Callon Petroleum (CPE) Trading 6.6% Higher on Strong Earnings

Shares of Callon Petroleum (NYSE:CPE) traded up 6.6% during mid-day trading on Wednesday following a better than expected earnings announcement. The company traded as high as $11.47 and last traded at $11.08. 9,618,333 shares changed hands during mid-day trading, an increase of 95% from the average session volume of 4,922,011 shares. The stock had previously closed at $10.39.

The oil and natural gas company reported $0.21 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.20 by $0.01. Callon Petroleum had a net margin of 31.27% and a return on equity of 7.25%. The company had revenue of $161.21 million during the quarter, compared to the consensus estimate of $145.66 million. During the same period in the previous year, the firm posted $0.09 earnings per share. The company’s revenue was up 90.5% on a year-over-year basis.

A number of equities analysts have weighed in on the stock. KLR Group reaffirmed a “buy” rating and issued a $16.00 target price on shares of Callon Petroleum in a research note on Monday, August 20th. Williams Capital set a $16.00 target price on shares of Callon Petroleum and gave the stock a “buy” rating in a research note on Wednesday. Stephens set a $20.00 target price on shares of Callon Petroleum and gave the stock a “buy” rating in a research note on Wednesday, July 25th. Piper Jaffray Companies reissued a “buy” rating and set a $20.00 price target on shares of Callon Petroleum in a research note on Sunday, August 12th. Finally, ValuEngine downgraded shares of Callon Petroleum from a “hold” rating to a “sell” rating in a research note on Friday, September 7th. Four equities research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $16.15.

In related news, VP Mitzi P. Conn sold 15,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 18th. The shares were sold at an average price of $11.76, for a total transaction of $176,400.00. Following the completion of the sale, the vice president now directly owns 42,062 shares of the company’s stock, valued at $494,649.12. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 0.63% of the company’s stock.

Several institutional investors and hedge funds have recently bought and sold shares of CPE. MHI Funds LLC grew its holdings in Callon Petroleum by 36.6% during the second quarter. MHI Funds LLC now owns 18,053 shares of the oil and natural gas company’s stock valued at $194,000 after purchasing an additional 4,837 shares during the period. People s United Financial Inc. grew its holdings in Callon Petroleum by 8.1% during the second quarter. People s United Financial Inc. now owns 65,335 shares of the oil and natural gas company’s stock valued at $701,000 after purchasing an additional 4,882 shares during the period. Liberty Mutual Group Asset Management Inc. grew its holdings in Callon Petroleum by 12.3% during the second quarter. Liberty Mutual Group Asset Management Inc. now owns 44,645 shares of the oil and natural gas company’s stock valued at $479,000 after purchasing an additional 4,893 shares during the period. Strs Ohio grew its holdings in Callon Petroleum by 139.0% during the third quarter. Strs Ohio now owns 9,800 shares of the oil and natural gas company’s stock valued at $117,000 after purchasing an additional 5,700 shares during the period. Finally, Arizona State Retirement System grew its holdings in Callon Petroleum by 3.8% during the third quarter. Arizona State Retirement System now owns 161,585 shares of the oil and natural gas company’s stock valued at $1,937,000 after purchasing an additional 5,931 shares during the period.

The firm has a market cap of $2.36 billion, a PE ratio of 26.38 and a beta of 1.06. The company has a debt-to-equity ratio of 0.44, a quick ratio of 2.61 and a current ratio of 2.61.

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

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