Callon Petroleum Co. (CPE) Upgraded to “Buy” at Zacks Investment Research
Zacks Investment Research upgraded shares of Callon Petroleum Co. (NYSE:CPE) from a hold rating to a buy rating in a research note published on Tuesday morning. They currently have $17.00 price objective on the stock.
According to Zacks, “Callon Petroleum Company has been engaged in the exploration, development, acquisition and production of oil and gas properties since 1950. “
Several other equities analysts have also recently weighed in on 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 research report on Friday, September 30th. Evercore ISI began coverage on Callon Petroleum in a research report on Wednesday, September 28th. They set a buy rating and a $20.00 price objective for the company. BMO Capital Markets began coverage on Callon Petroleum in a research report on Thursday, September 22nd. They set an outperform rating and a $20.00 price objective for the company. KLR Group reissued a buy rating and set a $21.00 price objective (up previously from $18.00) on shares of Callon Petroleum in a research report on Tuesday, September 13th. Finally, FBR & Co boosted their price objective on Callon Petroleum from $17.00 to $19.00 and gave the stock an outperform rating in a research report on Friday, September 9th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, twenty-three have given a buy rating and one has issued a strong buy rating to the company. The company currently has an average rating of Buy and a consensus target price of $15.33.
Callon Petroleum (NYSE:CPE) opened at 15.37 on Tuesday. The firm’s market cap is $2.02 billion. The company’s 50-day moving average price is $14.61 and its 200-day moving average price is $11.82. Callon Petroleum has a 52-week low of $4.21 and a 52-week high of $15.91.
Callon Petroleum (NYSE:CPE) last posted its quarterly earnings data on Monday, August 8th. The company reported ($0.61) earnings per share for the quarter, missing the consensus estimate of $0.04 by $0.65. Callon Petroleum had a positive return on equity of 3.77% and a negative net margin of 233.91%. The business had revenue of $45.14 million for the quarter, compared to analyst estimates of $47.75 million. During the same period in the prior year, the firm posted ($0.11) EPS. Callon Petroleum’s revenue for the quarter was up 15.0% on a year-over-year basis. Analysts predict that Callon Petroleum will post $0.26 EPS for the current year.
Several hedge funds have recently added to or reduced their stakes in the stock. US Bancorp DE increased its stake in Callon Petroleum by 40.4% in the second quarter. US Bancorp DE now owns 9,489 shares of the company’s stock valued at $107,000 after buying an additional 2,730 shares in the last quarter. Hsbc Holdings PLC purchased a new stake in Callon Petroleum during the second quarter valued at about $115,000. Capital Fund Management S.A. purchased a new stake in Callon Petroleum during the second quarter valued at about $116,000. Genesee Valley Trust Co. purchased a new stake in Callon Petroleum during the second quarter valued at about $119,000. Finally, IBM Retirement Fund purchased a new stake in Callon Petroleum during the second quarter valued at about $129,000. 83.09% of the stock is currently owned by hedge funds and other institutional investors.
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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