Zacks Investment Research upgraded shares of Calpine Corporation (NYSE:CPN) from a strong sell rating to a buy rating in a report published on Friday morning. They currently have $17.00 price objective on the utilities provider’s stock.
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. “
CPN has been the topic of several other reports. BidaskClub cut shares of Calpine Corporation from a hold rating to a sell rating in a research report on Wednesday, July 5th. BMO Capital Markets restated a buy rating and issued a $14.00 price target on shares of Calpine Corporation in a report on Friday, July 28th. ValuEngine upgraded shares of Calpine Corporation from a sell rating to a hold rating in a report on Friday, July 28th. Royal Bank Of Canada restated a buy rating and issued a $15.00 price target on shares of Calpine Corporation in a report on Monday, July 24th. Finally, Citigroup Inc. set a $15.00 price target on shares of Calpine Corporation and gave the company a buy rating in a report on Thursday, July 6th. Ten equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The company currently has a consensus rating of Hold and a consensus target price of $15.08.
Calpine Corporation (CPN) traded down 0.81% during midday trading on Friday, hitting $14.67. 14,724,298 shares of the stock were exchanged. The stock has a market cap of $5.29 billion, a price-to-earnings ratio of 110.30 and a beta of 1.02. The firm has a 50 day moving average of $14.72 and a 200-day moving average of $13.21. Calpine Corporation has a 12-month low of $9.30 and a 12-month high of $14.94.
Calpine Corporation (NYSE:CPN) last released its earnings results on Friday, July 28th. The utilities provider reported ($0.61) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ 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 period in the prior year, the business posted $0.06 earnings per share. Calpine Corporation’s revenue was up 79.0% on a year-over-year basis. On average, equities analysts expect that Calpine Corporation will post $0.36 earnings per share for the current year.
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In other news, Director Jack A. Fusco sold 348,100 shares of Calpine Corporation stock in a transaction that occurred 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 in the company, valued at $5,079,419.55. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Jack A. Fusco sold 949,525 shares of Calpine Corporation stock in a transaction that occurred 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 sale, the director now owns 344,835 shares in the company, valued at approximately $5,075,971.20. The disclosure for this sale can be found here. Company insiders own 1.20% of the company’s stock.
Several institutional investors and hedge funds have recently bought and sold shares of the company. Phocas Financial Corp. raised its stake 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 during the period. Dynamic Technology Lab Private Ltd purchased a new stake in shares of Calpine Corporation during the second quarter valued at approximately $431,000. Valueworks LLC raised its stake 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 during the period. Arrowstreet Capital Limited Partnership raised its stake 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 during the period. Finally, BlueCrest Capital Management Ltd raised its stake 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 during the period. 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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