SPO Advisory Reduces Its Stake in Calpine Corporation (CPN)

John H. Scully’s fund Spo Advisory Corp has disclosed, in a new filing with the Securities and Exchange Commission, trimming its position in Calpine Corporation (NYSE:CPN). The fund currently holds around 12.12 million shares, representing 2.9% of the common stock of the company. Spo Advisory Corp held around 30.31 million shares of Calpine previously.

Of all the hedge funds we track, SPO Advisory Corp was the largest shareholder of Calpine Corporation (NYSE:CPN) at the end of the fourth quarter of 2013.

Calpine Corporation (NYSE:CPN)

Calpine Corporation (NYSE:CPN) is an independent wholesale power producer in the United States. This week, Stuart J. Ryan, a director at Calpine, sold 20.0 million shares of the company and now holds 12.10 million shares. Another director Robert Mosbacher, also sold 7,500 shares of the company.

For FY2014, Calpine Corporation (NYSE:CPN) expects its adjusted EBITDA to be in the range of $1.9 billion to $2.0 billion; Adjusted free cash flow is expected to be between $785 million to $885 million. The earnings per share is expected to be in the range of $1.85 to $2.10 per share.

Another hedge fund, Harris Associates, managed by Natixis Global Asset Management has been bullish on Calpine in the fourth quarter and raised the stake by 33% over the quarter to 10.64 million shares, worth $207.58 million.

SPO Advisory Corp is a value investing fund with a very concentrated portfolio. In November, Spo Advisory Corp sliced its position in Petroquest Energy Inc (NYSE:PQ) by 310,000 shares, and a couple of days later the fund further trimmed its position by 242,000 shares. The fund held 6.43 million shares of Petroquest, at the end of the fourth quarter of 2013.

SPO Advisory Corp had 16.76% of its equity portfolio invested in Charles Schwab Corp (NYSE:SCHW) at the end of the fourth quarter, the position amassing 46.35 million shares of the company. Next on the list, in terms of value, is Liberty Global plc – Class C Ordinary Shares (NASDAQ:LBTYK), of which the fund held 12.58 million shares, representing 14.75% of its equity portfolio.

Disclosure: none

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