Calpine Corporation (NYSE:CPN) Cut to “Hold” at Zacks Investment Research
Calpine Corporation (NYSE:CPN) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research report issued on Wednesday, July 12th.
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 commented on CPN. Royal Bank Of Canada reissued a “buy” rating and issued a $14.00 target price on shares of Calpine Corporation in a report on Friday, March 17th. Deutsche Bank AG reduced their target price on Calpine Corporation from $15.00 to $14.00 and set a “buy” rating for the company in a report on Tuesday, April 11th. BMO Capital Markets reissued a “buy” rating and issued a $14.00 target price on shares of Calpine Corporation in a report on Friday, April 28th. Goldman Sachs Group Inc reduced their target price on Calpine Corporation from $15.00 to $14.00 and set a “buy” rating for the company in a report on Tuesday, May 2nd. Finally, Citigroup Inc. set a $15.00 target price on Calpine Corporation and gave the stock a “buy” rating in a report on Thursday, May 11th. Seven research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Calpine Corporation presently has a consensus rating of “Hold” and a consensus target price of $14.80.
Calpine Corporation (NYSE:CPN) opened at 14.29 on Wednesday. The stock has a market cap of $5.15 billion, a PE ratio of 107.44 and a beta of 1.02. Calpine Corporation has a 52-week low of $9.30 and a 52-week high of $14.76. The firm has a 50-day moving average price of $13.73 and a 200 day moving average price of $12.07.
Calpine Corporation (NYSE:CPN) last posted its earnings results on Friday, July 28th. The utilities provider reported ($0.61) EPS for the quarter, missing the Zacks’ consensus estimate of $0.02 by $0.63. The business had revenue of $2.08 billion during 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 firm’s revenue for the quarter was up 79.0% on a year-over-year basis. During the same period in the previous year, the business posted $0.06 EPS. On average, analysts forecast that Calpine Corporation will post $0.54 earnings per share for the current fiscal year.
A number of institutional investors have recently added to or reduced their stakes in CPN. Hourglass Capital LLC bought a new position in Calpine Corporation during the second quarter valued at $135,000. Comerica Bank increased its position in Calpine Corporation by 1.0% in the second quarter. Comerica Bank now owns 22,694 shares of the utilities provider’s stock valued at $312,000 after buying an additional 230 shares during the period. SG Americas Securities LLC increased its position in Calpine Corporation by 21.7% in the second quarter. SG Americas Securities LLC now owns 45,821 shares of the utilities provider’s stock valued at $620,000 after buying an additional 8,160 shares during the period. Morningstar Investment Services LLC increased its position in Calpine Corporation by 12.1% in the second quarter. Morningstar Investment Services LLC now owns 15,021 shares of the utilities provider’s stock valued at $203,000 after buying an additional 1,620 shares during the period. Finally, LMR Partners LLP bought a new position in Calpine Corporation during the second quarter valued at $4,707,000. Institutional investors own 93.17% of the company’s stock.
Calpine Corporation Company Profile
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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