NEW YORK (TheStreet) -- Shares of Calpine (CPN) are declining 4.64% to $13.57 on heavy trading volume early Friday afternoon after reporting a loss for the 2016 second quarter.

Before the market open, the power generation company reported an adjusted loss of 8 cents per share vs. analysts' estimates for earnings of 6 cents per share.

Quarterly operating revenue fell 19.3% year-over-year to $1.16 billion and missed analysts' estimates of $1.29 billion. 

Calpine narrowed its full-year guidance and now anticipates adjusted free cash flow between $710 million and $810 million. The company had previously expected free cash flow between $710 million and $860 million.

Calpine now expects adjusted EBITDA between $1.8 billion and $1.9 billion for the year vs. its previous estimates of $1.8 billion to $1.95 billion.

About 5.82 million shares of Calpine have been traded so far today, well above its average trading volume of roughly 3.32 million shares per day. 

Separately, TheStreet Ratings team rates the stock as a "hold" with a ratings score of C.

Capine's strengths such as its generally strong cash flow from operations are countered by weaknesses including a generally disappointing performance in the stock itself, feeble growth in the company's earnings per share and deteriorating net income.

You can view the full analysis from the report here: CPN

TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author. 

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