The Callon Petroleum Co. to Post Q3 2016 Earnings of $0.08 Per Share, Seaport Global Securities Forecasts (CPE)

The Callon Petroleum Co. to Post Q3 2016 Earnings of $0.08 Per Share, Seaport Global Securities Forecasts (CPE)

Callon Petroleum Co. (NYSE:CPE) – Equities research analysts at Seaport Global Securities dropped their Q3 2016 earnings estimates for Callon Petroleum in a report issued on Wednesday. Seaport Global Securities analyst M. Kelly now anticipates that the firm will earn $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 posted its quarterly earnings data on Monday, August 8th. The company reported ($0.61) EPS for the quarter, missing analysts’ consensus estimates of $0.04 by $0.65. The company had revenue of $45.14 million for the quarter, compared to analysts’ expectations 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% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.11) EPS.

A number of other research analysts also recently commented on CPE. Citigroup Inc. started coverage on Callon Petroleum in a research note on Wednesday, June 29th. They set a “neutral” rating and a $12.00 price objective for the company. Zacks Investment Research upgraded Callon Petroleum from a “hold” rating to a “buy” rating and set a $12.00 price objective for the company in a research note on Wednesday, June 29th. KLR Group started coverage on Callon Petroleum in a research note on Monday, July 11th. They set a “buy” rating and a $17.00 price objective for the company. Roth Capital restated a “buy” rating on shares of Callon Petroleum in a research note on Tuesday, July 12th. Finally, FBR & Co upped their price objective on Callon Petroleum from $15.00 to $17.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 10th. 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 given a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $15.58.

Callon Petroleum (NYSE:CPE) traded down 1.524% during mid-day trading on Friday, reaching $15.185. The company had a trading volume of 1,877,959 shares. Callon Petroleum has a 12 month low of $4.21 and a 12 month high of $16.36. The stock’s 50-day moving average is $14.93 and its 200 day moving average is $12.11. The firm’s market capitalization is $1.99 billion.

Hedge funds and other institutional investors have recently modified their holdings of the company. Adage Capital Partners GP L.L.C. purchased a new position in shares of Callon Petroleum during the first quarter valued at $3,991,000. Nuveen Asset Management LLC raised its position in shares of Callon Petroleum by 26.6% in the first quarter. Nuveen Asset Management LLC now owns 512,615 shares of the company’s stock valued at $4,537,000 after buying an additional 107,776 shares during the last quarter. Renaissance Technologies LLC purchased a new position in shares of Callon Petroleum during the first quarter valued at $756,000. Lone Star Value Management LLC raised its position in shares of Callon Petroleum by 5.9% in the first quarter. Lone Star Value Management LLC now owns 1,536,000 shares of the company’s stock valued at $13,594,000 after buying an additional 85,000 shares during the last quarter. Finally, Goldman Sachs Group Inc. raised its position in shares of Callon Petroleum by 48.8% in the first quarter. Goldman Sachs Group Inc. now owns 741,152 shares of the company’s stock valued at $6,559,000 after buying an additional 243,128 shares during the last quarter. 83.09% of the stock is currently owned by institutional investors.

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