Calpine (CPN) Upgraded to Buy at Zacks Investment Research

Calpine (NYSE:CPN) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Tuesday. The brokerage currently has a $17.00 target price on the utilities provider’s stock. Zacks Investment Research‘s target price would suggest a potential upside of 12.58% 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. “

CPN has been the topic of a number of other reports. Royal Bank of Canada reiterated a “hold” rating and issued a $15.25 target price on shares of Calpine in a research note on Monday, October 30th. Citigroup cut shares of Calpine from a “buy” rating to a “neutral” rating and boosted their target price for the company from $15.00 to $15.25 in a research note on Friday, September 8th. SunTrust Banks reiterated a “hold” rating and issued a $15.00 target price on shares of Calpine in a research note on Friday, November 17th. Guggenheim cut shares of Calpine from a “buy” rating to a “neutral” rating and dropped their target price for the company from $20.00 to $15.25 in a research note on Monday, August 21st. Finally, Macquarie cut shares of Calpine from an “outperform” rating to a “neutral” rating in a research note on Thursday, August 31st. Nine research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $15.08.

Calpine (NYSE CPN) traded up $0.03 on Tuesday, reaching $15.10. 2,332,100 shares of the company’s stock were exchanged, compared to its average volume of 6,058,219. The company has a debt-to-equity ratio of 3.39, a quick ratio of 1.10 and a current ratio of 1.33. Calpine has a 52-week low of $9.30 and a 52-week high of $15.15.

In related news, CEO Thad Hill sold 38,304 shares of the company’s stock in a transaction that occurred 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 directly owns 559,237 shares in the company, valued at approximately $8,433,293.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP W. Thaddeus Miller sold 177,627 shares of the company’s stock in a transaction that occurred 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.

Several hedge funds have recently made changes to their positions in CPN. PNC Financial Services Group Inc. lifted its stake in shares of Calpine by 47.2% during the 2nd quarter. PNC Financial Services Group Inc. now owns 7,618 shares of the utilities provider’s stock valued at $102,000 after buying an additional 2,443 shares in the last quarter. Virtu KCG Holdings LLC increased its holdings in Calpine by 1.6% during the 2nd quarter. Virtu KCG Holdings LLC now owns 10,636 shares of the utilities provider’s stock worth $144,000 after acquiring an additional 167 shares during the period. Wedbush Securities Inc. bought a new stake in Calpine during the 2nd quarter worth approximately $145,000. Bfsg LLC bought a new stake in Calpine during the 2nd quarter worth approximately $161,000. Finally, Gotham Asset Management LLC bought a new stake in Calpine during the 2nd quarter worth approximately $162,000. Institutional investors own 85.85% of the company’s stock.

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Calpine 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.

Analyst Recommendations for Calpine (NYSE:CPN)

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