Calpine Corp

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  • uploads///CPN val
    Company & Industry Overviews

    How Calpine Stock Is Valued Compared to Its Peers

    On March 27, 2017, Calpine stock was trading at an EV-to-EBITDA valuation multiple of 10.0x. US utilities’ (XLU) average multiple is just above 10.0x.

    By Vineet Kulkarni
  • uploads///Loosers
    Energy & Utilities

    NRG, Calpine, and Dynegy extend losses for second week in a row

    Dynegy Inc. (DYN), NRG Energy Inc. (NRG), and Calpine Corporation (CPN) were among the top four losers in the utility sector for the second successive week.

    By Matt Phillips
  • uploads///Debt
    Earnings Report

    Exelon is one of the leanest power utilities in the US

    For 4Q14, Exelon’s debt-to-equity ratio was 0.92x. Its operations are fairly underleveraged. It has one of the leanest debt metrics in the power utility industry.

    By Matt Phillips
  • uploads///stk price
    Company & Industry Overviews

    NRG, DYN, CPN: How Are Merchant Power Stocks Positioned in 2017?

    Merchant power producers have been under tremendous pressure in the last few years due to many factors.

    By Vineet Kulkarni
  • Energy & Utilities

    Must-know: Why Dynegy doubles capacity

    After the deal, Dynegy’s (DYN) total generation capacity will double to 26 gigawatts (or GW). As a result, Dynegy’s capacity will be at par with the third largest competitive U.S. generator among the independent power producers (or IPPs)—Calpine Corporation (CPN).

    By Matt Phillips
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    Earnings Report

    How Total Returns of Merchant Power Players Are Faring

    Merchant power companies have dug a deep hole in investors’ pockets in the last one year.

    By Vineet Kulkarni
  • uploads///NRG_Segments
    Fund Managers

    Oaktree Capital Sheds Nearly Half Its Holdings in NRG Energy

    NRG Energy is a US-based integrated retail electricity and wholesale power-generation firm. The company has 2.5 million residential customers across the US.

    By Stuart McKenzie
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    Company & Industry Overviews

    Dynegy: Aggressive Expansion Could Get the Stock Back on Track

    Dynegy (DYN) has taken an aggressive stance from the last couple of quarters and has added several power generation assets to its current portfolio.

    By Vineet Kulkarni
  • uploads///NRG anr
    Energy & Utilities

    What Analysts Predict for NRG Energy

    According to Wall Street analyst estimates, NRG Energy (NRG) has a mean price target of $30.6 against its current market price of $24.92.

    By Vineet Kulkarni
  • uploads///NRG stk
    Company & Industry Overviews

    Why NRG Energy Stock Could Continue to Soar

    NRG Energy (NRG), the largest independent power producer, seems ready to continue its bull run since it has significantly outperformed its peers so far this year.

    By Vineet Kulkarni
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    Earnings Report

    NRG Energy’s Retail Operational Stats for 2Q16

    NRG Energy’s (NRG) Retail segment posted $213 million adjusted EBITDA in 2Q16. It was $209 million in the same quarter last year.

    By Vineet Kulkarni
  • uploads///NRG anr
    Miscellaneous

    NRG Energy’s Price Targets and Analyst Recommendations

    According to Wall Street analysts, NRG Energy’s (NRG) price target for the next year is $20.36. That implies an estimated rise of nearly 12.0%.

    By Vineet Kulkarni
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    Company & Industry Overviews

    What Does the Correlation between NRG and Natural Gas Mean?

    NRG Energy (NRG) is the largest merchant power player in the United States. It has a generation fleet dominated by coal.

    By Vineet Kulkarni
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    Company & Industry Overviews

    A Look at NRG Energy’s Implied Volatility

    As of August 19, 2016, NRG Energy (NRG) has the highest implied volatility of all the utility companies. Its implied volatility is 46.8%. NRG’s 15-day average implied volatility is 45.8%.

    By Vineet Kulkarni
  • uploads///ESRX
    Healthcare

    Maverick Capital sells its stake in Express Scripts Holding

    Maverick Capital exited a 3.5% position in Express Scripts Holding Co. (ESRX). The position was initiated in 3Q 2013.

    By Samantha Nielson
  • uploads///CPN stk
    Company & Industry Overviews

    How Has Calpine Stock Performed Recently?

    Calpine (CPN) is one of the most beaten down stocks among US merchant power players. The stock has corrected more than 7.0% so far this year.

    By Vineet Kulkarni
  • Energy & Utilities

    Must-know: Duke’s revenue growth over the years

    Duke Energy (DUK) reported a jump of 27.6% year-over-year (or YoY) growth in earnings per share (or EPS) in its 2Q14 results. Favorable weather and a lower effective tax rate strengthened the regulated utilities business.

