Calpine (CPN) Sees Unusually-High Trading Volume

Calpine Co. (NYSE:CPN) shares saw an uptick in trading volume on Thursday . 18,552,811 shares changed hands during mid-day trading, an increase of 225% from the previous session’s volume of 5,708,106 shares.The stock last traded at $15.22 and had previously closed at $15.15.

A number of brokerages have weighed in on CPN. SunTrust Banks reiterated a “hold” rating and issued a $15.00 price objective on shares of Calpine in a research report on Friday, November 17th. Zacks Investment Research upgraded shares of Calpine from a “hold” rating to a “buy” rating and set a $17.00 price objective for the company in a research report on Tuesday, December 19th. Finally, Royal Bank of Canada reissued a “hold” rating and set a $15.25 target price on shares of Calpine in a research note on Monday, October 30th. Ten investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $14.75.

The company has a market capitalization of $5,469.44, a P/E ratio of -217.40, a P/E/G ratio of 2.69 and a beta of 0.96. The company has a quick ratio of 1.10, a current ratio of 1.33 and a debt-to-equity ratio of 3.39.

In related 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 transaction of $577,624.32. Following the completion of the sale, the chief executive officer now 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 SEC, which can be accessed through this hyperlink. Also, EVP W. Thaddeus Miller sold 177,627 shares of the company’s stock in a transaction dated 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. 1.20% of the stock is owned by insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. FNY Partners Fund LP grew its stake in Calpine by 101.3% during the 4th quarter. FNY Partners Fund LP now owns 736,098 shares of the utilities provider’s stock valued at $11,137,000 after acquiring an additional 370,498 shares in the last quarter. IndexIQ Advisors LLC purchased a new stake in Calpine during the 3rd quarter valued at about $14,516,000. Pentwater Capital Management LP purchased a new stake in Calpine during the 3rd quarter valued at about $122,425,000. Gamco Investors INC. ET AL purchased a new stake in Calpine during the 3rd quarter valued at about $3,022,000. Finally, MUFG Securities EMEA plc purchased a new stake in Calpine during the 4th quarter valued at about $8,473,000. 78.27% of the stock is owned by institutional investors.

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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.

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