Calpine Corp. (CPN) Bonds Trading 6.7% Lower
An issue of Calpine Corp. (NYSE:CPN) bonds fell 6.7% as a percentage of their face value during trading on Tuesday. The high-yield debt issue has a 5.375% coupon and will mature on January 15, 2023. The debt is now trading at $97.29 and was trading at $98.50 one week ago. Price moves in a company’s bonds in credit markets often anticipate parallel moves in its share price.
A number of research firms recently weighed in on CPN. Zacks Investment Research cut Calpine Corp. from a “hold” rating to a “sell” rating in a research note on Tuesday, October 11th. SunTrust Banks Inc. lowered their price objective on Calpine Corp. from $14.00 to $13.00 and set a “neutral” rating on the stock in a research report on Wednesday, August 24th. Deutsche Bank AG reiterated a “buy” rating and set a $19.00 price objective (up previously from $17.00) on shares of Calpine Corp. in a research report on Monday, October 31st. Finally, BMO Capital Markets lowered their price objective on Calpine Corp. from $19.00 to $17.00 and set an “outperform” rating on the stock in a research report on Monday, August 1st. Three equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus price target of $18.56.
Calpine Corp. (NYSE:CPN) traded up 2.716% during mid-day trading on Thursday, reaching $11.915. The company had a trading volume of 284,636 shares. Calpine Corp. has a 12-month low of $10.81 and a 12-month high of $16.49. The stock has a market capitalization of $4.28 billion, a P/E ratio of 238.300 and a beta of 0.99. The stock has a 50 day moving average price of $12.19 and a 200-day moving average price of $13.53.
Calpine Corp. (NYSE:CPN) last issued its earnings results on Friday, October 28th. The company reported $0.83 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.59 by $0.24. The business earned $2.36 billion during the quarter, compared to the consensus estimate of $2.14 billion. Calpine Corp. had a return on equity of 5.53% and a net margin of 0.32%. The firm’s revenue for the quarter was up 20.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.76 earnings per share. Equities analysts anticipate that Calpine Corp. will post $0.31 EPS for the current fiscal year.
In other Calpine Corp. news, Director W Benjamin Moreland bought 50,000 shares of the stock in a transaction on Wednesday, November 2nd. The stock was acquired at an average cost of $11.08 per share, for a total transaction of $554,000.00. Following the completion of the acquisition, the director now owns 101,273 shares in the company, valued at approximately $1,122,104.84. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 1.30% of the stock is owned by company insiders.
Large investors have recently added to or reduced their stakes in the stock. Geode Capital Management LLC increased its stake in Calpine Corp. by 5.5% in the first quarter. Geode Capital Management LLC now owns 2,057,247 shares of the company’s stock valued at $31,190,000 after buying an additional 106,951 shares in the last quarter. Nuveen Asset Management LLC purchased a new stake in Calpine Corp. during the first quarter valued at approximately $2,040,000. AMP Capital Investors Ltd increased its stake in Calpine Corp. by 5.9% in the first quarter. AMP Capital Investors Ltd now owns 95,823 shares of the company’s stock valued at $1,416,000 after buying an additional 5,300 shares in the last quarter. Babson Capital Management LLC increased its stake in Calpine Corp. by 353.0% in the first quarter. Babson Capital Management LLC now owns 83,800 shares of the company’s stock valued at $1,271,000 after buying an additional 65,300 shares in the last quarter. Finally, Goldentree Asset Management LP increased its stake in Calpine Corp. by 14.9% in the first quarter. Goldentree Asset Management LP now owns 5,715,155 shares of the company’s stock valued at $86,699,000 after buying an additional 740,080 shares in the last quarter. Hedge funds and other institutional investors own 90.51% of the company’s stock.
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.
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