Trade Report: Today, Bank of America Corp. Downgraded Calpine Corp. (CPN) to Neutral

Today, Bank of America Corp. Downgraded Calpine Corp. (CPN) to Neutral

Bank of America Corp. cut shares of Calpine Corp. (NYSE:CPN) from a buy rating to a neutral rating in a report released on Tuesday.

A number of other research analysts also recently weighed in on the company. Deutsche Bank AG upgraded Calpine Corp. from a hold rating to a buy rating and lifted their price target for the company from $18.00 to $20.00 in a report on Tuesday, July 26th. They noted that the move was a valuation call. Zacks Investment Research raised Calpine Corp. from a sell rating to a hold rating in a research report on Wednesday, November 2nd. SunTrust Banks Inc. reduced their price objective on Calpine Corp. from $14.00 to $13.00 and set a neutral rating for the company in a research report on Wednesday, August 24th. Finally, BMO Capital Markets reduced their price objective on Calpine Corp. from $19.00 to $17.00 and set an outperform rating for the company in a research report on Monday, August 1st. Four investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Calpine Corp. currently has a consensus rating of Buy and a consensus target price of $18.56.

Shares of Calpine Corp. (NYSE:CPN) opened at 11.61 on Tuesday. The firm’s 50-day moving average price is $12.05 and its 200-day moving average price is $13.41. Calpine Corp. has a 52 week low of $10.81 and a 52 week high of $16.49. The firm has a market cap of $4.17 billion, a price-to-earnings ratio of 232.20 and a beta of 0.99.

Calpine Corp. (NYSE:CPN) last issued its quarterly earnings results on Friday, October 28th. The company reported $0.83 earnings per share for the quarter, beating analysts’ consensus estimates of $0.59 by $0.24. Calpine Corp. had a return on equity of 5.53% and a net margin of 0.32%. The business had revenue of $2.36 billion for the quarter, compared to the consensus estimate of $2.14 billion. During the same quarter in the previous year, the company posted $0.76 earnings per share. Calpine Corp.’s revenue for the quarter was up 20.9% compared to the same quarter last year. Equities research analysts expect that Calpine Corp. will post $0.31 EPS for the current fiscal year.

In related news, Director W Benjamin Moreland purchased 50,000 shares of Calpine Corp. stock in a transaction on Wednesday, November 2nd. The stock was bought at an average price of $11.08 per share, with a total value of $554,000.00. Following the completion of the transaction, the director now directly owns 101,273 shares of the company’s stock, valued at $1,122,104.84. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. 1.30% of the stock is owned by company insiders.

Hedge funds have recently made changes to their positions in the company. Seven Bridges Advisors LLC bought a new stake in shares of Calpine Corp. during the second quarter worth $102,000. Acrospire Investment Management LLC boosted its stake in shares of Calpine Corp. by 620.0% in the second quarter. Acrospire Investment Management LLC now owns 7,200 shares of the company’s stock worth $106,000 after buying an additional 6,200 shares in the last quarter. Independent Portfolio Consultants Inc. boosted its stake in shares of Calpine Corp. by 8.9% in the third quarter. Independent Portfolio Consultants Inc. now owns 8,575 shares of the company’s stock worth $108,000 after buying an additional 700 shares in the last quarter. Bourgeon Capital Management LLC bought a new stake in shares of Calpine Corp. during the third quarter worth $126,000. Finally, Concert Wealth Management Inc. boosted its stake in shares of Calpine Corp. by 2.1% in the third quarter. Concert Wealth Management Inc. now owns 10,735 shares of the company’s stock worth $136,000 after buying an additional 220 shares in the last quarter. 91.07% of the stock is owned by institutional investors.

About Calpine Corp.

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