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Calpine Corporation (CPN)

- NYSE
  • Thu, Jul. 30, 2:33 PM
    • Calpine (CPN +4.8%) is higher after easily beating low expectations for Q2 earnings, benefiting from low Mid-Atlantic gas prices as the region switches from more coal to gas generation.
    • "We’re on the right side of history [in] "the battle between gas and coal," CPN President/CEO Thad Hill says, adding that the company's Texas and eastern natural gas-fired plant fleets are displacing more of the industry’s uneconomic coal-fired generation.
    • In today's earnings conference call, Hill said California also was a big part of CPN’s success because of the state’s drought conditions and diminished hydro-power generation; as a result, more gas-fired power was needed.
    • CPN's Q2 adjusted net income came in $36M higher than the same time last year while generating a Q2 record of ~28M MW hours.
    | Thu, Jul. 30, 2:33 PM | Comment!
  • Thu, Mar. 19, 5:37 PM
    • Top gainers, as of 5:15 p.m.: PRTA +38.6%. ENVI +33.8%. NE +3.8%. VEC +3.4%. CPN +2.4%.
    • Top losers, as of 5:15 p.m.: MIK -5.3%. AKS -1.9%. DBVT -1.6%. MX -1.6%. H -1.5%.
    | Thu, Mar. 19, 5:37 PM | 2 Comments
  • Jun. 2, 2014, 3:31 PM
    • Walter Energy (WLT -6.3%) shares aren't helped by the coal producer's statement that new EPA proposals aimed at controlling carbon emissions from U.S. power plants should have no material impact on the company; in fact, WLT is down more than peers: CNX +1.1%, BTU +0.1%, CLD -0.3%, ACI -2.8%, ANR -4.6%.
    • Long-term losers also will include electric companies that burn lots of coal - such as American Electric Power (AEP +0.1%), Duke Energy (DUK -0.3%), Southern Co. (SO -0.3%) and NRG Energy (NRG -0.1%) - but stiff regulations have been expected for some time.
    • Likely winners include companies that pump natural gas and those that use it as their primary fuel, such as Calpine (CPN +0.3%), and companies that operate nuclear plants that generate little carbon but have been expensive to run, such as Exelon (EXC -1%), hope that their aging plants will become more competitive.
    • A reduction in coal-fired capacity would increase utilities' demand for natural gas by 3B-10B cf/day from 22B cf/day now, potential benefiting major natural gas producers like Chesapeake Energy (CHK +2.1%), Cabot Oil & Gas (COG -0.8%) and Range Resources (RRC -0.6%).
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    | Jun. 2, 2014, 3:31 PM | 26 Comments
  • Oct. 25, 2013, 3:34 PM
    • Shares of Calpine (CPN +7.1%) and NRG Energy (NRG +6.6%) are up sharply on the session.
    • The move looks to be attributable to news that the newest member of the Texas Public Utility Commission would support mandatory reserve margins in order to mitigate potential rolling blackouts in the state.
    • "Electricity use in Texas has been growing faster than generation is being built," Reuters notes.
    | Oct. 25, 2013, 3:34 PM | Comment!
  • Oct. 16, 2013, 3:38 PM
    • Arch Coal (ACI -5.6%) is downgraded to Underweight from Equal Weight at Morgan Stanley, which expects even cheaper natural gas will knock down coal prices and ACI’s profits.
    • ACI is a thermal-heavy name with significant balance sheet leverage, making it vulnerable to prolonged depressed market conditions, the firm says.
    • Exelon (EXC -2.7%), which the firm also downgraded, is taking a hit; Consol Energy, which is also exposed to east coast coal is down too.
    • The firm sees two utilities benefiting from current trends; Calpine (CPN +0.8%) and Dominion Resources (D +2%), although the advantage may already be priced into D’s shares.
    | Oct. 16, 2013, 3:38 PM | 7 Comments
  • Aug. 13, 2013, 2:22 PM
    • Calpine (CPN -1.8%) launches commercial operations at its Russell City Energy Center and Los Esteros Critical Energy Facility, both located in the San Francisco Bay area.
    • Combined, the two plants bring on-line more than 900 megawatts of combined-cycle natural gas-fired power generation capacity, capable of meeting the electric needs for around 750K households.
    • The full power output of both plants will be delivered to Pacific Gas and Electric (PCG -1%) under 10-year power purchase agreements.
    • CPN owns 75% of the project, while GE (GE -0.3%) unit GE Energy Financial Services owns the balance.
    | Aug. 13, 2013, 2:22 PM | 1 Comment
  • Feb. 13, 2013, 10:36 AM
    Shares of Calpine (CPN -1.7%) dip this morning as its Q4 bottom line beat estimates, but revenue hit far wide of the mark. The wholesale power company swung to a net profit for the quarter after posting a large gain from the sale of some non-essential assets, which gave a big boost to operating margins, but its core loss widened as revenue declined. The company also raised its share buyback program by $400M, bringing its total authorization to $1M.
    | Feb. 13, 2013, 10:36 AM | Comment!
  • Aug. 30, 2012, 3:08 PM
    Wholesale power producer Calpine (CPN +2.5%) is upgraded to Overweight with a new $21 target price based on improving fundamentals in Texas, where recent work by the state's public utility commission highlighted a tightening power market. Also cited: CPN's gas-fired profile not dependent on commodity prices, strong free cash flow generation, and a friendly shareholder track record.
    | Aug. 30, 2012, 3:08 PM | Comment!
  • Jun. 13, 2012, 2:09 PM
    GenOn Energy (GEN -2.1%) is upgraded to Neutral from Sell at UBS, which notes shares have dramatically lagged peers Calpine (CPN) and NRG. The firm believes much of the weakness may be tied to underwhelming capacity results from May's 2015-16 auction, and forthcoming petitions filed by generators could yet support shares.
    | Jun. 13, 2012, 2:09 PM | 1 Comment
  • Apr. 30, 2012, 12:28 PM
    Calpine (CPN +2.1%) gets a boost from an upgrade to Buy on valuation from Jefferies on the back of last weeks encouraging Q1 report and increased guidance. The firm also raises its price target to $21.50 from $18.
    | Apr. 30, 2012, 12:28 PM | Comment!
  • Mar. 26, 2012, 11:52 AM
    Calpine (CPN -2.8%) gets clipped by a Barclays downgrade to Equalweight from Overweight. After humming right along in positive territory, shares broke sharply lower midday on the action by Barclays.
    | Mar. 26, 2012, 11:52 AM | Comment!
  • Oct. 28, 2011, 3:02 PM
    Calpine (CPN +3.5%) trades higher after it misses on its Q3 EPS target, but beats on revenues. Y/Y earnings declined slightly, mostly due to the sale of certain assets. The company reaffirms the high-end targets of its FY11 guidance, but also warns of increasing competitive pressures.
    | Oct. 28, 2011, 3:02 PM | 1 Comment
  • Oct. 4, 2011, 10:23 AM
    Shares of wholesale electricity providers struggle, led by a 9.3% decline in Dynegy (DYN). The ongoing concern of federal regulators on M&A activity in the sector is helping taint the prospect for future deals. Decliners: NRG -5.5%, CPN -3.2%, DUK -2%.
    | Oct. 4, 2011, 10:23 AM | Comment!
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Company Description
Calpine Corp is a wholesale power producer. The Company owns and operates natural gas-fired and geothermal power plants in North America. It sells wholesale power, steam, capacity and ancillary services to utilities, independent electric system operators.
Sector: Utilities
Country: United States