Callon Petroleum (NYSE:CPE – Get Rating) gapped down prior to trading on Tuesday after Wells Fargo & Company lowered their price target on the stock from $78.00 to $70.00. The stock had previously closed at $36.74, but opened at $35.34. Wells Fargo & Company currently has an equal weight rating on the stock. Callon Petroleum shares last traded at $34.54, with a volume of 11,271 shares changing hands.
Other research analysts have also issued reports about the stock. StockNews.com began coverage on shares of Callon Petroleum in a research note on Thursday, March 31st. They issued a “hold” rating on the stock. Royal Bank of Canada raised Callon Petroleum from a “sector perform” rating to an “outperform” rating and set a $75.00 price objective for the company in a research report on Wednesday, July 6th. Morgan Stanley boosted their target price on Callon Petroleum from $63.00 to $79.00 and gave the company an “equal weight” rating in a report on Friday, April 22nd. Truist Financial lowered their price objective on shares of Callon Petroleum from $107.00 to $101.00 and set a “buy” rating on the stock in a research report on Tuesday, June 7th. Finally, JPMorgan Chase & Co. dropped their price target on shares of Callon Petroleum from $75.00 to $68.00 and set an “underweight” rating on the stock in a research note on Wednesday, July 6th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $74.38.
In related news, major shareholder Holdings L.P. Blackstone III sold 200,000 shares of the business’s stock in a transaction dated Monday, April 18th. The shares were sold at an average price of $62.00, for a total value of $12,400,000.00. Following the sale, the insider now directly owns 5,935,002 shares in the company, valued at approximately $367,970,124. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders own 1.80% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in CPE. State of Alaska Department of Revenue grew its holdings in shares of Callon Petroleum by 9.0% during the second quarter. State of Alaska Department of Revenue now owns 35,917 shares of the oil and natural gas company’s stock worth $1,407,000 after buying an additional 2,955 shares in the last quarter. Bank of America Corp DE lifted its holdings in shares of Callon Petroleum by 42.4% during the 1st quarter. Bank of America Corp DE now owns 279,339 shares of the oil and natural gas company’s stock worth $16,504,000 after acquiring an additional 83,109 shares during the period. Sawtooth Solutions LLC acquired a new stake in shares of Callon Petroleum in the first quarter worth approximately $254,000. Range Financial Group LLC acquired a new position in Callon Petroleum during the first quarter worth approximately $323,000. Finally, Gamco Investors INC. ET AL purchased a new position in shares of Callon Petroleum in the 1st quarter worth $315,000. 95.73% of the stock is owned by institutional investors.
The business has a 50 day moving average price of $49.20 and a 200-day moving average price of $53.22. The firm has a market cap of $2.15 billion, a price-to-earnings ratio of 4.17 and a beta of 2.78. The company has a quick ratio of 0.36, a current ratio of 0.36 and a debt-to-equity ratio of 1.37.
Callon Petroleum (NYSE:CPE – Get Rating) last posted its quarterly earnings results on Wednesday, May 4th. The oil and natural gas company reported $3.43 EPS for the quarter, topping analysts’ consensus estimates of $3.28 by $0.15. Callon Petroleum had a return on equity of 42.41% and a net margin of 19.71%. The business had revenue of $664.80 million during the quarter, compared to the consensus estimate of $587.95 million. During the same period last year, the firm earned $1.49 earnings per share. The company’s revenue for the quarter was up 107.4% compared to the same quarter last year. Research analysts anticipate that Callon Petroleum will post 16.43 earnings per share for the current fiscal year.
Callon Petroleum Company Profile (NYSE:CPE)
Callon Petroleum Company, an independent oil and natural gas company, focuses on the acquisition, exploration, and development of oil and natural gas properties in Permian Basin in West Texas. As of December 31, 2021, its estimated net proved reserves totaled approximately 484.6 million barrel of oil equivalent, including 290.3 MMBbls oil, 577.3 Bcf of natural gas, and 98.1 MMBbls of natural gas liquids.