Calpine Corporation (CPN) Cut to Strong Sell at Zacks Investment Research
Zacks Investment Research cut shares of Calpine Corporation (NYSE:CPN) from a hold rating to a strong sell rating in a research note released on Monday.
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. “
Other equities research analysts have also issued reports about the company. Morgan Stanley restated an equal weight rating on shares of Calpine Corporation in a research note on Monday, July 10th. Guggenheim lowered Calpine Corporation from a buy rating to a neutral rating and reduced their price objective for the stock from $20.00 to $15.25 in a research note on Monday, August 21st. Royal Bank Of Canada upped their price objective on Calpine Corporation from $13.00 to $15.00 and gave the stock an outperform rating in a research note on Thursday, June 22nd. BidaskClub upgraded Calpine Corporation from a sell rating to a hold rating in a research note on Thursday, July 13th. Finally, Goldman Sachs Group, Inc. (The) lowered Calpine Corporation from a buy rating to a neutral rating in a research note on Monday, July 10th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and three have assigned a buy rating to the stock. The company presently has an average rating of Hold and a consensus price target of $14.97.
Shares of Calpine Corporation (CPN) traded down 0.034% during trading on Monday, hitting $14.865. The stock had a trading volume of 580,796 shares. Calpine Corporation has a 1-year low of $9.30 and a 1-year high of $14.94. The firm has a market capitalization of $5.36 billion, a P/E ratio of 111.767 and a beta of 1.02. The stock’s 50-day moving average price is $14.68 and its 200 day moving average price is $13.03.
Calpine Corporation (NYSE:CPN) last posted 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). 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 company’s revenue for the quarter was up 79.0% on a year-over-year basis. During the same quarter last year, the company earned $0.06 earnings per share. On average, analysts anticipate that Calpine Corporation will post $0.43 earnings per share for the current year.
In other Calpine Corporation news, Director Jack A. Fusco sold 949,525 shares of the stock in a transaction on Thursday, August 24th. The stock was sold at an average price of $14.72, for a total value of $13,977,008.00. Following the completion of the sale, the director now owns 344,835 shares in the company, valued at approximately $5,075,971.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Jack A. Fusco sold 348,100 shares of the stock in a transaction on Wednesday, August 23rd. The stock was sold at an average price of $14.73, for a total value of $5,127,513.00. Following the completion of 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. Corporate insiders own 1.20% of the company’s stock.
Several institutional investors have recently modified their holdings of the company. Phocas Financial Corp. grew its position in shares of Calpine Corporation by 4.7% during the second quarter. Phocas Financial Corp. now owns 421,403 shares of the utilities provider’s stock valued at $5,702,000 after purchasing an additional 18,795 shares in the last quarter. Dynamic Technology Lab Private Ltd purchased a new position in shares of Calpine Corporation during the second quarter valued at about $431,000. Valueworks LLC grew its position in shares of Calpine Corporation by 21.7% during the second quarter. Valueworks LLC now owns 415,819 shares of the utilities provider’s stock valued at $5,626,000 after purchasing an additional 74,019 shares in the last quarter. Arrowstreet Capital Limited Partnership grew its position in shares of Calpine Corporation by 725.2% during the second quarter. Arrowstreet Capital Limited Partnership now owns 226,925 shares of the utilities provider’s stock valued at $3,070,000 after purchasing an additional 199,425 shares in the last quarter. Finally, BlueCrest Capital Management Ltd grew its position in shares of Calpine Corporation by 162.3% during the second quarter. BlueCrest Capital Management Ltd now owns 202,653 shares of the utilities provider’s stock valued at $2,742,000 after purchasing an additional 125,389 shares in the last quarter. Hedge funds and other institutional investors own 96.87% 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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