Zacks Investment Research Upgrades Calpine (CPN) to “Buy”
Calpine (NYSE:CPN) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Tuesday. The firm currently has a $17.00 price objective on the utilities provider’s stock. Zacks Investment Research‘s price target points to a potential upside of 12.81% from the stock’s current price.
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. “
Several other brokerages have also recently weighed in on CPN. SunTrust Banks reissued a “hold” rating and issued a $15.00 price objective on shares of Calpine in a research note on Friday, November 17th. Royal Bank of Canada reissued a “hold” rating and issued a $15.25 price objective on shares of Calpine in a research note on Monday, October 30th. Guggenheim cut shares of Calpine from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $20.00 to $15.25 in a research note on Monday, August 21st. Citigroup cut shares of Calpine from a “buy” rating to a “neutral” rating and boosted their price objective for the stock from $15.00 to $15.25 in a research note on Friday, September 8th. Finally, Macquarie cut shares of Calpine from an “outperform” rating to a “neutral” rating in a research note on Thursday, August 31st. Nine equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Calpine has an average rating of “Hold” and a consensus target price of $15.08.
In other Calpine news, CEO Thad Hill sold 38,304 shares of the company’s stock in a transaction on Tuesday, December 12th. The shares were sold at an average price of $15.08, for a total transaction of $577,624.32. Following the sale, the chief executive officer now owns 559,237 shares of the company’s stock, valued at $8,433,293.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP W. Thaddeus Miller sold 177,627 shares of the company’s stock in a transaction on Wednesday, December 13th. The shares were sold at an average price of $15.12, for a total transaction of $2,685,720.24. The disclosure for this sale can be found here. Corporate insiders own 1.20% of the company’s stock.
Institutional investors and hedge funds have recently modified their holdings of the business. PNC Financial Services Group Inc. boosted its position in Calpine by 47.2% during the second quarter. PNC Financial Services Group Inc. now owns 7,618 shares of the utilities provider’s stock valued at $102,000 after acquiring an additional 2,443 shares during the last quarter. Virtu KCG Holdings LLC boosted its position in Calpine by 1.6% during the second quarter. Virtu KCG Holdings LLC now owns 10,636 shares of the utilities provider’s stock valued at $144,000 after acquiring an additional 167 shares during the last quarter. Wedbush Securities Inc. bought a new stake in Calpine during the second quarter valued at $145,000. Bfsg LLC bought a new stake in Calpine during the second quarter valued at $161,000. Finally, Gotham Asset Management LLC bought a new position in shares of Calpine during the 2nd quarter worth about $162,000. 85.85% of the stock is currently owned by institutional investors and hedge funds.
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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