Calpine Corp. (CPN) Shares Down 3.1%
Calpine Corp. (NYSE:CPN) shares dropped 3.1% during trading on Tuesday . The stock traded as low as $14.38 and last traded at $14.49, with a volume of 1,867,479 shares trading hands. The stock had previously closed at $14.95.
CPN has been the subject of a number of recent research reports. Zacks Investment Research downgraded Calpine Corp. from a “hold” rating to a “sell” rating in a research note on Wednesday, April 20th. Deutsche Bank AG reaffirmed a “hold” rating and issued a $18.00 target price on shares of Calpine Corp. in a research note on Tuesday, April 19th. Citigroup Inc. cut their target price on Calpine Corp. from $22.00 to $19.00 and set a “buy” rating for the company in a research note on Tuesday, March 29th. Royal Bank Of Canada reaffirmed a “buy” rating on shares of Calpine Corp. in a research note on Tuesday, May 31st. Finally, BMO Capital Markets reaffirmed a “buy” rating on shares of Calpine Corp. in a research note on Wednesday, June 22nd. Four research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of $20.19.
The company has a market capitalization of $5.20 billion and a price-to-earnings ratio of 115.00. The stock’s 50-day moving average is $14.60 and its 200 day moving average is $14.46.
Calpine Corp. (NYSE:CPN) last announced its earnings results on Friday, April 29th. The company reported ($0.56) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.06) by $0.50. The company had revenue of $1.62 billion for the quarter, compared to analysts’ expectations of $1.38 billion. During the same period in the previous year, the firm posted ($0.03) earnings per share. The company’s revenue for the quarter was down 1.9% on a year-over-year basis. On average, equities analysts expect that Calpine Corp. will post $0.50 earnings per share for the current fiscal year.
In other news, Director Jack A. Fusco sold 68,000 shares of the stock in a transaction dated Monday, June 6th. The shares were sold at an average price of $15.76, for a total transaction of $1,071,680.00. Following the completion of the transaction, the director now directly owns 818,525 shares in the company, valued at approximately $12,899,954. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Jack A. Fusco sold 54,600 shares of the stock in a transaction dated Wednesday, July 13th. The stock was sold at an average price of $15.00, for a total transaction of $819,000.00. Following the transaction, the director now owns 684,525 shares of the company’s stock, valued at $10,267,875. The disclosure for this sale can be found here.
Several institutional investors have bought and sold shares of the company. ING Groep acquired a new position in Calpine Corp. during the third quarter worth approximately $1,136,000. State of Wisconsin Investment Board increased its position in Calpine Corp. by 36.0% in the fourth quarter. State of Wisconsin Investment Board now owns 914,633 shares of the company’s stock worth $13,235,000 after buying an additional 241,960 shares in the last quarter. Ecofin Ltd. increased its position in Calpine Corp. by 44.7% in the fourth quarter. Ecofin Ltd. now owns 1,439,237 shares of the company’s stock worth $20,826,000 after buying an additional 444,396 shares in the last quarter. First Trust Advisors LP increased its position in Calpine Corp. by 7.1% in the fourth quarter. First Trust Advisors LP now owns 382,112 shares of the company’s stock worth $5,529,000 after buying an additional 25,407 shares in the last quarter. Finally, Teacher Retirement System of Texas increased its position in Calpine Corp. by 1,371.2% in the fourth quarter. Teacher Retirement System of Texas now owns 278,742 shares of the company’s stock worth $4,033,000 after buying an additional 259,795 shares in the last quarter.
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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