Westchester Capital Management LLC Invests $48.35 Million in Calpine Co. (CPN)

Westchester Capital Management LLC purchased a new stake in shares of Calpine Co. (NYSE:CPN) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 3,278,187 shares of the utilities provider’s stock, valued at approximately $48,353,000. Calpine makes up approximately 1.5% of Westchester Capital Management LLC’s holdings, making the stock its 12th largest holding. Westchester Capital Management LLC owned about 0.91% of Calpine at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of the company. Hotchkis & Wiley Capital Management LLC raised its stake in shares of Calpine by 1.1% during the second quarter. Hotchkis & Wiley Capital Management LLC now owns 47,277,028 shares of the utilities provider’s stock valued at $639,658,000 after purchasing an additional 498,403 shares during the period. Vanguard Group Inc. increased its stake in shares of Calpine by 1.1% in the second quarter. Vanguard Group Inc. now owns 29,995,354 shares of the utilities provider’s stock worth $405,837,000 after buying an additional 338,965 shares during the last quarter. FMR LLC increased its stake in shares of Calpine by 84.0% in the second quarter. FMR LLC now owns 17,194,357 shares of the utilities provider’s stock worth $232,640,000 after buying an additional 7,847,491 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Calpine by 6.4% in the third quarter. Dimensional Fund Advisors LP now owns 9,993,291 shares of the utilities provider’s stock worth $147,402,000 after buying an additional 600,103 shares during the last quarter. Finally, Alpine Associates Management Inc. bought a new stake in shares of Calpine in the third quarter worth $99,840,000. Institutional investors own 85.98% of the company’s stock.

Shares of Calpine Co. (NYSE:CPN) opened at $15.07 on Friday. Calpine Co. has a 1-year low of $9.30 and a 1-year high of $15.15. The company has a quick ratio of 1.10, a current ratio of 1.33 and a debt-to-equity ratio of 3.39.

CPN has been the subject of a number of research analyst reports. Guggenheim lowered shares of Calpine from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $20.00 to $15.25 in a research note on Monday, August 21st. Royal Bank of Canada lowered shares of Calpine from an “outperform” rating to a “sector perform” rating and boosted their target price for the company from $15.00 to $15.25 in a research note on Monday, August 21st. Zacks Investment Research lowered shares of Calpine from a “hold” rating to a “strong sell” rating in a research note on Tuesday, August 22nd. Macquarie downgraded shares of Calpine from an “outperform” rating to a “neutral” rating in a report on Thursday, August 31st. Finally, Citigroup downgraded shares of Calpine from a “buy” rating to a “neutral” rating and boosted their price target for the company from $15.00 to $15.25 in a report on Friday, September 8th. Ten research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $15.08.

In other Calpine news, CEO Thad Hill sold 38,304 shares of the company’s stock in a transaction dated Tuesday, December 12th. The shares were sold at an average price of $15.08, for a total value of $577,624.32. Following the completion of the sale, the chief executive officer now directly owns 559,237 shares of the company’s stock, valued at approximately $8,433,293.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.20% of the stock is currently owned by corporate insiders.

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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.

Institutional Ownership by Quarter for Calpine (NYSE:CPN)

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