    By Matt Phillips
  • Energy & Utilities

    Why did the market punish Exelon?

    Exelon Corporation’s (EXC) stock has been hammered in the last six years. In 2008, the stock was trading at ~$90 per share. Early this year, the stock was available at less than $27 per share.

    By Matt Phillips
  • uploads///NRG anr
    Miscellaneous

    What Analysts Recommend for NRG Energy ahead of 4Q16 Earnings

    According to Wall Street analysts, NRG Energy’s (NRG) price target for the next year is $18.46, which implies an estimated gain of nearly 8% in the next year from its current price of $17.10.

    By Vineet Kulkarni
  • Energy & Utilities

    Why Exelon needs to change its strategy

    Exelon paid the price for aggressively pushing only one segment in its business. Now, it wants to stabilize its earnings. The retail utility business will provide stability.

    By Matt Phillips
  • uploads///PArt
    Macroeconomic Analysis

    Utilities Come under Pressure as September Fed Meeting Nears

    All 40 utilities we track saw a fall in their stock prices during the week ending September 4. The broad-based SPDR S&P 500 ETF (SPY) lost a whopping 3.5% during the week.

    By Mike Sonnenberg
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    Company & Industry Overviews

    AES, NRG, CPN: Could Overvalued Utilities Get More Expensive?

    On July 11, 2016, AES was trading at an EV-to-EBITDA (enterprise value to earnings before interest, tax, depreciation, and amortization) multiple of 8.6x.

    By Vineet Kulkarni
  • uploads///NRG anr
    Energy & Utilities

    Analysts’ Views on NRG Energy Stock Changed Recently

    According to Wall Street analysts’ estimates, NRG Energy (NRG) stock has a mean target price of $32.9—compared to its current market price of $26.8.

    By Vineet Kulkarni
  • uploads///NG
    Energy & Utilities

    Falling gas prices are negative for unregulated power players

    Natural gas prices fell by 9.9% for the week ending on January 30, 2015. Natural gas futures closed at $2.69 per MMBtu on Friday.

    By Matt Phillips
  • Energy & Utilities

    Must-know: Understanding Duke’s strategy

    In recent years, Duke Energy (DUK) made its intent very clear. It concentrates on its regulated utilities—its core business—instead of other areas. The regulated utilities business is Duke’s strength.

    By Matt Phillips
  • uploads///Dyn dma
    Company & Industry Overviews

    What Do Dynegy’s Chart Indicators Show?

    There isn’t a high chance of the stock recovering soon. On March 22, Dynegy was trading 20% and 38% below its 50-day and 200-day moving average levels.

    By Vineet Kulkarni
  • uploads///NRG val
    Company & Industry Overviews

    Does NRG Energy Stock Seem Expensive?

    On July 6, 2017, NRG Energy (NRG) stock was trading at an EV-to-EBITDA multiple of 11.5x. It has a five-year historical EV-to-EBITDA ratio of ~11.0x.

    By Vineet Kulkarni
  • uploads///Dynegy  results
    Fund Managers

    Oaktree Capital Enhances its Position in Dynegy by 28%

    Dynegy offers wholesale power and ancillary services to municipalities, cooperatives, utilities, and other energy firms in five US states.

    By Stuart McKenzie
  • uploads///NRG anr
    Energy & Utilities

    Will NRG Energy’s Transformation Plan Lead to Growth?

    According to Wall Street analysts, NRG Energy (NRG) stock has a mean price target of $30.89 against its current market price of $25.97, which indicates a potential upside of 19% going forward.

    By Vineet Kulkarni
  • uploads///NG
    Energy & Utilities

    Natural gas prices fall, affecting the power utilities industry

    Natural gas is the second-largest source of power generation in the United States, after coal. In 2013, 27% of electricity was produced from natural gas.

    By Matt Phillips
  • uploads///Gainers
    Energy & Utilities

    The Hercules of the power sector in a falling market

    Three power companies had positive returns for the week ended January 2, 2015. Returns for Dynegy (DYN) and Calpine (CPN) stood out in a falling US market.

    By Matt Phillips
  • uploads///Rationale
    Energy & Utilities

    Why was Dynegy interested in the acquisition?

    Once the deal is complete, Dynegy will add 9,000 MW and 3,400 MW capacity in the PJM and New England markets, respectively.

    By Matt Phillips
  • uploads///Valuation
    Energy & Utilities

    Is Dynegy’s stock available cheap?

    Dynegy currently trades at $31.03 per share. An EV/EBITDA multiple of 8x to 10x shows a big upside in Dynegy’s stock.

    By Matt Phillips
  • uploads///NG
    Energy & Utilities

    Low gas prices can make independent power producers uncomfortable

    Natural gas is procured by power producers on short-term and spot contracts. Changes in gas prices affect unregulated power companies immediately.

