Callon Petroleum (CPE) Sees Large Decline in Short Interest
Callon Petroleum (NYSE:CPE) was the target of a large decline in short interest in October. As of October 31st, there was short interest totalling 41,245,822 shares, a decline of 12.6% from the October 15th total of 47,185,843 shares. Based on an average daily trading volume, of 4,964,946 shares, the days-to-cover ratio is presently 8.3 days. Currently, 18.3% of the company’s stock are short sold.
Shares of CPE stock opened at $9.64 on Wednesday. Callon Petroleum has a 12 month low of $9.23 and a 12 month high of $14.65. The company has a market cap of $2.37 billion, a PE ratio of 22.95 and a beta of 1.06. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.57 and a quick ratio of 0.57.
Callon Petroleum (NYSE:CPE) last issued its quarterly earnings results on Tuesday, November 6th. The oil and natural gas company reported $0.21 EPS for the quarter, topping analysts’ consensus estimates of $0.20 by $0.01. Callon Petroleum had a return on equity of 8.31% and a net margin of 30.70%. The company had revenue of $161.21 million during the quarter, compared to analyst estimates of $145.66 million. During the same period in the previous year, the company earned $0.09 earnings per share. The company’s quarterly revenue was up 90.5% compared to the same quarter last year. Equities analysts anticipate that Callon Petroleum will post 0.88 earnings per share for the current fiscal year.
Several hedge funds have recently modified their holdings of the company. MHI Funds LLC lifted its holdings in shares of Callon Petroleum by 36.6% during the second quarter. MHI Funds LLC now owns 18,053 shares of the oil and natural gas company’s stock worth $194,000 after buying an additional 4,837 shares during the last quarter. People s United Financial Inc. raised its stake in shares of Callon Petroleum by 8.1% in the second quarter. People s United Financial Inc. now owns 65,335 shares of the oil and natural gas company’s stock valued at $701,000 after purchasing an additional 4,882 shares in the last quarter. Liberty Mutual Group Asset Management Inc. raised its stake in shares of Callon Petroleum by 12.3% in the second quarter. Liberty Mutual Group Asset Management Inc. now owns 44,645 shares of the oil and natural gas company’s stock valued at $479,000 after purchasing an additional 4,893 shares in the last quarter. Strs Ohio raised its stake in shares of Callon Petroleum by 139.0% in the third quarter. Strs Ohio now owns 9,800 shares of the oil and natural gas company’s stock valued at $117,000 after purchasing an additional 5,700 shares in the last quarter. Finally, Arizona State Retirement System raised its stake in shares of Callon Petroleum by 3.8% in the third quarter. Arizona State Retirement System now owns 161,585 shares of the oil and natural gas company’s stock valued at $1,937,000 after purchasing an additional 5,931 shares in the last quarter.
A number of brokerages have issued reports on CPE. ValuEngine cut Callon Petroleum from a “hold” rating to a “sell” rating in a research report on Friday, September 7th. Bank of America decreased their target price on Callon Petroleum from $19.00 to $16.00 and set a “buy” rating for the company in a research report on Thursday, November 8th. Williams Capital set a $16.00 target price on Callon Petroleum and gave the stock a “buy” rating in a research report on Wednesday, November 7th. Zacks Investment Research raised Callon Petroleum from a “hold” rating to a “buy” rating and set a $13.00 target price for the company in a research report on Tuesday, October 23rd. Finally, Stephens set a $20.00 target price on Callon Petroleum and gave the stock a “buy” rating in a research report on Wednesday, July 25th. Four equities research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $16.24.
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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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