-two week high of $15.16. The firm has a market capitalization of $5,459.00, a PE ratio of -214.97, a price-to-earnings-growth ratio of 2.91 and a beta of 1.05.

In other news, EVP W. Thaddeus Miller sold 177,627 shares of the stock in a transaction that occurred on Wednesday, December 13th. The stock was sold at an average price of $15.12, for a total transaction of $2,685,720.24. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Thad Hill sold 38,304 shares of the stock in a transaction that occurred on Tuesday, December 12th. The stock was sold at an average price of $15.08, for a total value of $577,624.32. Following the sale, the chief executive officer now owns 559,237 shares in the company, valued at $8,433,293.96. The disclosure for this sale can be found here. Corporate insiders own 1.20% of the company’s stock.

Institutional investors have recently made changes to their positions in the company. PNC Financial Services Group Inc. raised its position in shares of Calpine by 47.2% during the 2nd quarter. PNC Financial Services Group Inc. now owns 7,618 shares of the utilities provider’s stock worth $102,000 after purchasing an additional 2,443 shares during the period. Virtu KCG Holdings LLC raised its position in shares of Calpine by 1.6% during the 2nd quarter. Virtu KCG Holdings LLC now owns 10,636 shares of the utilities provider’s stock worth $144,000 after purchasing an additional 167 shares during the period. Bfsg LLC acquired a new stake in shares of Calpine during the 2nd quarter worth approximately $161,000. Gotham Asset Management LLC acquired a new stake in shares of Calpine during the 2nd quarter worth approximately $162,000. Finally, GSA Capital Partners LLP acquired a new stake in shares of Calpine during the 3rd quarter worth approximately $236,000. Institutional investors and hedge funds own 85.85% of the company’s stock.

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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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