Westchester Capital Management LLC Takes Position in Calpine Co. (CPN)
Westchester Capital Management LLC purchased a new stake in Calpine Co. (NYSE:CPN) in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 3,278,187 shares of the utilities provider’s stock, valued at approximately $48,353,000. Calpine makes up 1.5% of Westchester Capital Management LLC’s holdings, making the stock its 12th biggest position. Westchester Capital Management LLC owned 0.91% of Calpine at the end of the most recent quarter.
Several other hedge funds have also recently made changes to their positions in CPN. FMR LLC boosted its stake in shares of Calpine by 84.0% during the second quarter. FMR LLC now owns 17,194,357 shares of the utilities provider’s stock valued at $232,640,000 after acquiring an additional 7,847,491 shares during the last quarter. Alpine Associates Management Inc. acquired a new stake in shares of Calpine during the third quarter valued at $99,840,000. Omni Partners LLP acquired a new stake in shares of Calpine during the third quarter valued at $66,375,000. Cowen Inc. acquired a new stake in shares of Calpine during the third quarter valued at $53,648,000. Finally, Janus Henderson Group PLC boosted its stake in shares of Calpine by 6,067.9% during the second quarter. Janus Henderson Group PLC now owns 2,953,618 shares of the utilities provider’s stock valued at $39,962,000 after acquiring an additional 2,905,731 shares during the last quarter. Institutional investors and hedge funds own 85.98% of the company’s stock.
Shares of Calpine Co. (CPN) opened at $15.06 on Friday. The company has a debt-to-equity ratio of 3.39, a current ratio of 1.33 and a quick ratio of 1.10. Calpine Co. has a 52 week low of $9.30 and a 52 week high of $15.11.
A number of analysts recently commented on the company. SunTrust Banks reaffirmed a “hold” rating and set a $15.00 price objective on shares of Calpine in a research note on Friday, November 17th. Royal Bank Of Canada reissued a “hold” rating and issued a $15.25 price target on shares of Calpine in a research note on Monday, October 30th. Zacks Investment Research lowered Calpine from a “buy” rating to a “hold” rating in a research note on Thursday, October 19th. Citigroup lowered Calpine from a “buy” rating to a “neutral” rating and raised their price target for the stock from $15.00 to $15.25 in a research note on Friday, September 8th. Finally, Macquarie lowered Calpine from an “outperform” rating to a “neutral” rating in a research note on Thursday, August 31st. Ten investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Calpine presently has a consensus rating of “Hold” and an average price target of $15.08.
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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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