Callon Petroleum Co. Forecasted to Post Q3 2016 Earnings of $0.08 Per Share (CPE)

Callon Petroleum Co. (NYSE:CPE) – Seaport Global Securities decreased their Q3 2016 earnings per share (EPS) estimates for shares of Callon Petroleum in a research report issued to clients and investors on Wednesday. Seaport Global Securities analyst M. Kelly now anticipates that the firm will earn $0.08 per share for the quarter, down from their prior forecast of $0.09. Seaport Global Securities also issued estimates for Callon Petroleum’s Q4 2016 earnings at $0.08 EPS and Q1 2017 earnings at $0.09 EPS.

CPE has been the subject of several other research reports. Citigroup Inc. lifted their target price on shares of Callon Petroleum from $12.50 to $14.00 and gave the company a “neutral” rating in a report on Thursday, August 11th. Imperial Capital restated an “outperform” rating and issued a $16.00 price target (up previously from $14.00) on shares of Callon Petroleum in a research note on Wednesday, August 10th. Canaccord Genuity boosted their price target on shares of Callon Petroleum from $15.00 to $18.00 and gave the stock a “buy” rating in a research note on Thursday, September 8th. FBR & Co boosted their price target on shares of Callon Petroleum from $15.00 to $17.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 10th. Finally, Evercore ISI assumed coverage on shares of Callon Petroleum in a research note on Wednesday, September 28th. They issued a “buy” rating and a $20.00 price target for the company. One analyst has rated the stock with a sell rating, three have given a hold rating, twenty-two have issued a buy rating and one has given a strong buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $15.58.

Earnings History and Estimates for Callon Petroleum (NYSE:CPE)

Callon Petroleum (NYSE:CPE) opened at 15.20 on Friday. Callon Petroleum has a 52-week low of $4.21 and a 52-week high of $16.36. The firm’s market capitalization is $1.99 billion. The company has a 50 day moving average price of $14.95 and a 200 day moving average price of $12.16.

Callon Petroleum (NYSE:CPE) last released its earnings results on Monday, August 8th. The company reported ($0.61) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.04 by $0.65. Callon Petroleum had a negative net margin of 233.91% and a positive return on equity of 3.77%. The firm earned $45.14 million during the quarter, compared to analyst estimates of $47.75 million. During the same period in the previous year, the company earned ($0.11) earnings per share. Callon Petroleum’s revenue was up 15.0% on a year-over-year basis.

Hedge funds and other institutional investors have recently modified their holdings of the company. US Bancorp DE raised its position in shares of Callon Petroleum by 40.4% in the second quarter. US Bancorp DE now owns 9,489 shares of the company’s stock worth $107,000 after buying an additional 2,730 shares during the period. Hsbc Holdings PLC bought a new position in shares of Callon Petroleum during the second quarter valued at $115,000. BNP Paribas Arbitrage SA raised its position in shares of Callon Petroleum by 119.1% in the third quarter. BNP Paribas Arbitrage SA now owns 10,301 shares of the company’s stock valued at $162,000 after buying an additional 5,600 shares during the last quarter. Capital Fund Management S.A. bought a new position in shares of Callon Petroleum during the second quarter valued at $116,000. Finally, Genesee Valley Trust Co. bought a new position in shares of Callon Petroleum during the second quarter valued at $119,000. Institutional investors and hedge funds own 83.09% of the company’s stock.

About Callon Petroleum

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. It focuses on unconventional, onshore, oil and natural gas reserves in the Permian Basin in West Texas and the Midland Basin.

5 Day Chart for NYSE:CPE

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