Zacks Investment Research Lowers Callon Petroleum Co. (CPE) to Hold
Callon Petroleum Co. (NYSE:CPE) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Tuesday.
According to Zacks, “Callon Petroleum Company has been engaged in the exploration, development, acquisition and production of oil and gas properties since 1950. “
A number of other analysts have also commented on the company. Mizuho assumed coverage on Callon Petroleum in a report on Wednesday, October 5th. They set a “neutral” rating and a $16.00 price objective for the company. Imperial Capital boosted their price objective on Callon Petroleum from $16.00 to $18.00 and gave the stock an “outperform” rating in a report on Friday, September 30th. Evercore ISI assumed coverage on Callon Petroleum in a report on Wednesday, September 28th. They set a “buy” rating and a $20.00 price objective for the company. BMO Capital Markets assumed coverage on Callon Petroleum in a report on Thursday, September 22nd. They set an “outperform” rating and a $20.00 price objective for the company. Finally, KLR Group reissued a “buy” rating and set a $21.00 price objective (up from $18.00) on shares of Callon Petroleum in a report on Tuesday, September 13th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty-two have assigned a buy rating and one has given a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $15.58.
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Callon Petroleum (NYSE:CPE) traded down 0.75% during mid-day trading on Tuesday, reaching $15.84. The company had a trading volume of 3,223,299 shares. The company’s 50-day moving average is $14.80 and its 200-day moving average is $12.03. Callon Petroleum has a one year low of $4.21 and a one year high of $16.36. The stock’s market capitalization is $2.08 billion.
Callon Petroleum (NYSE:CPE) last issued its earnings results on Monday, August 8th. The company reported ($0.61) EPS for the quarter, missing analysts’ consensus estimates 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 the consensus estimate of $47.75 million. During the same period in the previous year, the firm earned ($0.11) earnings per share. The business’s quarterly revenue was up 15.0% on a year-over-year basis. Equities research analysts anticipate that Callon Petroleum will post $0.26 earnings per share for the current year.
Several large investors have recently bought and sold shares of the company. Teachers Advisors Inc. increased its stake in Callon Petroleum by 14.7% in the first quarter. Teachers Advisors Inc. now owns 1,539,780 shares of the company’s stock valued at $13,627,000 after buying an additional 197,700 shares in the last quarter. Franklin Resources Inc. increased its stake in Callon Petroleum by 12.4% in the first quarter. Franklin Resources Inc. now owns 4,717,958 shares of the company’s stock valued at $41,754,000 after buying an additional 521,111 shares in the last quarter. BlackRock Fund Advisors increased its stake in Callon Petroleum by 17.1% in the first quarter. BlackRock Fund Advisors now owns 2,456,320 shares of the company’s stock valued at $21,738,000 after buying an additional 358,241 shares in the last quarter. BlackRock Institutional Trust Company N.A. increased its stake in Callon Petroleum by 25.5% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 2,389,730 shares of the company’s stock valued at $21,149,000 after buying an additional 485,848 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its stake in Callon Petroleum by 2.7% in the first quarter. JPMorgan Chase & Co. now owns 1,272,170 shares of the company’s stock valued at $11,258,000 after buying an additional 33,575 shares in the last quarter. Hedge funds and other institutional investors own 83.09% of the company’s stock.
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. It focuses on unconventional, onshore, oil and natural gas reserves in the Permian Basin in West Texas and the Midland Basin.
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