Talen Energy Corporation $TLN is Carronade Capital Management LP's 2nd Largest Position

Key Points

• Carronade Capital Management increased its Talen Energy stake by 11.6% in the first quarter to 644,484 shares valued at approximately $205.7 million, making TLN its second-largest position.
• Analysts remain broadly positive, with nine Buy ratings and four Holds; Talen Energy has a “Moderate Buy” consensus rating and an average price target of $476.27.
• Director Gizman I. Abbas sold 2,600 shares at an average price of $380, reducing his ownership by nearly 50%. TLN opened at $359.90 and has traded between $301.45 and $451.28 over the past year.

Carronade Capital Management LP grew its holdings in Talen Energy Corporation (NASDAQ:TLN - Free Report) by 11.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 644,484 shares of the utilities provider's stock after purchasing an additional 67,245 shares during the period. Talen Energy makes up about 2.7% of Carronade Capital Management LP's holdings, making the stock its 2nd biggest position. Carronade Capital Management LP owned about 1.42% of Talen Energy worth $205,739,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of TLN. Entropy Technologies LP boosted its holdings in Talen Energy by 20.7% in the 1st quarter. Entropy Technologies LP now owns 8,591 shares of the utilities provider's stock worth $2,743,000 after buying an additional 1,474 shares during the period. Healthcare of Ontario Pension Plan Trust Fund bought a new stake in Talen Energy during the 1st quarter valued at $3,033,000. Compound Planning Inc. lifted its position in shares of Talen Energy by 5.7% during the first quarter. Compound Planning Inc. now owns 889 shares of the utilities provider's stock worth $284,000 after acquiring an additional 48 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its position in shares of Talen Energy by 69.0% during the first quarter. Arrowstreet Capital Limited Partnership now owns 275,105 shares of the utilities provider's stock worth $87,822,000 after acquiring an additional 112,317 shares in the last quarter. Finally, Arrow Capital Management LLC boosted its holdings in shares of Talen Energy by 15.3% in the first quarter. Arrow Capital Management LLC now owns 32,340 shares of the utilities provider's stock worth $10,324,000 after acquiring an additional 4,296 shares during the period. 0.38% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director Gizman I. Abbas sold 2,600 shares of the business's stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $380.00, for a total transaction of $988,000.00. Following the completion of the transaction, the director owned 2,606 shares of the company's stock, valued at approximately $990,280. The trade was a 49.94% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.78% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the company. The Goldman Sachs Group started coverage on Talen Energy in a research report on Thursday, June 18th. They issued a "buy" rating and a $499.00 price target for the company. Wells Fargo & Company raised their target price on Talen Energy from $465.00 to $477.00 and gave the stock an "overweight" rating in a research note on Wednesday, May 6th. Raymond James Financial reaffirmed an "outperform" rating and set a $457.00 target price on shares of Talen Energy in a report on Monday, April 27th. Weiss Ratings upgraded Talen Energy from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Thursday, May 7th. Finally, Barclays increased their price target on shares of Talen Energy from $408.00 to $411.00 and gave the stock an "overweight" rating in a report on Tuesday, May 19th. Nine research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $476.27.

Talen Energy Stock Performance

Shares of TLN stock opened at $359.90 on Monday. The company has a debt-to-equity ratio of 6.32, a quick ratio of 1.05 and a current ratio of 1.25. Talen Energy Corporation has a 52-week low of $301.45 and a 52-week high of $451.28. The company has a market capitalization of $17.24 billion, a PE ratio of -537.16 and a beta of 1.82. The business's fifty day moving average is $379.23 and its 200 day moving average is $361.58.

About Talen Energy

Talen Energy Inc is an independent power producer that develops and operates a diversified portfolio of thermal and renewable generation facilities across the United States. The company supplies wholesale electricity and related services to utilities, large industrial customers, and power marketers, participating actively in regional markets such as PJM Interconnection and the Electric Reliability Council of Texas (ERCOT). Talen's asset base comprises a mix of natural gas-fired, coal-fired and nuclear generation, supplemented by battery storage and other flexible resources designed to support the evolving needs of the grid.

Established in December 2015 through the combination of the competitive generation businesses previously held by two major utility groups, Talen Energy was structured as a standalone, publicly traded entity on the NASDAQ stock exchange (TLN).

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