Callon Petroleum (CPE) Position Trimmed by First Trust Advisors LP

First Trust Advisors LP trimmed its position in shares of Callon Petroleum (NYSE:CPE) by 54.4% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 98,116 shares of the oil and natural gas company’s stock after selling 117,034 shares during the period. First Trust Advisors LP’s holdings in Callon Petroleum were worth $1,176,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. BlackRock Inc. increased its holdings in Callon Petroleum by 14.9% during the second quarter. BlackRock Inc. now owns 24,830,264 shares of the oil and natural gas company’s stock worth $266,676,000 after buying an additional 3,218,124 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in Callon Petroleum by 15.0% during the second quarter. Dimensional Fund Advisors LP now owns 17,261,443 shares of the oil and natural gas company’s stock worth $185,390,000 after buying an additional 2,256,780 shares during the last quarter. Luminus Management LLC increased its holdings in Callon Petroleum by 65.4% during the second quarter. Luminus Management LLC now owns 6,620,618 shares of the oil and natural gas company’s stock worth $71,105,000 after buying an additional 2,618,965 shares during the last quarter. Northern Trust Corp increased its holdings in Callon Petroleum by 9.5% during the second quarter. Northern Trust Corp now owns 6,307,427 shares of the oil and natural gas company’s stock worth $67,741,000 after buying an additional 545,225 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its position in Callon Petroleum by 21.5% during the second quarter. Bank of New York Mellon Corp now owns 6,187,203 shares of the oil and natural gas company’s stock worth $66,452,000 after purchasing an additional 1,095,098 shares during the period.

CPE has been the subject of a number of research analyst reports. Oppenheimer initiated coverage on shares of Callon Petroleum in a research report on Wednesday, October 3rd. They set an “outperform” rating and a $16.00 price objective for the company. Barclays initiated coverage on shares of Callon Petroleum in a research report on Wednesday, August 29th. They set an “overweight” rating and a $14.00 price objective for the company. ValuEngine raised shares of Callon Petroleum from a “sell” rating to a “hold” rating in a research report on Thursday, August 23rd. Credit Suisse Group raised shares of Callon Petroleum from a “neutral” rating to an “outperform” rating and set a $14.00 price objective for the company in a research report on Monday, November 12th. Finally, JPMorgan Chase & Co. set a $9.00 price objective on shares of Callon Petroleum and gave the stock a “buy” rating in a research report on Friday. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and eighteen have given a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $15.65.

In other news, VP Mitzi P. Conn sold 15,000 shares of the business’s stock in a transaction dated Tuesday, September 18th. The shares were sold at an average price of $11.76, for a total value of $176,400.00. Following the completion of the sale, the vice president now owns 42,062 shares of the company’s stock, valued at $494,649.12. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 0.82% of the company’s stock.

Shares of Callon Petroleum stock opened at $8.04 on Friday. The stock has a market capitalization of $1.93 billion, a PE ratio of 19.14 and a beta of 1.05. Callon Petroleum has a 52-week low of $7.63 and a 52-week high of $14.65. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.57 and a quick ratio of 0.57.

Callon Petroleum (NYSE:CPE) last announced its earnings results on Tuesday, November 6th. The oil and natural gas company reported $0.21 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.20 by $0.01. The company had revenue of $161.21 million during the quarter, compared to analysts’ expectations of $145.66 million. Callon Petroleum had a net margin of 30.70% and a return on equity of 8.31%. Callon Petroleum’s quarterly revenue was up 90.5% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.09 earnings per share. As a group, analysts anticipate that Callon Petroleum will post 0.88 earnings per share for the current year.

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About Callon Petroleum

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. As of December 31, 2017, its estimated net proved reserves totaled 137.0 million barrel of oil equivalent.

Further Reading: What is a stock buyback?

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Institutional Ownership by Quarter for Callon Petroleum (NYSE:CPE)

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