Convergence Investment Partners LLC Sells 109,133 Shares of Calpine Corporation (CPN)
Convergence Investment Partners LLC decreased its position in Calpine Corporation (NYSE:CPN) by 53.5% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 94,953 shares of the utilities provider’s stock after selling 109,133 shares during the period. Convergence Investment Partners LLC’s holdings in Calpine Corporation were worth $1,285,000 as of its most recent SEC filing.
Several other institutional investors have also recently made changes to their positions in CPN. Nordea Investment Management AB raised 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. raised 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 bought a new position in Calpine Corporation during the first quarter worth approximately $134,000. Wedbush Securities Inc. bought a new position in Calpine Corporation during the second quarter worth approximately $145,000. Finally, Morningstar Investment Services LLC bought a new position in Calpine Corporation during the first quarter worth approximately $148,000. Institutional investors own 90.16% of the company’s stock.
Shares of Calpine Corporation (CPN) opened at 13.91 on Wednesday. Calpine Corporation has a one year low of $9.30 and a one year high of $14.76. The firm has a 50 day moving average price of $13.86 and a 200-day moving average price of $12.21. The firm has a market cap of $5.02 billion, a P/E ratio of 104.59 and a beta of 1.02.
Calpine Corporation (NYSE:CPN) last released its quarterly earnings results on Friday, July 28th. The utilities provider reported ($0.61) earnings per share for the quarter, missing the consensus estimate of $0.02 by $0.63. The firm had revenue of $2.08 billion during the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same period in the previous year, the company posted $0.06 EPS. Analysts forecast that Calpine Corporation will post $0.53 earnings per share for the current year.
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A number of equities analysts have commented on CPN shares. Royal Bank Of Canada set a $13.00 price objective on Calpine Corporation and gave the stock a “buy” rating in a research note on Saturday, June 3rd. Zacks Investment Research upgraded Calpine Corporation from a “hold” rating to a “buy” rating and set a $15.00 price objective on the stock in a research note on Monday, June 26th. Goldman Sachs Group, Inc. (The) lowered their price objective on Calpine Corporation from $15.00 to $14.00 and set a “buy” rating on the stock in a research note on Tuesday, May 2nd. BMO Capital Markets restated a “buy” rating and set a $14.00 price objective on shares of Calpine Corporation in a research note on Friday, April 28th. Finally, Citigroup Inc. set a $15.00 price objective on Calpine Corporation and gave the stock a “buy” rating in a research note on Thursday, May 11th. Eight analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Calpine Corporation has a consensus rating of “Hold” and a consensus price target of $14.80.
About Calpine Corporation
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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