Callon Petroleum (NYSE:CPE) Shares Up 7.9%

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Callon Petroleum (NYSE:CPE)’s stock price shot up 7.9% during trading on Wednesday . The stock traded as high as $4.12 and last traded at $4.11, 10,931,902 shares changed hands during trading. An increase of 4% from the average session volume of 10,561,166 shares. The stock had previously closed at $3.81.

Several brokerages have commented on CPE. Citigroup cut their price target on shares of Callon Petroleum from $10.00 to $8.50 and set a “buy” rating on the stock in a research report on Monday, September 23rd. ValuEngine raised shares of Callon Petroleum from a “strong sell” rating to a “sell” rating in a research report on Wednesday, October 2nd. Evercore ISI reissued a “hold” rating and set a $12.00 price target on shares of Callon Petroleum in a research report on Thursday, August 8th. Williams Capital set a $8.00 price target on shares of Callon Petroleum and gave the stock a “buy” rating in a research report on Monday. Finally, Imperial Capital cut their price target on shares of Callon Petroleum from $16.00 to $11.00 and set an “in-line” rating on the stock in a research report on Tuesday, July 16th. One research analyst has rated the stock with a sell rating, six have given a hold rating and thirteen have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $10.52.

The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.47 and a current ratio of 0.47. The stock’s fifty day moving average price is $4.22 and its 200-day moving average price is $5.76. The company has a market capitalization of $847.31 million, a P/E ratio of 5.01, a PEG ratio of 0.47 and a beta of 1.42.

Callon Petroleum (NYSE:CPE) last issued its earnings results on Tuesday, August 6th. The oil and natural gas company reported $0.18 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.18. The company had revenue of $167.05 million for the quarter, compared to analysts’ expectations of $163.05 million. Callon Petroleum had a net margin of 35.72% and a return on equity of 7.57%. Callon Petroleum’s quarterly revenue was up 21.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.23 EPS. On average, research analysts predict that Callon Petroleum will post 0.72 EPS for the current fiscal year.

Several hedge funds have recently modified their holdings of the company. BlackRock Inc. raised its holdings in shares of Callon Petroleum by 0.8% in the 2nd quarter. BlackRock Inc. now owns 26,631,505 shares of the oil and natural gas company’s stock valued at $175,502,000 after purchasing an additional 219,910 shares during the period. Vanguard Group Inc. raised its holdings in Callon Petroleum by 3.7% in the 2nd quarter. Vanguard Group Inc. now owns 22,086,955 shares of the oil and natural gas company’s stock valued at $145,552,000 after acquiring an additional 778,699 shares during the period. Barrow Hanley Mewhinney & Strauss LLC raised its holdings in Callon Petroleum by 10.7% in the 2nd quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 8,392,232 shares of the oil and natural gas company’s stock valued at $55,305,000 after acquiring an additional 811,139 shares during the period. Macquarie Group Ltd. raised its holdings in Callon Petroleum by 1,098.7% in the 2nd quarter. Macquarie Group Ltd. now owns 7,230,540 shares of the oil and natural gas company’s stock valued at $47,649,000 after acquiring an additional 6,627,337 shares during the period. Finally, Silvercrest Asset Management Group LLC raised its holdings in Callon Petroleum by 21.8% in the 2nd quarter. Silvercrest Asset Management Group LLC now owns 7,039,169 shares of the oil and natural gas company’s stock valued at $46,388,000 after acquiring an additional 1,261,198 shares during the period.

About Callon Petroleum (NYSE:CPE)

Callon Petroleum Company, an independent oil and natural gas company, focuses on the acquisition, development, exploration, and exploitation of unconventional onshore oil and natural gas reserves in the Permian Basin in West Texas and southeastern New Mexico. As of December 31, 2018, its estimated net proved reserves totaled 238.5 million barrel of oil equivalent, including 180.1 MMBbls of oil and 350.5 Bcf of natural gas.

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