Calpine (NYSE:CPN) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Tuesday, December 19th. The brokerage presently has a $17.00 price objective on the utilities provider’s stock. Zacks Investment Research‘s price target would indicate a potential upside of 12.66% from the stock’s current price.
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 analysts have also recently issued reports about the stock. Guggenheim cut shares of Calpine from a “buy” rating to a “neutral” rating and decreased their target price for the company from $20.00 to $15.25 in a research report on Monday, August 21st. SunTrust Banks restated a “hold” rating and set a $15.00 target price on shares of Calpine in a research report on Friday, November 17th. Macquarie cut shares of Calpine from an “outperform” rating to a “neutral” rating in a research report on Thursday, August 31st. Citigroup cut shares of Calpine from a “buy” rating to a “neutral” rating and upped their target price for the company from $15.00 to $15.25 in a research report on Friday, September 8th. Finally, Royal Bank of Canada downgraded shares of Calpine from an “outperform” rating to a “sector perform” rating and upped their price target for the company from $15.00 to $15.25 in a report on Monday, August 21st. Ten research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $15.08.
Shares of Calpine (NYSE:CPN) opened at $15.09 on Tuesday. The company has a current ratio of 1.33, a quick ratio of 1.10 and a debt-to-equity ratio of 3.39. The stock has a market cap of $5,430.00, a PE ratio of -215.57, a PEG ratio of 2.90 and a beta of 1.05. Calpine has a 1 year low of $9.30 and a 1 year high of $15.16.
In other Calpine news, EVP W. Thaddeus Miller sold 177,627 shares of the company’s stock in a transaction dated Wednesday, December 13th. The shares were sold at an average price of $15.12, for a total value of $2,685,720.24. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Thad Hill sold 38,304 shares of the company’s stock in a transaction dated Tuesday, December 12th. The stock was sold at an average price of $15.08, for a total transaction of $577,624.32. Following the completion of the transaction, the chief executive officer now owns 559,237 shares in the company, valued at $8,433,293.96. The disclosure for this sale can be found here. Corporate insiders own 1.20% of the company’s stock.
A number of hedge funds have recently modified their holdings of CPN. Hotchkis & Wiley Capital Management LLC boosted its stake in shares of Calpine by 1.1% during the second quarter. Hotchkis & Wiley Capital Management LLC now owns 47,277,028 shares of the utilities provider’s stock valued at $639,658,000 after purchasing an additional 498,403 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of Calpine by 1.1% during the second quarter. Vanguard Group Inc. now owns 29,995,354 shares of the utilities provider’s stock valued at $405,837,000 after purchasing an additional 338,965 shares in the last quarter. 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 purchasing an additional 7,847,491 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Calpine by 6.4% during the third quarter. Dimensional Fund Advisors LP now owns 9,993,291 shares of the utilities provider’s stock valued at $147,402,000 after purchasing an additional 600,103 shares in the last quarter. Finally, Pentwater Capital Management LP bought a new position in shares of Calpine during the third quarter valued at approximately $122,425,000. Institutional investors and hedge funds own 85.85% of the company’s stock.
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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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