5 Energy Stocks T. Boone Pickens Loves Right Now

Calpine's exposure to natural gas-fired plants means that the firm benefits more than most when natgas is sitting at low levels. Unfortunately for Calpine, low nat gas prices tend to go hand-in-hand with low wholesale power prices, which means that the firm's margins haven't expanded as many investors had hoped. If the company can get a handle on some of its costs - namely its debt load - it'll look like a better bet for 2012.

BP Capital bought 290,000 shares of CPN last quarter, bringing on a $5 million stake in the company.

To see the rest of T. Boone Pickens' plays check out the T. Boone Pickens - BP Capital Portfolio on Stockpickr.

-- Written by Jonas Elmerraji in Baltimore.

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