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

Recommended Reading:

Oaktree Capital Management Buys 4.42 Million Shares of Diamond Foods, Inc. (DMND)

Steven Cohen’s Sac Capital Advisors Boosts Its Stake in DeVry Education Group Inc (DV)

Corvex Capital Exercises Options and Reiterates Stake in Signet Jewelers Limited (SIG)

Biotech Insider Alert - $6 Stock To Hit $40

$200 Million Dollar Healthcare Hedge Fund's #1 Best Idea Right Now

The best healthcare hedge fund out there right now is one of the largest shareholders in this biotech stock. The fund returned more than 20% in each of the last 2 years with a virtually fully hedged portfolio, and it's sending out a BUY signal on this biotech stock. Get your FREE REPORT today (retail value of $300)

This is a FREE report from Insider Monkey. Credit Card is NOT required.
Click here to Read Comments
Insider Monkey Small Cap Strategy
Insider Monkey Small Cap Strategy

Insider Monkey beat the market by 74 percentage points in 2.5 years. Our beta is only 1.2 (download a FREE newsletter and see the details inside)

Lists

Best Selling Magazines in the World

Shortest People in History

The Most Celebrated Holidays in the World

Most Expensive Handbag Brands in the World

Top Selling Comic Book Issues of this Century

The Most Powerful Women in Politics

Best Paid DJs

Most Rebellious Female Artists

Best Paid TV Actresses of 2014

Best Paid Actors of 2014

Most Expensive Horses in the World

Tallest People Ever

Most Encouraging Feminist Celebrities

Best Paid Supermodels of 2014

Top 10 Suburbs for Retirement in 2015

10 Wealthiest Cities in America

Top 10 TED Talks for Entrepreneurs

Best TED Talks on Education

25 Most Dangerous Places to Live in America

Top 10 Ski Resorts in the United States – 2014 List

Top 10 Most Remote Places in the World

Most Visited Museums in the United States

Wealthiest Photographers in the World

Most Famous Gay Athletes

The World’s Most Famous Circuses

Best Hair Stylists

Most Popular NASCAR Drivers

The Best Romance Movies of all Time

The Most Wanted Drug Lords

The Oldest Money Managers

The Greatest Directors in the World

Largest Animals in the World

World’s Most Expensive Desserts

Best Selling Comic Books of All Time

A-list Actors who Sabotaged Their Career

Rappers With a College Degree

The Best Jazz Albums of all Time

The Most Influential Jazz Musicians

The World’s Most Famous Photographers

The Best Oscar-Winning Songs

Most Influential Choreographers Ever

Most Expensive Department Stores in the World

The Most Expensive Stolen Paintings in the World

The World’s Most Expensive Teas

Top Oscar Record Holders

The Most Expensive Flowers in the World

Countries With a Booming Film Industry

Most Expensive Cupcakes in the World

Uncommon European Escapes

The Most Stolen Artists in History

Subscribe

Enter your email:

Delivered by FeedBurner

X

Thanks! An email with instructions is sent to !

Your email already exists in our database. Click here to go to your subscriptions

Insider Monkey returned 129% in 2.5 years!! Wondering How?

Download a complete edition of our newsletter for free!