Talen Energy Corporation (TLN · NASDAQ)

Talen Energy (TLN) trades at $304.42, down 15.6% over three months and sitting 31.7% below its 52-week high after touching a low of $301.35 in late August. The most recent quarter showed a swing to losses — operating income of -$72.0M and net income of -$92.0M on $747.0M revenue, with negative operating cash flow of -$434.0M — though trailing revenue is up 111.2% year over year. Leverage remains elevated at 16.4x debt/EBITDA with $9.57B in total debt against $231.0M cash, and the company missed Q2 estimates badly ($0.16 reported vs. $3.20 expected). Institutional activity has been mixed but net positive, including a $78.39M Bank of America stake, and Mizuho initiated coverage with an Outperform rating and $405 target.