    By Matt Phillips
  • uploads///Structure
    Energy & Utilities

    NextEra Energy plays in regulated and unregulated utility markets

    NextEra Energy is a Florida-based power company. Its subsidiaries are Florida Light & Power and NextEra Energy Resources.

    By Matt Phillips
  • uploads///CTRX
    Consumer

    Lee Ainslie’s Maverick Capital buys a stake in Catamaran Corp.

    Pharmacy benefit manager Catamaran Corp. (CTRX) is a new position initiated by Maverick that accounts for 2.46% of the fund’s fourth quarter portfolio.

    By Samantha Nielson
  • uploads///Part  ALB
    Company & Industry Overviews

    Albemarle Appointed Laurie Brlas to Board of Directors

    For the week ended June 30, 2017, Albemarle (ALB) rose 0.7% and closed at $105.54.

    By Peter Neil
  • uploads///NRG val
    Earnings Report

    A Closer Look at NRG Energy’s Current Valuation

    On February 28, 2017, NRG Energy stock was trading at an EV-to-EBITDA valuation multiple of 9x. The average multiple of US utilities (XLU) stands just above 10x.

    By Vineet Kulkarni
  • uploads///NRG rev
    Earnings Report

    A Look at NRG Energy’s 4Q16 Revenues

    Independent power producer NRG Energy (NRG) reported its 4Q16 and fiscal 2016 results on February 28, 2017. NRG reported total revenues of ~$2.5 billion for 4Q16, lower than its 4Q15 revenues of $3.0 billion.

    By Vineet Kulkarni
  • uploads///NRG dma
    Earnings Report

    Will NRG Energy Stock Continue Its Bull Run?

    NRG Energy (NRG) stock continues to trade at a huge premium to its moving average levels.

    By Vineet Kulkarni
  • uploads///NRG rev
    Earnings Report

    Factors that Could Drive NRG Energy’s Revenues in 4Q16

    NRG Energy (NRG), one of the largest independent power producers, is set to report its fourth quarter and 2016 financial results on February 28, 2017.

    By Vineet Kulkarni
  • uploads///Leverage
    Company & Industry Overviews

    DYN, NRG, and CPN: A Look at Their Alarming Debt Profiles

    Due to prolonged weak wholesale power prices, merchant power players’ cash flows from operations have remained stressed in the last few years.

    By Vineet Kulkarni
  • uploads///Revenue
    Company & Industry Overviews

    Analyzing Merchant Power Companies’ Revenue Growth

    The top lines of independent power producers (CPN) (NRG) have been under severe pressure due to weak wholesale prices and flattish electricity consumption growth.

    By Vineet Kulkarni
  • uploads///Valuation
    Company & Industry Overviews

    How Are Merchant Stocks Valued?

    On January 11, 2017, NRG Energy (NRG) was trading at an EV-to-EBITDA (enterprise value to earnings before interest, tax, depreciation, and amortization) valuation multiple of 9x.

    By Vineet Kulkarni
  • uploads///NRG dvd
    Company & Industry Overviews

    What’s behind NRG Energy’s Diminishing Dividends?

    NRG Energy (NRG) is the only utility under our consideration that pays dividends. Dynegy (DYN) and Calpine (CPN) don’t pay dividends.

    By Vineet Kulkarni
  • uploads///TRA
    Company & Industry Overviews

    NRG, DYN, and CPN: Which Merchant Stock Returned the Most?

    NRG Energy (NRG) leads the pack with total returns of 30% in the last one year.

    By Vineet Kulkarni
  • uploads///NRG ANR
    Earnings Report

    Analysts’ Price Targets for NRG Energy after Its 3Q16 Earnings

    Wall Street analysts’ consensus price target for NRG Energy (NRG) is $16.79. Its current market price is $11.03, implying a rise of 52% over the next year.

    By Vineet Kulkarni
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    Earnings Report

    What Are Price Targets for NRG, CPN, and DYN?

    According to Wall Street analyst estimates, NRG Energy (NRG) has an estimated upside of 54% in one year with a price target of $16.71.

    By Vineet Kulkarni
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    Company & Industry Overviews

    NRG, DYN, CPN: Are Huge Upsides in Merchant Stocks Only a Mirage?

    According to Wall Street analysts, NRG Energy (NRG) has an estimated upside of nearly 54% with a median price target of $16.86. It is currently trading at $10.98.

    By Vineet Kulkarni
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    Earnings Report

    NRG and Other Merchant Power Players Offer Enticing Upsides

    According to Wall Street analyst estimates, NRG Energy (NRG) has an estimated upside of 39% in one year with a price target of $17.86.

    By Vineet Kulkarni
  • uploads///
    Earnings Report

    Broker Recommendations for NRG Energy ahead of Its 2Q16 Earnings

    According to Wall Street analyst estimates, NRG Energy (NRG) has an estimated upside of 31% in one year with a price target of $18.14.

