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CPN

Calpine

$12.55

0.21 (1.70%)

, NOBGY

Noble Group

$2.75

0.006 (0.22%)

19:50
10/09/16
10/09
19:50
10/09/16
19:50

Calpine to acquire Noble Americas Energy Solutions

Calpine (CPN) announced it has entered into an agreement to purchase Noble Americas Energy Solutions for a purchase price of $800M plus an estimated $100M of net working capital at closing. Calpine expects to recover approximately $200M through collateral synergies and the runoff of acquired legacy hedges, substantially within the first year, resulting in expected net cash deployed of approximately $700M, or approximately five times NAES' recent and expected run-rate adjusted EBITDA. "In addition to expanding our retail customer sales channels and product offerings, we will more than double the volume of retail load we are capable of serving across the country from our complementary wholesale power generation fleet. Financially, this transaction is highly cash flow and credit accretive," Calpine remarked. Calpine will acquire the business from Noble Americas Gas & Power, a subsidiary of Noble Group (NOBGY). The transaction is expected to close by year end 2016.

CPN

Calpine

$12.55

0.21 (1.70%)

NOBGY

Noble Group

$2.75

0.006 (0.22%)

  • 28

    Oct

CPN Calpine
$12.55

0.21 (1.70%)

03/08/16
ARGS
03/08/16
DOWNGRADE
ARGS
Hold
Calpine downgraded to Hold from Buy at Argus
Argus downgraded Calpine to Hold based on weak deman, excess generation capacity, and weak power prices.
03/29/16
SBSH
03/29/16
NO CHANGE
Target $19
SBSH
Buy
Citi sees 'great' risk/reward for Calpine under most scenarios
Citi analyst Praful Mehta says Calpine's risk/reward is "great" in most market scenarios. To invest in the company today, you need to believe the price of gas stays at $2.50/MMBtu or higher long-term and that even with renewables, Calpine's assets have a 25-30 year life, Mehta tells investors in a research note. He sees a "strong basis" to support both scenarios and reiterates a Buy rating on Calpine. He lowered his price target for the shares to $19 from $22.
06/10/16
SBSH
06/10/16
DOWNGRADE
Target $21
SBSH
Neutral
Dynegy downgraded to Neutral from Buy at Citi
Citi analyst Anthony Yuen downgraded Dynegy (DYN) to Neutral citing valuation with the stock above his previous price target of $20. The analyst upped his target for Dynegy to $21. Yuen believes Calpine (CPN) offers a "great" risk/reward profile in most gas price scenarios. He reiterates a Buy rating on the shares with a $19 price target.
07/26/16
DBAB
07/26/16
UPGRADE
Target $20
DBAB
Buy
Calpine upgraded to Buy from Hold at Deutsche Bank
Deutsche Bank analyst Abe Azar upgraded Calpine (CPN) to Buy citing valuation following the year-to-date underperformance relative to peers Dynegy (DYN) and NRG Energy (NRG). The analyst views the current valuation as "reasonable" and calls Calpine lower risk. He raised his price target for the shares to $20 from $18.
NOBGY Noble Group
$2.75

0.006 (0.22%)

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