Seaport Global Securities Comments on Callon Petroleum Co.’s Q3 2016 Earnings (CPE)
Callon Petroleum Co. (NYSE:CPE) – Equities research analysts at Seaport Global Securities reduced their Q3 2016 earnings per share estimates for shares of Callon Petroleum in a report issued on Wednesday. Seaport Global Securities analyst M. Kelly now expects that the brokerage will post earnings of $0.08 per share for the quarter, down from their prior estimate of $0.09. Seaport Global Securities also issued estimates for Callon Petroleum’s Q4 2016 earnings at $0.08 EPS and Q1 2017 earnings at $0.09 EPS.
Callon Petroleum (NYSE:CPE) last released its earnings results on Monday, August 8th. The company reported ($0.61) earnings per share for the quarter, missing analysts’ consensus estimates of $0.04 by $0.65. The firm had revenue of $45.14 million for the quarter, compared to analyst estimates of $47.75 million. Callon Petroleum had a negative net margin of 233.91% and a positive return on equity of 3.77%. The business’s revenue for the quarter was up 15.0% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.11) EPS.
CPE has been the topic of several other reports. Citigroup Inc. upped their price target on Callon Petroleum from $12.50 to $14.00 and gave the stock a “neutral” rating in a research note on Thursday, August 11th. Imperial Capital reaffirmed an “outperform” rating and issued a $16.00 price target (up from $14.00) on shares of Callon Petroleum in a research note on Wednesday, August 10th. Canaccord Genuity increased their target price on Callon Petroleum from $15.00 to $18.00 and gave the stock a “buy” rating in a research note on Thursday, September 8th. FBR & Co increased their target price on Callon Petroleum from $15.00 to $17.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 10th. Finally, Evercore ISI initiated coverage on Callon Petroleum in a research note on Wednesday, September 28th. They issued a “buy” rating and a $20.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, twenty-two have given a buy rating and one has given a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus target price of $15.58.
Shares of Callon Petroleum (NYSE:CPE) opened at 15.20 on Friday. The firm’s market cap is $1.99 billion. The firm’s 50-day moving average is $14.95 and its 200-day moving average is $12.16. Callon Petroleum has a 52-week low of $4.21 and a 52-week high of $16.36.
A number of hedge funds have recently modified their holdings of CPE. Legal & General Group Plc increased its stake in shares of Callon Petroleum by 13.1% in the first quarter. Legal & General Group Plc now owns 12,043 shares of the company’s stock valued at $106,000 after buying an additional 1,395 shares during the period. US Bancorp DE increased its stake in shares of 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 during the period. Hsbc Holdings PLC acquired a new stake in shares of Callon Petroleum during the second quarter valued at about $115,000. Capital Fund Management S.A. acquired a new stake in shares of Callon Petroleum during the second quarter valued at about $116,000. Finally, Genesee Valley Trust Co. acquired a new stake in shares of Callon Petroleum during the second quarter valued at about $119,000. 83.09% of the stock is currently owned by institutional investors.
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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