Calpine Corporation (CPN) Issues Quarterly Earnings Results, Misses Estimates By $0.63 EPS

Calpine Corporation (NYSE:CPN) released its quarterly earnings results on Friday, July 28th. The utilities provider reported ($0.61) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.02 by $0.63, MarketWatch Earnings reports. The company had revenue of $2.08 billion during the quarter, compared to analysts’ expectations of $1.15 billion. Calpine Corporation had a negative return on equity of 8.92% and a net margin of 0.57%. The firm’s revenue was up 79.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.06 EPS.

Shares of Calpine Corporation (NYSE:CPN) traded down 2.29% during midday trading on Wednesday, reaching $13.68. The company’s stock had a trading volume of 4,031,443 shares. The company has a market capitalization of $4.93 billion, a price-to-earnings ratio of 102.86 and a beta of 1.02. Calpine Corporation has a 52-week low of $9.30 and a 52-week high of $14.76. The stock has a 50 day moving average price of $13.82 and a 200-day moving average price of $12.12.

A number of large investors have recently modified their holdings of CPN. FMR LLC boosted its stake in shares of Calpine Corporation by 81.3% in the first quarter. FMR LLC now owns 9,346,866 shares of the utilities provider’s stock worth $103,283,000 after buying an additional 4,192,693 shares during the last quarter. OLD Mutual Customised Solutions Proprietary Ltd. boosted its stake in shares of Calpine Corporation by 83.7% in the first quarter. OLD Mutual Customised Solutions Proprietary Ltd. now owns 15,800 shares of the utilities provider’s stock worth $175,000 after buying an additional 7,200 shares during the last quarter. Janus Capital Management LLC boosted its stake in shares of Calpine Corporation by 1,858.5% in the first quarter. Janus Capital Management LLC now owns 682,532 shares of the utilities provider’s stock worth $7,542,000 after buying an additional 647,683 shares during the last quarter. Two Sigma Investments LP boosted its stake in shares of Calpine Corporation by 130.1% in the fourth quarter. Two Sigma Investments LP now owns 14,811 shares of the utilities provider’s stock worth $169,000 after buying an additional 64,011 shares during the last quarter. Finally, Personal Capital Advisors Corp acquired a new stake in shares of Calpine Corporation during the first quarter worth about $394,000. 92.71% of the stock is currently owned by institutional investors and hedge funds.

CPN has been the subject of several research analyst reports. Morgan Stanley set a $11.00 target price on Calpine Corporation and gave the company a “hold” rating in a research note on Tuesday, July 11th. BidaskClub upgraded Calpine Corporation from a “sell” rating to a “hold” rating in a research note on Tuesday, June 27th. Royal Bank Of Canada reiterated a “buy” rating and set a $15.00 target price on shares of Calpine Corporation in a research note on Monday, July 24th. BMO Capital Markets increased their target price on Calpine Corporation from $14.00 to $16.00 and gave the company an “outperform” rating in a research note on Monday, July 31st. Finally, Deutsche Bank AG set a $14.00 target price on Calpine Corporation and gave the company a “buy” rating in a research note on Thursday, May 11th. Seven equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $14.80.

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About Calpine Corporation

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.