Covey Capital Advisors LLC Sells 419 Shares of Talen Energy Corporation (NASDAQ:TLN)

Covey Capital Advisors LLC trimmed its stake in shares of Talen Energy Corporation (NASDAQ:TLN) by 9.0% during the fourth quarter, HoldingsChannel.com reports. The firm owned 4,219 shares of the utilities provider’s stock after selling 419 shares during the quarter. Talen Energy makes up 1.0% of Covey Capital Advisors LLC’s portfolio, making the stock its 24th largest position. Covey Capital Advisors LLC’s holdings in Talen Energy were worth $850,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. BNP Paribas Financial Markets bought a new stake in shares of Talen Energy during the 3rd quarter valued at $36,000. Allworth Financial LP raised its stake in shares of Talen Energy by 170.6% during the 4th quarter. Allworth Financial LP now owns 184 shares of the utilities provider’s stock valued at $37,000 after purchasing an additional 116 shares during the period. Geneos Wealth Management Inc. bought a new stake in shares of Talen Energy during the 4th quarter valued at $39,000. Empowered Funds LLC bought a new stake in shares of Talen Energy during the 4th quarter valued at $42,000. Finally, SG Americas Securities LLC bought a new stake in shares of Talen Energy during the 4th quarter valued at $152,000. 0.38% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have weighed in on the company. UBS Group upped their target price on Talen Energy from $242.00 to $269.00 and gave the stock a “buy” rating in a research note on Friday, January 3rd. Barclays upped their target price on Talen Energy from $245.00 to $293.00 and gave the stock an “overweight” rating in a research note on Monday, January 27th. Daiwa Capital Markets assumed coverage on Talen Energy in a research note on Wednesday, December 4th. They issued a “buy” rating and a $248.00 target price on the stock. Bank of America assumed coverage on Talen Energy in a research note on Monday, February 3rd. They issued a “buy” rating and a $253.00 target price on the stock. Finally, Oppenheimer upped their target price on Talen Energy from $225.00 to $250.00 and gave the stock an “outperform” rating in a research note on Monday, December 9th. Ten equities research analysts have rated the stock with a buy rating, According to MarketBeat, Talen Energy currently has a consensus rating of “Buy” and a consensus target price of $247.10.

Insider Transactions at Talen Energy

In related news, major shareholder Rubric Capital Management Lp sold 4,893,507 shares of the stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $204.35, for a total transaction of $999,988,155.45. Following the completion of the sale, the insider now directly owns 6,475,107 shares in the company, valued at $1,323,188,115.45. This represents a 43.04 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 0.18% of the company’s stock.

Talen Energy Price Performance

TLN opened at $236.43 on Friday. The stock has a 50-day moving average price of $221.97 and a 200-day moving average price of $175.07. Talen Energy Corporation has a 12-month low of $67.01 and a 12-month high of $258.03. The company has a current ratio of 4.10, a quick ratio of 3.37 and a debt-to-equity ratio of 1.07. The stock has a market capitalization of $12.02 billion, a P/E ratio of 12.66, a PEG ratio of 2.83 and a beta of 1.70.

Talen Energy Profile

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.