Calpine (CPN) Bonds Trading 1.5% Higher

An issue of Calpine Co. (NYSE:CPN) debt rose 1.5% against its face value during trading on Wednesday. The high-yield issue of debt has a 5.75% coupon and will mature on January 15, 2025. The debt is now trading at $90.75 and was trading at $89.75 last week. Price moves in a company’s debt in credit markets sometimes anticipate parallel moves in its share price.

A number of brokerages have weighed in on CPN. SunTrust Banks reiterated a “hold” rating on shares of Calpine in a research report on Wednesday, March 7th. ValuEngine upgraded shares of Calpine from a “sell” rating to a “hold” rating in a research report on Wednesday, March 7th. Ten research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. Calpine presently has an average rating of “Hold” and an average price target of $14.96.

Shares of Calpine stock opened at $15.25 on Thursday. Calpine Co. has a fifty-two week low of $9.30 and a fifty-two week high of $15.25. The company has a debt-to-equity ratio of 3.65, a current ratio of 1.23 and a quick ratio of 0.96.

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Calpine by 47.7% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 18,738 shares of the utilities provider’s stock worth $284,000 after purchasing an additional 6,051 shares during the last quarter. Ontario Teachers Pension Plan Board raised its position in shares of Calpine by 215.9% during the 4th quarter. Ontario Teachers Pension Plan Board now owns 140,000 shares of the utilities provider’s stock worth $2,118,000 after purchasing an additional 95,679 shares during the last quarter. Wells Fargo & Company MN raised its position in shares of Calpine by 70.8% during the 4th quarter. Wells Fargo & Company MN now owns 457,274 shares of the utilities provider’s stock worth $6,920,000 after purchasing an additional 189,533 shares during the last quarter. California Public Employees Retirement System raised its position in shares of Calpine by 3.3% during the 4th quarter. California Public Employees Retirement System now owns 1,169,424 shares of the utilities provider’s stock worth $17,693,000 after purchasing an additional 37,285 shares during the last quarter. Finally, Schwab Charles Investment Management Inc. raised its position in shares of Calpine by 0.4% during the 4th quarter. Schwab Charles Investment Management Inc. now owns 1,510,128 shares of the utilities provider’s stock worth $22,849,000 after purchasing an additional 5,499 shares during the last quarter. Hedge funds and other institutional investors own 78.35% of the company’s stock.

About Calpine

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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