Calpine Corp. (CPN) Shares Up 2.9%
Calpine Corp. (NYSE:CPN) shares shot up 2.9% during trading on Tuesday . The stock traded as high as $12.67 and last traded at $12.60, with a volume of 2,277,285 shares trading hands. The stock had previously closed at $12.24.
Several research firms have recently commented on CPN. Zacks Investment Research raised shares of Calpine Corp. from a “sell” rating to a “hold” rating in a research note on Friday, July 8th. SunTrust Banks Inc. lowered their price objective on shares of Calpine Corp. from $16.00 to $15.00 and set a “neutral” rating for the company in a research note on Thursday, May 19th. Deutsche Bank AG raised shares of Calpine Corp. from a “hold” rating to a “buy” rating and raised their price objective 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 reissued a “buy” rating on shares of Calpine Corp. in a research note on Wednesday, June 22nd. Finally, Royal Bank Of Canada reissued a “buy” rating on shares of Calpine Corp. in a research note on Tuesday, May 31st. Three research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $19.79.
The firm’s market cap is $4.51 billion. The company’s 50-day moving average price is $13.77 and its 200 day moving average price is $14.27.
Calpine Corp. (NYSE:CPN) last released its quarterly earnings results on Friday, July 29th. The company reported ($0.08) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.02) by $0.06. The business earned $1.16 billion during the quarter, compared to analysts’ expectations of $1.29 billion. The firm’s revenue for the quarter was down 19.3% compared to the same quarter last year. During the same period in the previous year, the company posted $0.09 EPS. Equities analysts predict that Calpine Corp. will post $0.45 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 that occurred on Monday, June 6th. The stock was 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 accessible through this link. Also, Director Jack A. Fusco sold 54,600 shares of the stock in a transaction that occurred on Wednesday, July 13th. The shares were sold at an average price of $15.00, for a total value 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 added to or reduced their stakes in CPN. KBC Group NV boosted its position in Calpine Corp. by 39.5% in the fourth quarter. KBC Group NV now owns 328,793 shares of the company’s stock valued at $4,758,000 after buying an additional 93,078 shares during the period. Jennison Associates LLC boosted its position in Calpine Corp. by 16.9% in the fourth quarter. Jennison Associates LLC now owns 4,496,968 shares of the company’s stock valued at $65,071,000 after buying an additional 648,505 shares during the period. Finally, Suntrust Banks Inc. acquired a new position in Calpine Corp. during the fourth quarter valued at approximately $1,225,000.
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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