SunTrust Banks Comments on Callon Petroleum’s FY2018 Earnings (CPE)

Callon Petroleum (NYSE:CPE) – Equities research analysts at SunTrust Banks raised their FY2018 earnings per share estimates for shares of Callon Petroleum in a research report issued on Monday, November 5th. SunTrust Banks analyst N. Dingmann now anticipates that the oil and natural gas company will earn $0.85 per share for the year, up from their previous estimate of $0.84.

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

CPE has been the topic of several other research reports. TheStreet upgraded Callon Petroleum from a “c+” rating to a “b-” rating in a report on Monday, September 17th. ValuEngine upgraded Callon Petroleum from a “sell” rating to a “hold” rating in a report on Thursday, September 13th. Oppenheimer started coverage on Callon Petroleum in a research report on Wednesday, October 3rd. They set an “outperform” rating and a $16.00 price objective for the company. Zacks Investment Research raised Callon Petroleum from a “hold” rating to a “buy” rating and set a $12.00 price objective for the company in a research report on Wednesday, July 18th. Finally, Barclays started coverage on Callon Petroleum in a research report on Wednesday, August 29th. They set an “overweight” rating and a $14.00 price objective for the company. Four investment analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $16.14.

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

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Point72 Asset Management L.P. acquired a new stake in shares of Callon Petroleum in the 2nd quarter valued at about $13,964,000. Dynamic Technology Lab Private Ltd acquired a new stake in shares of Callon Petroleum in the 2nd quarter valued at about $1,608,000. Sei Investments Co. boosted its position in shares of Callon Petroleum by 40.0% in the 2nd quarter. Sei Investments Co. now owns 66,486 shares of the oil and natural gas company’s stock valued at $714,000 after purchasing an additional 18,993 shares during the period. US Bancorp DE boosted its position in shares of Callon Petroleum by 28.9% in the 2nd quarter. US Bancorp DE now owns 171,548 shares of the oil and natural gas company’s stock valued at $1,842,000 after purchasing an additional 38,507 shares during the period. Finally, Millennium Management LLC boosted its position in shares of Callon Petroleum by 102.5% in the 2nd quarter. Millennium Management LLC now owns 1,848,191 shares of the oil and natural gas company’s stock valued at $19,850,000 after purchasing an additional 935,307 shares during the period.

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

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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