Calpine Corporation (CPN) Sees Significant Decline in Short Interest

Calpine Corporation (NYSE:CPN) saw a significant decrease in short interest in the month of August. As of August 31st, there was short interest totalling 12,412,637 shares, a decrease of 21.9% from the August 15th total of 15,885,475 shares. Based on an average daily trading volume, of 25,482,181 shares, the days-to-cover ratio is currently 0.5 days. Approximately 3.6% of the shares of the company are short sold.

In related news, Director Jack A. Fusco sold 348,100 shares of the stock in a transaction dated Wednesday, August 23rd. The shares were sold at an average price of $14.73, for a total transaction of $5,127,513.00. Following the completion of the transaction, the director now owns 344,835 shares in the company, valued at $5,079,419.55. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Jack A. Fusco sold 949,525 shares of the stock in a transaction dated Thursday, August 24th. The shares were sold at an average price of $14.72, for a total transaction of $13,977,008.00. Following the transaction, the director now owns 344,835 shares of the company’s stock, valued at approximately $5,075,971.20. The disclosure for this sale can be found here. 1.20% of the stock is currently owned by corporate insiders.

Several large investors have recently made changes to their positions in CPN. PNC Financial Services Group Inc. grew its stake in shares of Calpine Corporation 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 acquiring an additional 2,443 shares during the period. Nordea Investment Management AB grew its stake in shares of Calpine Corporation by 85.0% during the 1st quarter. Nordea Investment Management AB now owns 9,935 shares of the utilities provider’s stock valued at $110,000 after acquiring an additional 4,565 shares during the period. Advisors Asset Management Inc. grew its stake in shares of Calpine Corporation by 20.7% during the 1st quarter. Advisors Asset Management Inc. now owns 10,106 shares of the utilities provider’s stock valued at $112,000 after acquiring an additional 1,732 shares during the period. BB&T Securities LLC bought a new position in shares of Calpine Corporation during the 1st quarter valued at approximately $134,000. Finally, Hourglass Capital LLC bought a new position in shares of Calpine Corporation during the 2nd quarter valued at approximately $135,000. Institutional investors own 96.87% of the company’s stock.

Shares of Calpine Corporation (NYSE CPN) opened at 14.72 on Thursday. The stock has a market capitalization of $5.31 billion, a P/E ratio of 110.68 and a beta of 1.01. Calpine Corporation has a one year low of $9.30 and a one year high of $14.94. The stock has a 50 day moving average of $14.43 and a 200-day moving average of $12.74.

Calpine Corporation (NYSE:CPN) last announced its quarterly earnings data on Friday, July 28th. The utilities provider reported ($0.61) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.02 by ($0.63). The company had revenue of $2.08 billion for the quarter, compared to the consensus estimate of $1.15 billion. Calpine Corporation had a net margin of 0.57% and a negative return on equity of 8.92%. The company’s revenue was up 79.0% compared to the same quarter last year. During the same quarter last year, the firm posted $0.06 earnings per share. Equities analysts forecast that Calpine Corporation will post $0.43 earnings per share for the current year.

A number of equities analysts have weighed in on CPN shares. Royal Bank Of Canada set a $13.00 target price on shares of Calpine Corporation and gave the stock a “buy” rating in a research report on Saturday, June 3rd. ValuEngine upgraded shares of Calpine Corporation from a “sell” rating to a “hold” rating in a research report on Friday, July 28th. BidaskClub lowered shares of Calpine Corporation from a “buy” rating to a “hold” rating in a research report on Thursday, August 10th. BMO Capital Markets increased their target price on shares of Calpine Corporation from $14.00 to $16.00 and gave the stock an “outperform” rating in a research report on Monday, July 31st. Finally, Guggenheim lowered shares of Calpine Corporation from a “buy” rating to a “neutral” rating and cut their target price for the stock from $20.00 to $15.25 in a research report on Monday, August 21st. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and three have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $14.98.

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About Calpine Corporation

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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