Calpine (CPN) Debt Trading 1.4% Lower

An issue of Calpine Co. (NYSE:CPN) debt fell 1.4% as a percentage of its face value during trading on Wednesday. The high-yield debt issue has a 5.75% coupon and will mature on January 15, 2025. The bonds in the issue are now trading at $89.50 and were trading at $91.25 last week. Price moves in a company’s debt in credit markets often anticipate parallel moves in its share price.

CPN has been the topic of several analyst reports. SunTrust Banks reiterated a “hold” rating on shares of Calpine in a report on Wednesday, March 7th. ValuEngine upgraded Calpine from a “sell” rating to a “hold” rating in a report on Wednesday, March 7th. Ten research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $14.96.

CPN traded up $0.01 on Wednesday, hitting $15.25. 4,962,200 shares of the company were exchanged, compared to its average volume of 5,558,254. Calpine Co. has a 12 month low of $9.30 and a 12 month high of $15.25. The company has a current ratio of 1.23, a quick ratio of 0.96 and a debt-to-equity ratio of 3.65.



A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Amalgamated Bank raised its holdings in Calpine by 6.3% during the fourth quarter. Amalgamated Bank now owns 68,971 shares of the utilities provider’s stock worth $1,044,000 after acquiring an additional 4,101 shares in the last quarter. Aperio Group LLC raised its stake in Calpine by 4.0% in the fourth quarter. Aperio Group LLC now owns 113,516 shares of the utilities provider’s stock valued at $1,717,000 after buying an additional 4,402 shares during the period. Schwab Charles Investment Management Inc. raised its stake in Calpine by 0.4% in the fourth quarter. Schwab Charles Investment Management Inc. now owns 1,510,128 shares of the utilities provider’s stock valued at $22,849,000 after buying an additional 5,499 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Calpine by 47.7% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 18,738 shares of the utilities provider’s stock valued at $284,000 after buying an additional 6,051 shares during the period. Finally, American International Group Inc. raised its stake in Calpine by 61.4% in the fourth quarter. American International Group Inc. now owns 19,761 shares of the utilities provider’s stock valued at $299,000 after buying an additional 7,521 shares during the period. Institutional investors and hedge funds own 78.35% of the company’s stock.

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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