Private Management Group Inc. Decreases Position in Calpine Corporation (CPN)
Private Management Group Inc. reduced its stake in shares of Calpine Corporation (NYSE:CPN) by 31.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 2,088,794 shares of the utilities provider’s stock after selling 940,789 shares during the period. Calpine Corporation accounts for 1.5% of Private Management Group Inc.’s investment portfolio, making the stock its 18th largest position. Private Management Group Inc. owned about 0.58% of Calpine Corporation worth $28,261,000 as of its most recent filing with the SEC.
Several other institutional investors have also recently added to or reduced their stakes in the stock. Nordea Investment Management AB increased its position in Calpine Corporation by 85.0% in the first quarter. Nordea Investment Management AB now owns 9,935 shares of the utilities provider’s stock valued at $110,000 after buying an additional 4,565 shares during the period. Hourglass Capital LLC purchased a new position in Calpine Corporation during the second quarter valued at $135,000. Advisors Asset Management Inc. increased its position in Calpine Corporation by 20.7% in the first quarter. Advisors Asset Management Inc. now owns 10,106 shares of the utilities provider’s stock valued at $112,000 after buying an additional 1,732 shares during the period. Wedbush Securities Inc. purchased a new position in Calpine Corporation during the second quarter valued at $145,000. Finally, BB&T Securities LLC purchased a new position in Calpine Corporation during the first quarter valued at $134,000. Institutional investors and hedge funds own 97.16% of the company’s stock.
Shares of Calpine Corporation (NYSE CPN) traded down 0.3395% during trading on Friday, reaching $14.6501. The company had a trading volume of 815,897 shares. The firm’s 50 day moving average price is $14.20 and its 200 day moving average price is $12.47. Calpine Corporation has a 12 month low of $9.30 and a 12 month high of $14.94. The firm has a market capitalization of $5.28 billion, a P/E ratio of 110.1511 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 (EPS) for the quarter, missing analysts’ consensus estimates of $0.02 by $0.63. Calpine Corporation had a net margin of 0.57% and a negative return on equity of 8.92%. The company had revenue of $2.08 billion during the quarter, compared to analysts’ expectations of $1.15 billion. During the same period in the previous year, the company posted $0.06 EPS. Calpine Corporation’s quarterly revenue was up 79.0% compared to the same quarter last year. Equities analysts predict that Calpine Corporation will post $0.48 EPS for the current year.
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Several research firms have recently weighed in on CPN. Zacks Investment Research downgraded Calpine Corporation from a “hold” rating to a “strong sell” rating in a research report on Tuesday, August 22nd. Royal Bank Of Canada set a $13.00 target price on Calpine Corporation and gave the company a “buy” rating in a research report on Saturday, June 3rd. BidaskClub downgraded Calpine Corporation from a “buy” rating to a “hold” rating in a research report on Thursday, August 10th. Guggenheim downgraded Calpine Corporation from a “buy” rating to a “neutral” rating and decreased their target price for the company from $20.00 to $15.25 in a research report on Monday, August 21st. Finally, ValuEngine upgraded Calpine Corporation from a “sell” rating to a “hold” rating in a research report on Friday, July 28th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and four have issued a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $14.95.
In other Calpine Corporation news, Director Jack A. Fusco sold 348,100 shares of the stock in a transaction on Wednesday, August 23rd. The stock was sold at an average price of $14.73, for a total transaction of $5,127,513.00. Following the transaction, the director now owns 344,835 shares of the company’s stock, valued at approximately $5,079,419.55. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Jack A. Fusco sold 949,525 shares of the stock in a transaction on Thursday, August 24th. The stock was sold at an average price of $14.72, for a total value of $13,977,008.00. Following the transaction, the director now directly owns 344,835 shares in the company, valued at approximately $5,075,971.20. The disclosure for this sale can be found here. Corporate insiders own 1.20% 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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