Zacks Investment Research Upgrades Calpine Corporation (CPN) to Buy
Calpine Corporation (NYSE:CPN) was upgraded by Zacks Investment Research from a “strong sell” rating to a “buy” rating in a research report issued to clients and investors on Friday. The brokerage currently has a $17.00 price objective on the utilities provider’s stock. Zacks Investment Research‘s target price suggests a potential upside of 15.88% from the stock’s previous close.
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. “
A number of other analysts have also recently weighed in on the stock. Royal Bank Of Canada reaffirmed a “buy” rating and set a $15.00 target price on shares of Calpine Corporation in a research note on Monday, July 24th. Macquarie cut shares of Calpine Corporation from an “outperform” rating to a “neutral” rating in a research note on Thursday, August 31st. Morgan Stanley set a $11.00 price objective on shares of Calpine Corporation and gave the stock a “hold” rating in a research note on Tuesday, July 11th. BidaskClub cut shares of Calpine Corporation from a “hold” rating to a “sell” rating in a research note on Wednesday, July 5th. Finally, Citigroup Inc. set a $15.00 price objective on shares of Calpine Corporation and gave the stock a “buy” rating in a research note on Thursday, July 6th. Ten investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $15.08.
Calpine Corporation (NYSE CPN) opened at 14.67 on Friday. The stock has a 50 day moving average price of $14.72 and a 200-day moving average price of $13.22. Calpine Corporation has a 1-year low of $9.30 and a 1-year high of $14.94. The firm has a market cap of $5.29 billion, a P/E ratio of 110.30 and a beta of 1.02.
Calpine Corporation (NYSE:CPN) last posted its earnings results on Friday, July 28th. The utilities provider reported ($0.61) earnings per share for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.63). The company had revenue of $2.08 billion for the quarter, compared to the consensus estimate of $1.15 billion. Calpine Corporation had a negative return on equity of 8.92% and a net margin of 0.57%. The business’s quarterly revenue was up 79.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.06 EPS. Equities research analysts forecast that Calpine Corporation will post $0.36 EPS for the current year.
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In related news, Director Jack A. Fusco sold 348,100 shares of the business’s stock in a transaction on Wednesday, August 23rd. The shares were sold at an average price of $14.73, for a total value of $5,127,513.00. Following the transaction, the director now owns 344,835 shares in the company, valued at $5,079,419.55. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Jack A. Fusco sold 949,525 shares of the business’s stock in a transaction on Thursday, August 24th. The shares were sold at an average price of $14.72, for a total transaction of $13,977,008.00. Following the completion of the transaction, the director now owns 344,835 shares in the company, valued at approximately $5,075,971.20. The disclosure for this sale can be found here. 1.20% of the stock is owned by insiders.
A number of hedge funds have recently added to or reduced their stakes in the stock. Phocas Financial Corp. lifted its holdings in Calpine Corporation by 4.7% in the second quarter. Phocas Financial Corp. now owns 421,403 shares of the utilities provider’s stock valued at $5,702,000 after buying an additional 18,795 shares during the period. Dynamic Technology Lab Private Ltd acquired a new position in Calpine Corporation in the second quarter valued at $431,000. Valueworks LLC lifted its holdings in Calpine Corporation by 21.7% in the second quarter. Valueworks LLC now owns 415,819 shares of the utilities provider’s stock valued at $5,626,000 after buying an additional 74,019 shares during the period. Arrowstreet Capital Limited Partnership lifted its holdings in Calpine Corporation by 725.2% in the second quarter. Arrowstreet Capital Limited Partnership now owns 226,925 shares of the utilities provider’s stock valued at $3,070,000 after buying an additional 199,425 shares during the period. Finally, BlueCrest Capital Management Ltd lifted its holdings in Calpine Corporation by 162.3% in the second quarter. BlueCrest Capital Management Ltd now owns 202,653 shares of the utilities provider’s stock valued at $2,742,000 after buying an additional 125,389 shares during the period. Institutional investors and hedge funds own 96.87% of the company’s stock.
About Calpine Corporation
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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