3 Utilities Stocks Driving The Sector Higher

Editor's Note: Any reference to TheStreet Ratings and its underlying recommendation does not reflect the opinion of TheStreet, Inc. or any of its contributors including Jim Cramer or Stephanie Link.

All three major indices are trading down today with the Dow Jones Industrial Average ( ^DJI) trading down 83 points (-0.5%) at 16,448 as of Tuesday, May 6, 2014, 12:55 PM ET. The NYSE advances/declines ratio sits at 1,223 issues advancing vs. 1,760 declining with 164 unchanged.

The Utilities sector currently is unchanged today versus the S&P 500, which is down 0.4%. Top gainers within the sector include CPFL Energy ( CPL), up 3.7%, Energy Company of Parana ( ELP), up 2.7%, Western Gas Equity Partners ( WGP), up 1.2% and Korea Electric Power ( KEP), up 0.8%.

TheStreet would like to highlight 3 stocks pushing the sector higher today:

3. Calpine ( CPN) is one of the companies pushing the Utilities sector higher today. As of noon trading, Calpine is up $0.26 (1.1%) to $23.15 on light volume. Thus far, 888,052 shares of Calpine exchanged hands as compared to its average daily volume of 3.9 million shares. The stock has ranged in price between $22.87-$23.19 after having opened the day at $22.91 as compared to the previous trading day's close of $22.89.

Calpine Corporation, a wholesale power generation company, owns and operates natural gas-fired and geothermal power plants in North America. It operates natural gas-fired combustion turbines and renewable geothermal conventional steam turbines. Calpine has a market cap of $9.6 billion and is part of the utilities industry. The company has a P/E ratio of 84.1, above the S&P 500 P/E ratio of 17.7. Shares are up 17.3% year-to-date as of the close of trading on Monday. Currently there are 6 analysts who rate Calpine a buy, no analysts rate it a sell, and 4 rate it a hold.

TheStreet Ratings rates Calpine as a buy. The company's strengths can be seen in multiple areas, such as its robust revenue growth, compelling growth in net income, good cash flow from operations, impressive record of earnings per share growth and increase in stock price during the past year. We feel these strengths outweigh the fact that the company has had generally high debt management risk by most measures that we evaluated. Get the full Calpine Ratings Report now.

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