FY2018 Earnings Forecast for Callon Petroleum (CPE) Issued By Seaport Global Securities

Callon Petroleum (NYSE:CPE) – Seaport Global Securities reduced their FY2018 earnings estimates for Callon Petroleum in a research note issued on Tuesday, November 6th. Seaport Global Securities analyst M. Kelly now expects that the oil and natural gas company will earn $0.84 per share for the year, down from their previous forecast of $0.86. Seaport Global Securities also issued estimates for Callon Petroleum’s Q4 2018 earnings at $0.22 EPS and Q2 2019 earnings at $0.29 EPS.

Several other analysts have also issued reports on the stock. Oppenheimer started coverage on shares of Callon Petroleum in a research report on Wednesday, October 3rd. They set an “outperform” rating and a $16.00 price target on the stock. Barclays started coverage on shares of Callon Petroleum in a research report on Wednesday, August 29th. They set an “overweight” rating and a $14.00 price target on the stock. ValuEngine raised shares of Callon Petroleum from a “sell” rating to a “hold” rating in a research report on Thursday, August 23rd. Zacks Investment Research raised shares of Callon Petroleum from a “hold” rating to a “buy” rating and set a $12.00 price target on the stock in a research report on Wednesday, July 18th. Finally, Stephens set a $20.00 price target on shares of Callon Petroleum and gave the stock a “buy” rating in a research report on Wednesday, July 25th. Four research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company’s stock. Callon Petroleum currently has an average rating of “Buy” and an average price target of $16.14.

NYSE CPE opened at $10.56 on Thursday. The company has a debt-to-equity ratio of 0.44, a quick ratio of 2.61 and a current ratio of 2.61. Callon Petroleum has a 1 year low of $9.23 and a 1 year high of $14.65. The firm has a market cap of $2.36 billion, a price-to-earnings ratio of 25.14 and a beta of 1.06.

Callon Petroleum (NYSE:CPE) last posted its quarterly earnings results on Tuesday, November 6th. The oil and natural gas company reported $0.21 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.20 by $0.01. Callon Petroleum had a net margin of 30.70% and a return on equity of 8.60%. The firm had revenue of $161.21 million for the quarter, compared to analyst estimates of $145.66 million. During the same period in the prior year, the firm posted $0.09 earnings per share. The company’s quarterly revenue was up 90.5% compared to the same quarter last year.

Several institutional investors and hedge funds have recently modified their holdings of the company. MHI Funds LLC raised its position in shares of Callon Petroleum by 36.6% in 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. raised its position in shares of Callon Petroleum by 8.1% in 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. raised its position in shares of Callon Petroleum by 12.3% in 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 raised its position in shares of Callon Petroleum by 139.0% in 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 raised its position in shares of Callon Petroleum by 3.8% in 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.

In other news, VP Mitzi P. Conn sold 15,000 shares of the 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 transaction, the vice president now directly owns 42,062 shares of the company’s stock, valued at $494,649.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.82% of the stock is owned by corporate insiders.

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.

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Earnings History and Estimates for Callon Petroleum (NYSE:CPE)

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