    By Vineet Kulkarni
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    Earnings Report

    These Factors Could Drive NRG Energy’s Sales up in 2Q16

    North America’s largest independent power producer, NRG Energy (NRG), is planning to report its 2Q16 financial results on August 9, 2016.

    By Vineet Kulkarni
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    Company & Industry Overviews

    Are US Independent Power Producers’ Futures Bleak?

    Merchant power generators have been the poorest performers in the last 12 months, considering their huge exposures to commodity prices.

    By Vineet Kulkarni
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    Earnings Report

    Why NRG Energy Beat Earnings Estimates in Fiscal 1Q16

    NRG Energy (NRG) reported earnings of $0.47 per share in 1Q16 against its loss of 0.35 per share in the same quarter last year.

    By Vineet Kulkarni
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    Earnings Report

    NRG Energy Posts Strong 1Q16 Results: Stock Rises to 8-Month High

    NRG Energy (NRG) rose to a nearly eight-month high after posting strong fiscal 1Q16 results on May 5, 2016. It beat analysts’ earnings as well as revenue estimates.

    By Vineet Kulkarni
  • uploads///
    Company & Industry Overviews

    NRG Energy’s Margins Struggle as Wholesale Operations Weaken

    NRG Energy (NRG) mainly generates revenue from its wholesale operations and renewable energy sales. In the last five years, NRG revenues nearly doubled, but earnings dwindled.

    By Vineet Kulkarni
  • uploads///
    Company & Industry Overviews

    Will NRG Energy Sustain the Recovery?

    More than half of NRG Energy’s market capitalization vanished last year. However, it has gained nearly 20% so far this year, mimicking regulated utilities (XLU).

    By Vineet Kulkarni
  • uploads///
    Earnings Report

    Are Merchant Power Stocks Really Worth the Risk?

    Weaker commodity (DBC) prices may continue to dampen wholesale power prices, which could influence NRG’s earnings.

    By Vineet Kulkarni
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    Earnings Report

    NRG Energy Reports Heavy Loss in 4Q15 on Impairments

    NRG Energy (NRG) reported its fourth quarter results on February 29, 2016. It reported a net loss of $6.4 billion in 4Q15 against its net income of $97 million in 4Q14.

    By Vineet Kulkarni
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    Company & Industry Overviews

    Where Is Calpine Corporation Heading in 2016?

    In its 3Q15 results commentary, Calpine management forecasted a 5% drop in adjusted EBITDA to $1.88 billion from $1.98 in 2015.

    By Vineet Kulkarni
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    Company & Industry Overviews

    Marc Lasry Focuses on Energy in His ‘Portfolio with Purpose’

    In an interview with CNBC on January 8, 2016, Marc Lasry, founder and CEO of Avenue Capital Group, said that the energy sector may have bottomed out.

    By Vineet Kulkarni
  • uploads///cpn pm
    Earnings Report

    Calpine Improved Its Performance in 3Q15

    After the 3Q15 earnings report, Calpine rose by 3.8% to close at $15.51 per share on October 30, 2015.

    By Gabriel Kane
  • uploads///PArt  utilities
    Macroeconomic Analysis

    Utilities Gain despite Rise in Treasury Yields

    Utilities benefitted greatly from the low interest rates, as they took an opportunity to undertake capital expenditure at these low rates.

    By Mike Sonnenberg
  • uploads///PArt  utilities
    Macroeconomic Analysis

    Utilities End Last Week of July in Style, Sector ETF Up 3.8%

    All 41 utilities under our coverage gained during the week due to favorable macroeconomic data and strong earnings.

    By Mike Sonnenberg
  • uploads///Part  best performers
    Macroeconomic Analysis

    Friday the 13th is good for MGE Energy

    MGE Energy rose 4.2% to end the March 13 week at $42.52 with a market capitalization of $1.5 billion. An interim report signaled strong annual earnings.

    By Mike Sonnenberg
  • Energy & Utilities

    Why Exelon has healthy debt and leverage

    The power utilities business is a capital intensive business. This is why utility companies’ debt is higher than other industries.

    By Matt Phillips
  • Energy & Utilities

    Must-know: Exelon’s position in the power industry

    Exelon Corporation (EXC) is one of the largest power companies in the U.S. In 2013, Exelon reported operating revenues of $24.9 billion.

    By Matt Phillips
  • Energy & Utilities

    Must-know: Dynegy’s operational strategy

    The PJM and New England regions are unregulated for power producers. After the deal is complete, the markets will represent 25% of Dynegy’s gross margin. Currently, the markets only contribute 11%. The region’s generating capacity will increase significantly from 18% now to 60% after the deal. This will give Dynegy superior pricing power.

    By Matt Phillips
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