Wedge Capital Management L L P NC Purchases New Position in Callon Petroleum Co. (CPE)
Wedge Capital Management L L P NC purchased a new position in Callon Petroleum Co. (NYSE:CPE) during the second quarter, according to its most recent filing with the SEC. The institutional investor purchased 1,077,872 shares of the company’s stock, valued at approximately $12,105,000. Wedge Capital Management L L P NC owned 0.89% of Callon Petroleum at the end of the most recent reporting period.
Several other institutional investors also recently modified their holdings of CPE. Legal & General Group Plc raised its position 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 worth $106,000 after buying an additional 1,395 shares during the last quarter. Capital Fund Management S.A. bought a new position in shares of Callon Petroleum during the second quarter worth approximately $116,000. Genesee Valley Trust Co. bought a new position in shares of Callon Petroleum during the second quarter worth approximately $119,000. IBM Retirement Fund bought a new position in shares of Callon Petroleum during the second quarter worth approximately $129,000. Finally, Boothbay Fund Management LLC bought a new position in shares of Callon Petroleum during the first quarter worth approximately $142,000. 83.09% of the stock is currently owned by hedge funds and other institutional investors.
Callon Petroleum Co. (NYSE:CPE) traded down 1.43% during mid-day trading on Friday, reaching $15.20. 3,521,463 shares of the company’s stock were exchanged. Callon Petroleum Co. has a one year low of $4.21 and a one year high of $16.36. The company’s 50-day moving average is $14.95 and its 200 day moving average is $12.16. The firm’s market capitalization is $1.99 billion.
Callon Petroleum (NYSE:CPE) last posted its quarterly earnings results on Monday, August 8th. The company reported ($0.61) EPS for the quarter, missing the Zacks’ consensus estimate of $0.04 by $0.65. The company earned $45.14 million during the quarter, compared to the consensus estimate of $47.75 million. Callon Petroleum had a positive return on equity of 3.77% and a negative net margin of 233.91%. The company’s revenue for the quarter was up 15.0% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.11) earnings per share. Equities analysts predict that Callon Petroleum Co. will post $0.26 earnings per share for the current fiscal year.
CPE has been the topic of a number of research analyst reports. Wunderlich increased their price target on shares of Callon Petroleum from $17.00 to $18.00 and gave the stock a “buy” rating in a report on Wednesday, August 10th. KLR Group started coverage on shares of Callon Petroleum in a report on Monday, July 11th. They set a “buy” rating and a $17.00 target price on the stock. Zacks Investment Research raised shares of Callon Petroleum from a “hold” rating to a “buy” rating and set a $12.00 target price on the stock in a report on Wednesday, June 29th. Roth Capital reaffirmed a “buy” rating on shares of Callon Petroleum in a report on Tuesday, July 12th. Finally, Canaccord Genuity increased their target price on shares of Callon Petroleum from $15.00 to $18.00 and gave the company a “buy” rating in a report on Thursday, September 8th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty-two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Callon Petroleum presently has an average rating of “Buy” and a consensus price target of $15.58.
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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