Todays Report: The Callon Petroleum Co. (CPE) Rating Lowered to Hold at Zacks Investment Research

The Callon Petroleum Co. (CPE) Rating Lowered to Hold at Zacks Investment Research

Callon Petroleum Co. (NYSE:CPE) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Tuesday.

According to Zacks, “Callon Petroleum Company has been engaged in the exploration, development, acquisition and production of oil and gas properties since 1950. “

Other research analysts also recently issued research reports about the stock. Imperial Capital reiterated an “outperform” rating and issued a $16.00 price target (up previously from $14.00) on shares of Callon Petroleum in a research note on Wednesday, August 10th. FBR & Co raised their price objective on shares of Callon Petroleum from $17.00 to $19.00 and gave the stock an “outperform” rating in a report on Friday, September 9th. Roth Capital set a $16.00 price objective on shares of Callon Petroleum and gave the stock a “buy” rating in a report on Wednesday, September 7th. Citigroup Inc. began coverage on shares of Callon Petroleum in a report on Wednesday, June 29th. They set a “neutral” rating and a $12.00 price objective on the stock. Finally, JPMorgan Chase & Co. raised their price objective on shares of Callon Petroleum from $14.00 to $16.00 and gave the stock an “overweight” rating in a report on Thursday, August 11th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, twenty-two have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $15.58.

Shares of Callon Petroleum (NYSE:CPE) opened at 15.80 on Tuesday. The stock has a 50 day moving average of $14.89 and a 200 day moving average of $12.09. The stock’s market capitalization is $2.07 billion. Callon Petroleum has a 12-month low of $4.21 and a 12-month high of $16.36.

Callon Petroleum (NYSE:CPE) last issued its quarterly earnings results on Monday, August 8th. The company reported ($0.61) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 firm earned $45.14 million during the quarter, compared to analysts’ expectations of $47.75 million. During the same quarter in the prior year, the firm earned ($0.11) EPS. The firm’s revenue was up 15.0% compared to the same quarter last year. Equities research analysts anticipate that Callon Petroleum will post $0.26 EPS for the current fiscal year.

Large investors have recently added to or reduced their stakes in the company. Teachers Advisors Inc. raised its stake in Callon Petroleum by 14.7% in the first quarter. Teachers Advisors Inc. now owns 1,539,780 shares of the company’s stock valued at $13,627,000 after buying an additional 197,700 shares in the last quarter. Franklin Resources Inc. raised its stake in Callon Petroleum by 12.4% in the first quarter. Franklin Resources Inc. now owns 4,717,958 shares of the company’s stock valued at $41,754,000 after buying an additional 521,111 shares in the last quarter. BlackRock Fund Advisors raised its stake in Callon Petroleum by 17.1% in the first quarter. BlackRock Fund Advisors now owns 2,456,320 shares of the company’s stock valued at $21,738,000 after buying an additional 358,241 shares in the last quarter. BlackRock Institutional Trust Company N.A. raised its stake in 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 valued at $21,149,000 after buying an additional 485,848 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its stake in Callon Petroleum by 2.7% in the first quarter. JPMorgan Chase & Co. now owns 1,272,170 shares of the company’s stock valued at $11,258,000 after buying an additional 33,575 shares in 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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