Zacks Investment Research cut shares of Calpine Corp. (NYSE:CPN) from a hold rating to a sell rating in a research note published on Tuesday morning.
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. “
Several other research firms have also commented on CPN. Deutsche Bank AG upgraded Calpine Corp. from a hold rating to a buy rating and upped their target price for the company from $18.00 to $20.00 in a research note on Tuesday, July 26th. They noted that the move was a valuation call. BMO Capital Markets reiterated a buy rating on shares of Calpine Corp. in a research note on Wednesday, June 22nd. Finally, SunTrust Banks Inc. dropped their price target on Calpine Corp. from $14.00 to $13.00 and set a neutral rating for the company in a research note on Wednesday, August 24th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and eight have issued a buy rating to the company. Calpine Corp. presently has an average rating of Buy and an average target price of $18.75.
Calpine Corp. (NYSE:CPN) opened at 12.91 on Tuesday. The stock has a 50 day moving average price of $13.00 and a 200 day moving average price of $14.06. The stock’s market cap is $4.64 billion. Calpine Corp. has a 52 week low of $11.53 and a 52 week high of $16.60.
Calpine Corp. (NYSE:CPN) last released its earnings results on Friday, July 29th. The company reported ($0.08) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.02) by $0.06. The business earned $1.16 billion during the quarter, compared to analyst estimates of $1.29 billion. Calpine Corp. had a negative net margin of 0.02% and a positive return on equity of 10.79%. The business’s revenue for the quarter was down 19.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.09 earnings per share. On average, equities analysts predict that Calpine Corp. will post $0.44 earnings per share for the current year.
Several large investors have recently modified their holdings of the company. AMP Capital Investors Ltd increased its position in shares of Calpine Corp. by 5.9% in the first quarter. AMP Capital Investors Ltd now owns 95,823 shares of the company’s stock worth $1,416,000 after buying an additional 5,300 shares in the last quarter. Nuveen Asset Management LLC acquired a new position in shares of Calpine Corp. during the first quarter worth approximately $2,040,000. Renaissance Technologies LLC increased its position in shares of Calpine Corp. by 90.3% in the first quarter. Renaissance Technologies LLC now owns 2,567,700 shares of the company’s stock worth $38,952,000 after buying an additional 1,218,600 shares in the last quarter. Hancock Holding Co. increased its position in shares of Calpine Corp. by 0.5% in the first quarter. Hancock Holding Co. now owns 576,150 shares of the company’s stock worth $8,740,000 after buying an additional 3,150 shares in the last quarter. Finally, Geode Capital Management LLC increased its position in shares of Calpine Corp. by 5.5% in the first quarter. Geode Capital Management LLC now owns 2,057,247 shares of the company’s stock worth $31,190,000 after buying an additional 106,951 shares in the last quarter. 92.67% of the stock is owned by institutional investors.
About Calpine Corp.
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.