Callon Petroleum Company (CPE) Stock Price Down 5.2%

Shares of Callon Petroleum Company (NYSE:CPE) dropped 5.2% during mid-day trading on Monday . The stock traded as low as $9.34 and last traded at $10.04. Approximately 5,505,292 shares changed hands during trading, an increase of 33% from the average daily volume of 4,139,030 shares. The stock had previously closed at $9.54.

CPE has been the topic of several recent research reports. Barclays PLC reaffirmed a “buy” rating and set a $14.00 price objective on shares of Callon Petroleum in a report on Friday, July 7th. Scotiabank set a $15.00 price objective on Callon Petroleum and gave the stock a “buy” rating in a report on Saturday, July 1st. Tudor Pickering initiated coverage on Callon Petroleum in a report on Tuesday, June 20th. They set a “buy” rating and a $26.00 price objective on the stock. BMO Capital Markets set a $15.00 price objective on Callon Petroleum and gave the stock a “buy” rating in a report on Monday, June 26th. Finally, Roth Capital set a $23.00 price objective on Callon Petroleum and gave the stock a “buy” rating in a report on Friday, May 26th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and twenty have issued a buy rating to the company. The stock has an average rating of “Buy” and an average target price of $17.54.

The firm’s 50 day moving average price is $10.44 and its 200 day moving average price is $11.39. The company has a market cap of $2.11 billion, a P/E ratio of 19.94 and a beta of 1.44.

Callon Petroleum (NYSE:CPE) last released its earnings results on Wednesday, August 2nd. The oil and natural gas company reported $0.09 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.11 by ($0.02). Callon Petroleum had a return on equity of 4.16% and a net margin of 34.61%. The company had revenue of $82.30 million for the quarter, compared to analyst estimates of $83.89 million. During the same period in the previous year, the firm earned ($0.61) earnings per share. The company’s revenue for the quarter was up 82.5% compared to the same quarter last year. On average, analysts expect that Callon Petroleum Company will post $0.50 EPS for the current year.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Phocas Financial Corp. grew its stake in Callon Petroleum by 4.7% during the 2nd quarter. Phocas Financial Corp. now owns 720,960 shares of the oil and natural gas company’s stock worth $7,649,000 after purchasing an additional 32,166 shares in the last quarter. Hillcrest Asset Management LLC boosted its position in shares of Callon Petroleum by 43.8% during the 2nd quarter. Hillcrest Asset Management LLC now owns 967,100 shares of the oil and natural gas company’s stock worth $10,261,000 after acquiring an additional 294,660 shares in the last quarter. 1st Global Advisors Inc. boosted its position in shares of Callon Petroleum by 6.0% during the 2nd quarter. 1st Global Advisors Inc. now owns 33,366 shares of the oil and natural gas company’s stock worth $354,000 after acquiring an additional 1,879 shares in the last quarter. Westwood Holdings Group Inc. boosted its position in shares of Callon Petroleum by 62.3% during the 2nd quarter. Westwood Holdings Group Inc. now owns 1,951,545 shares of the oil and natural gas company’s stock worth $20,706,000 after acquiring an additional 749,023 shares in the last quarter. Finally, Ameritas Investment Partners Inc. boosted its position in shares of Callon Petroleum by 13.7% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 17,701 shares of the oil and natural gas company’s stock worth $188,000 after acquiring an additional 2,129 shares in the last quarter.

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Callon Petroleum Company Profile

Callon Petroleum Company is an independent oil and natural gas company. The Company is engaged in the exploration, development, acquisition and production of oil and natural gas properties. The Company focuses on the acquisition and development of unconventional oil and natural gas reserves in the Permian Basin.

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