An issue of Calpine Corporation (NYSE:CPN) debt fell 9.3% as a percentage of its face value during trading on Friday. The high-yield debt issue has a 5.875% coupon and is set to mature on January 15, 2024. The bonds in the issue are now trading at $92.88 and were trading at $102.62 one week ago. Price changes in a company’s debt in credit markets often predict parallel changes in its share price.
CPN has been the subject of several analyst reports. BMO Capital Markets reaffirmed a “buy” rating and issued a $14.00 price objective on shares of Calpine Corporation in a research note on Friday, April 28th. Goldman Sachs Group, Inc. (The) lowered their price objective on Calpine Corporation from $15.00 to $14.00 and set a “buy” rating for the company in a research note on Tuesday, May 2nd. Zacks Investment Research raised Calpine Corporation from a “sell” rating to a “hold” rating in a research note on Tuesday, May 2nd. Deutsche Bank AG set a $14.00 price objective on Calpine Corporation and gave the company a “buy” rating in a research note on Thursday, May 11th. Finally, Citigroup Inc. set a $15.00 price objective on Calpine Corporation and gave the company a “buy” rating in a research note on Thursday, May 11th. Eight equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $14.80.
Shares of Calpine Corporation (CPN) traded up 10.52% during midday trading on Friday, hitting $14.92. The company had a trading volume of 123,138,975 shares. The company has a market capitalization of $5.38 billion, a PE ratio of 112.18 and a beta of 1.02. The company has a 50-day moving average of $13.86 and a 200-day moving average of $12.24. Calpine Corporation has a 12 month low of $9.30 and a 12 month high of $14.93.
Calpine Corporation (NYSE:CPN) last released its quarterly earnings results on Friday, July 28th. The utilities provider reported ($0.61) EPS for the quarter, missing analysts’ consensus estimates of $0.02 by $0.63. Calpine Corporation had a negative return on equity of 8.92% and a net margin of 0.57%. The firm had revenue of $2.08 billion for the quarter, compared to analyst estimates of $1.15 billion. During the same quarter last year, the company earned $0.06 earnings per share. The firm’s revenue for the quarter was up 79.0% on a year-over-year basis. Analysts predict that Calpine Corporation will post $0.53 earnings per share for the current year.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. PNC Financial Services Group Inc. boosted its position in Calpine Corporation by 47.2% in the second quarter. PNC Financial Services Group Inc. now owns 7,618 shares of the utilities provider’s stock worth $102,000 after buying an additional 2,443 shares during the period. Nordea Investment Management AB boosted its position in Calpine Corporation by 85.0% in the first quarter. Nordea Investment Management AB now owns 9,935 shares of the utilities provider’s stock worth $110,000 after buying an additional 4,565 shares during the period. Advisors Asset Management Inc. boosted its position in Calpine Corporation by 20.7% in the first quarter. Advisors Asset Management Inc. now owns 10,106 shares of the utilities provider’s stock worth $112,000 after buying an additional 1,732 shares during the period. BB&T Securities LLC purchased a new position in Calpine Corporation during the first quarter worth approximately $134,000. Finally, Hourglass Capital LLC purchased a new position in Calpine Corporation during the second quarter worth approximately $135,000. Institutional investors own 90.16% of the company’s stock.
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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.
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