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Friday, April 28, 2017 3:49:36 PM
Calpine (CPN +4%) is higher following mixed Q1 results in which its reported $0.16/share loss was worse than the analyst consensus estimate for a $0.10 loss, but revenues rose 41% Y/Y.
CPN's Q1 loss narrowed vs. Q4 2016 despite a mild Texas winter and a wet year in the west, which produced above average levels of hydroelectric power; in both cases, demand was low from CPN’s natural gas fired power plants.
CPN also says it cancelled construction of 418 MW gas-fired peaking power plant in Texas, instead signing a 10-year supply deal for the Guadalupe Valley Electric Cooperative, which serves an area north of Victoria, Tex.
Most of the day's gain may have been sparked by comments from CEO Thad Hill during CPN's earnings call that the stock's depressed share price has made the company a potential leveraged buyout target, according to SparkSpread.
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