Carronade Capital Management LP Has $76.04 Million Position in Talen Energy Corporation $TLN

Key Points

• Carronade Capital Management LP has reduced its stake in Talen Energy Corporation by 15%, owning 380,816 shares valued at approximately $76.04 million.
• Talen Energy reported a net income of $1.50 per share for the last quarter, significantly surpassing analysts' expectations of ($1.13) per share, with revenue of $630 million.
• Wall Street analysts maintain a consensus rating of "Buy" for Talen Energy stock, with an average price target of $316.00 per share, supported by multiple firms issuing positive ratings.

Carronade Capital Management LP lowered its holdings in Talen Energy Corporation (NASDAQ:TLN - Free Report) by 15.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 380,816 shares of the utilities provider's stock after selling 67,070 shares during the quarter. Talen Energy accounts for about 4.5% of Carronade Capital Management LP's investment portfolio, making the stock its 3rd biggest holding. Carronade Capital Management LP owned 0.84% of Talen Energy worth $76,038,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Russell Investments Group Ltd. raised its stake in shares of Talen Energy by 75.8% in the first quarter. Russell Investments Group Ltd. now owns 17,502 shares of the utilities provider's stock worth $3,495,000 after purchasing an additional 7,547 shares during the last quarter. Crescent Grove Advisors LLC purchased a new position in shares of Talen Energy in the first quarter worth $285,000. Thoroughbred Financial Services LLC purchased a new position in shares of Talen Energy in the first quarter worth $756,000. TCW Group Inc. purchased a new position in shares of Talen Energy in the first quarter worth $9,266,000. Finally, Principal Financial Group Inc. raised its stake in shares of Talen Energy by 114.9% in the first quarter. Principal Financial Group Inc. now owns 3,591 shares of the utilities provider's stock worth $717,000 after purchasing an additional 1,920 shares during the last quarter. Hedge funds and other institutional investors own 0.38% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on TLN. Wall Street Zen upgraded Talen Energy from a "sell" rating to a "hold" rating in a research note on Monday, August 11th. Barclays upped their price objective on Talen Energy from $353.00 to $418.00 and gave the company an "overweight" rating in a research report on Wednesday, August 13th. Susquehanna reiterated an "overweight" rating on shares of Talen Energy in a research report on Thursday, June 12th. Jefferies Financial Group upped their price objective on Talen Energy from $326.00 to $380.00 and gave the company a "buy" rating in a research report on Friday, July 18th. Finally, Morgan Stanley upped their price objective on Talen Energy from $300.00 to $330.00 and gave the company an "overweight" rating in a research report on Friday, July 18th. Sixteen equities research analysts have rated the stock with a Buy rating, According to MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus target price of $316.00.

Talen Energy Stock Performance

NASDAQ:TLN traded up $2.68 during mid-day trading on Thursday, hitting $380.44. 523,865 shares of the company traded hands, compared to its average volume of 1,191,750. The stock's fifty day moving average price is $338.64 and its 200-day moving average price is $264.16. Talen Energy Corporation has a one year low of $137.55 and a one year high of $394.25. The company has a quick ratio of 1.34, a current ratio of 1.84 and a debt-to-equity ratio of 2.39. The firm has a market cap of $17.38 billion, a price-to-earnings ratio of 107.77, a price-to-earnings-growth ratio of 2.61 and a beta of 1.89.

Talen Energy (NASDAQ:TLN - Get Free Report) last released its quarterly earnings results on Thursday, August 7th. The utilities provider reported $1.50 earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.13) by $2.63. Talen Energy had a return on equity of 17.81% and a net margin of 8.75%.The business had revenue of $630.00 million during the quarter, compared to analyst estimates of $481.48 million. Research analysts anticipate that Talen Energy Corporation will post 15.94 earnings per share for the current fiscal year.

Insider Buying and Selling at Talen Energy

In other news, major shareholder Rubric Capital Management Lp sold 178,000 shares of the company's stock in a transaction dated Friday, June 27th. The stock was sold at an average price of $296.04, for a total value of $52,695,120.00. Following the completion of the transaction, the insider owned 5,734,970 shares of the company's stock, valued at $1,697,780,518.80. This represents a 3.01% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders sold a total of 388,530 shares of company stock valued at $114,090,933 over the last three months. Corporate insiders own 0.18% of the company's stock.

About Talen Energy

Talen Energy Corporation is a U.S.-based energy and power generation company. The Company owns or controls approximately 16,000 megawatts of capacity in wholesale power markets, principally in the Northeast, Mid-Atlantic and Southwest regions of the United States. The Company generates and sells electricity, capacity and related products from power plants that use fuel sources, such as nuclear, natural gas and coal.