Calpine Corporation (NYSE:CPN) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Thursday.
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. “
Several other equities research analysts also recently weighed in on the stock. Citigroup Inc. downgraded shares of Calpine Corporation from a “buy” rating to a “neutral” rating and upped their target price for the stock from $15.00 to $15.25 in a research note on Friday, September 8th. Macquarie downgraded shares of Calpine Corporation from an “outperform” rating to a “neutral” rating in a research report on Thursday, August 31st. Royal Bank Of Canada downgraded shares of Calpine Corporation from an “outperform” rating to a “sector perform” rating and increased their price objective for the company from $15.00 to $15.25 in a research report on Monday, August 21st. Guggenheim downgraded shares of Calpine Corporation from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $20.00 to $15.25 in a research report on Monday, August 21st. Finally, BidaskClub downgraded shares of Calpine Corporation from a “buy” rating to a “hold” rating in a research report on Thursday, August 10th. Eleven research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $15.08.
Shares of Calpine Corporation (NYSE:CPN) traded up 0.07% during mid-day trading on Thursday, reaching $14.87. 2,497,498 shares of the company’s stock traded hands. The company’s 50-day moving average price is $14.74 and its 200-day moving average price is $13.31. The stock has a market capitalization of $5.36 billion, a PE ratio of 111.80 and a beta of 1.02. Calpine Corporation has a 12-month low of $9.30 and a 12-month high of $14.94.
Calpine Corporation (NYSE:CPN) last issued its quarterly earnings data on Friday, July 28th. The utilities provider reported ($0.61) EPS for the quarter, missing the consensus estimate 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 company had revenue of $2.08 billion during the quarter, compared to analyst estimates of $1.15 billion. During the same quarter in the prior year, the company posted $0.06 earnings per share. The business’s revenue was up 79.0% compared to the same quarter last year. Analysts anticipate that Calpine Corporation will post $0.36 earnings per share for the current year.
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In other Calpine Corporation news, Director Jack A. Fusco sold 949,525 shares of the business’s stock in a transaction on Thursday, August 24th. The shares were sold at an average price of $14.72, for a total transaction of $13,977,008.00. Following the completion of the sale, the director now owns 344,835 shares in the company, valued at $5,075,971.20. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Jack A. Fusco sold 348,100 shares of the business’s stock in a transaction on Wednesday, August 23rd. The shares were sold at an average price of $14.73, for a total transaction of $5,127,513.00. Following the sale, the director now owns 344,835 shares of the company’s stock, valued at approximately $5,079,419.55. The disclosure for this sale can be found here. Insiders own 1.20% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the business. PNC Financial Services Group Inc. lifted its holdings 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 purchasing an additional 2,443 shares during the period. Hourglass Capital LLC acquired a new stake in Calpine Corporation in the 2nd quarter valued at about $135,000. Virtu KCG Holdings LLC lifted its holdings in Calpine Corporation by 1.6% in the 2nd quarter. Virtu KCG Holdings LLC now owns 10,636 shares of the utilities provider’s stock valued at $144,000 after acquiring an additional 167 shares during the last quarter. Wedbush Securities Inc. acquired a new stake in Calpine Corporation in the 2nd quarter valued at about $145,000. Finally, Bfsg LLC acquired a new stake in Calpine Corporation in the 2nd quarter valued at about $161,000. Hedge funds and other institutional investors own 96.86% of the company’s stock.
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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