Pyrrho Capital Management LP acquired a new position in shares of Calpine Corp. (NYSE:CPN) during the second quarter, Holdings Channel reports. The fund acquired 70,000 shares of the company’s stock, valued at approximately $1,033,000. Calpine Corp. comprises about 3.2% of Pyrrho Capital Management LP’s investment portfolio, making the stock its 14th largest position.
Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Envestnet Asset Management Inc. boosted its position in Calpine Corp. by 46.2% in the first quarter. Envestnet Asset Management Inc. now owns 6,731 shares of the company’s stock worth $102,000 after buying an additional 2,128 shares in the last quarter. Howard Hughes Medical Institute acquired a new position in Calpine Corp. during the first quarter worth about $105,000. Seven Bridges Advisors LLC acquired a new position in Calpine Corp. during the second quarter worth about $102,000. Independent Portfolio Consultants Inc. boosted its position in Calpine Corp. by 61.0% in the second quarter. Independent Portfolio Consultants Inc. now owns 7,875 shares of the company’s stock worth $116,000 after buying an additional 2,985 shares in the last quarter. Finally, Fox Run Management L.L.C. acquired a new position in Calpine Corp. during the second quarter worth about $161,000. 92.67% of the stock is owned by institutional investors.
Calpine Corp. (NYSE:CPN) traded down 1.11% during trading on Monday, hitting $12.50. The stock had a trading volume of 5,776,891 shares. The company’s market cap is $4.49 billion. Calpine Corp. has a 52 week low of $11.53 and a 52 week high of $16.60. The company has a 50-day moving average of $12.96 and a 200 day moving average of $14.18.
Calpine Corp. (NYSE:CPN) last released its quarterly earnings data on Friday, July 29th. The company reported ($0.08) earnings per share for the quarter, missing the consensus estimate of ($0.02) by $0.06. The business earned $1.16 billion during the quarter, compared to analyst estimates of $1.29 billion. Calpine Corp. had a negative net margin of 0.02% and a positive return on equity of 10.79%. The business’s quarterly revenue was down 19.3% compared to the same quarter last year. During the same period last year, the business earned $0.09 earnings per share. On average, equities research analysts anticipate that Calpine Corp. will post $0.44 EPS for the current year.
A number of research analysts recently issued reports on CPN shares. Zacks Investment Research cut Calpine Corp. from a “hold” rating to a “sell” rating in a report on Wednesday, June 15th. BMO Capital Markets reaffirmed a “buy” rating on shares of Calpine Corp. in a report on Wednesday, June 22nd. Deutsche Bank AG raised Calpine Corp. from a “hold” rating to a “buy” rating and lifted their price target for the company from $18.00 to $20.00 in a report on Tuesday, July 26th. They noted that the move was a valuation call. Finally, SunTrust Banks Inc. cut their price target on Calpine Corp. from $14.00 to $13.00 and set a “neutral” rating for the company in a report on Wednesday, August 24th. Three analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Calpine Corp. has an average rating of “Buy” and a consensus target price of $19.50.
In other Calpine Corp. news, Director Jack A. Fusco sold 54,600 shares of the stock in a transaction dated Wednesday, July 13th. The stock was sold at an average price of $15.00, for a total value of $819,000.00. Following the completion of the transaction, the director now directly owns 684,525 shares in the company, valued at $10,267,875. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Jack A. Fusco sold 24,800 shares of the stock in a transaction dated Monday, July 11th. The shares were sold at an average price of $14.75, for a total value of $365,800.00. Following the completion of the transaction, the director now owns 722,825 shares of the company’s stock, valued at $10,661,668.75. The disclosure for this sale can be found here. 1.30% of the stock is owned by corporate insiders.
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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