Callon Petroleum Co. (CPE) Expected to Earn Q3 2016 Earnings of $0.07 Per Share
Callon Petroleum Co. (NYSE:CPE) – FBR & Co upped their Q3 2016 earnings per share (EPS) estimates for Callon Petroleum in a note issued to investors on Monday. FBR & Co analyst C. Mabry now expects that the brokerage will post earnings of $0.07 per share for the quarter, up from their prior forecast of $0.06. FBR & Co has a “Outperform” rating and a $19.00 price objective on the stock. FBR & Co also issued estimates for Callon Petroleum’s Q4 2016 earnings at $0.07 EPS.
Callon Petroleum (NYSE:CPE) last announced its earnings results on Monday, August 8th. The company reported ($0.61) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.04 by $0.65. Callon Petroleum had a negative net margin of 233.91% and a positive return on equity of 3.77%. The business had revenue of $45.14 million for the quarter, compared to analysts’ expectations of $47.75 million. During the same period in the prior year, the business earned ($0.11) earnings per share. The company’s revenue for the quarter was up 15.0% compared to the same quarter last year.
CPE has been the topic of several other reports. Wunderlich lifted their price target on Callon Petroleum from $17.00 to $18.00 and gave the company a “buy” rating in a research report on Wednesday, August 10th. KLR Group began coverage on Callon Petroleum in a research report on Monday, July 11th. They set a “buy” rating and a $17.00 price target on the stock. Zacks Investment Research upgraded 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, June 29th. Roth Capital restated a “buy” rating on shares of Callon Petroleum in a research report on Tuesday, July 12th. Finally, Canaccord Genuity lifted their price target on Callon Petroleum from $15.00 to $18.00 and gave the company a “buy” rating in a research report on Thursday, September 8th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $15.36.
Shares of Callon Petroleum (NYSE:CPE) opened at 15.54 on Thursday. The stock’s market capitalization is $2.04 billion. Callon Petroleum has a 12 month low of $4.21 and a 12 month high of $16.03. The stock’s 50 day moving average price is $14.75 and its 200 day moving average price is $11.93.
Hedge funds have recently modified their holdings of the company. Virginia Retirement System bought a new stake in shares of Callon Petroleum during the first quarter worth approximately $1,467,000. Teachers Advisors Inc. boosted its stake in shares of Callon Petroleum by 14.7% in the first quarter. Teachers Advisors Inc. now owns 1,539,780 shares of the company’s stock worth $13,627,000 after buying an additional 197,700 shares during the last quarter. Franklin Resources Inc. boosted its stake in shares of Callon Petroleum by 12.4% in the first quarter. Franklin Resources Inc. now owns 4,717,958 shares of the company’s stock worth $41,754,000 after buying an additional 521,111 shares during the last quarter. BlackRock Fund Advisors boosted its stake in shares of Callon Petroleum by 17.1% in the first quarter. BlackRock Fund Advisors now owns 2,456,320 shares of the company’s stock worth $21,738,000 after buying an additional 358,241 shares during the last quarter. Finally, BlackRock Institutional Trust Company N.A. boosted its stake in shares of Callon Petroleum by 25.5% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 2,389,730 shares of the company’s stock worth $21,149,000 after buying an additional 485,848 shares during the last quarter. Institutional investors and hedge funds own 83.09% of the company’s stock.
About Callon Petroleum
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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