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CPN

Calpine

$11.00

-0.15 (-1.35%)

11:18
12/01/16
12/01
11:18
12/01/16
11:18

Calpine sees net cash deployed of about $900M by FY16-end

Calpine closed the previously announced acquisition of Noble Americas Energy Solutions. Calpine purchased Noble Solutions for $800M plus working capital. Through collateral optimization and synergies and the runoff of acquired legacy hedges, Calpine expects net cash deployed of approximately $900M by year-end 2016, declining to approximately $700M substantially within the first year. The acquisition was funded with a combination of cash on hand and a one-year, $550M term loan priced at LIBOR plus 175 basis points. The company intends to repay the term loan during 2017 with proceeds from announced asset sales and cash from operations, including that generated from the anticipated collateral synergies. Concurrent with the closing of the Noble Solutions acquisition, Calpine has upsized its corporate revolver to approximately $1.8B through June 2020.

CPN Calpine
$11.00

-0.15 (-1.35%)

11/02/16
UBSW
11/02/16
DOWNGRADE
Target $13
UBSW
Neutral
Calpine downgraded to Neutral from Buy at UBS
UBS analyst Julien Dumoulin-Smith downgraded Calpine to Neutral after lowering his estimates to reflect management's implied guidance. How the company will use its excess cash remains a key question, Dumoulin-Smith tells investors in a post-earnings research note. He believes consensus estimates have downside risk and cut his price target for the shares to $13 from $15.
11/09/16
SBSH
11/09/16
NO CHANGE
SBSH
Citi sees 10% upside for Calpine, Dynegy, NRG Energy
Citi analyst Praful Mehta earlier today said he sees 10% upside for shares of Calpine (CPN), Dynegy (DYN) and NRG Energy (NRG) following Donald Trump's election win. Trump will likely "slow down the march of renewables," Mehta tells investors in a research note. Any slowdown in renewables will likely extend the economic asset life of independent power producers' existing asset bases, the analyst contends.
11/22/16
BOFA
11/22/16
DOWNGRADE
BOFA
Neutral
Calpine downgraded to Neutral from Buy at BofA/Merrill
11/22/16
BOFA
11/22/16
DOWNGRADE
Target $12
BOFA
Neutral
Calpine downgraded to Neutral on higher rates at BofA/Merrill
As previously reported, BofA/Merrill downgraded Calpine to Neutral from Buy and lowered its price target to $12 from $14. Analyst Brian Chin sees greater risk to utility valuations based on an increased inflationary view. BofA/Merrill now expects the 10 year Treasury yield to be 2.65% by year end 2017, resulting in 8% downside risk to utility valuations, and as much as 17% downside risk if the yield rises to 3%, the analyst wrote.

TODAY'S FREE FLY STORIES

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KBR

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FNBC

First NBC Bank

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SGBK

Stonegate Bank

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PROV

Provident Financial

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YGE

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EPC

Edgewell Personal Care

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ORC

Orchid Island Capital

$10.60

-0.33 (-3.02%)

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AEP

American Electric

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-0.27 (-0.40%)

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ORC

Orchid Island Capital

$10.60

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HBHC

Hancock Holding

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HBHC

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TSLA

Tesla

$314.07

5.44 (1.76%)

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LMT

Lockheed Martin

$269.45

-1.69 (-0.62%)

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BA

Boeing

$184.83

1.61 (0.88%)

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WBA

Walgreens Boots Alliance

$86.54

0.65 (0.76%)

, RAD

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GE

General Electric

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SIX

Six Flags

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LMT

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SBBP

Strongbridge Biopharma

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CYH

Community Health

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MRUS

Merus

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AEZS

Aeterna Zentaris

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ANY

Sphere 3D

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MRUS

Merus

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