Calpine Corporation (CPN) Releases Quarterly Earnings Results, Misses Expectations By $0.63 EPS

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

Large investors have recently modified their holdings of the stock. Hotchkis & Wiley Capital Management LLC boosted its stake in shares of Calpine Corporation by 10.0% in the first quarter. Hotchkis & Wiley Capital Management LLC now owns 46,778,625 shares of the utilities provider’s stock worth $516,904,000 after buying an additional 4,260,215 shares during the last quarter. Vanguard Group Inc. raised its position in shares of Calpine Corporation by 5.1% in the first quarter. Vanguard Group Inc. now owns 29,656,389 shares of the utilities provider’s stock valued at $327,703,000 after buying an additional 1,452,101 shares during the period. BlackRock Inc. raised its position in shares of Calpine Corporation by 3,600.9% in the first quarter. BlackRock Inc. now owns 20,292,848 shares of the utilities provider’s stock valued at $224,236,000 after buying an additional 19,744,525 shares during the period. FMR LLC raised its position 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 valued at $103,283,000 after buying an additional 4,192,693 shares during the period. Finally, Dimensional Fund Advisors LP raised its stake in Calpine Corporation by 6.3% in the first quarter. Dimensional Fund Advisors LP now owns 8,106,991 shares of the utilities provider’s stock valued at $89,573,000 after buying an additional 481,749 shares during the last quarter. 92.71% of the stock is currently owned by institutional investors and hedge funds.

CPN has been the topic of a number of recent analyst reports. Zacks Investment Research downgraded Calpine Corporation from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, July 12th. BidaskClub lowered Calpine Corporation from a “hold” rating to a “sell” rating in a report on Wednesday, July 5th. BMO Capital Markets restated a “buy” rating and set a $14.00 target price on shares of Calpine Corporation in a research report on Friday, July 28th. ValuEngine upgraded Calpine Corporation from a “sell” rating to a “hold” rating in a research report on Friday, July 28th. Finally, Royal Bank Of Canada restated a “buy” rating and set a $15.00 target price on shares of Calpine Corporation in a research report on Monday, July 24th. Seven analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $14.80.

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.