Trading Report: The Callon Petroleum Co. (CPE) Upgraded to “Buy” at Zacks Investment Research

The Callon Petroleum Co. (CPE) Upgraded to “Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of Callon Petroleum Co. (NYSE:CPE) from a hold rating to a buy rating in a research report released on Tuesday morning. Zacks Investment Research currently has $17.00 target price on the stock.

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

Several other research analysts also recently commented on the company. Roth Capital set a $16.00 price objective on Callon Petroleum and gave the company a buy rating in a research note on Wednesday, September 7th. Wunderlich increased their price objective on Callon Petroleum from $17.00 to $18.00 and gave the company a buy rating in a research note on Wednesday, August 10th. US Capital Advisors reissued a buy rating on shares of Callon Petroleum in a research note on Monday, June 6th. KLR Group assumed coverage on Callon Petroleum in a research note on Monday, July 11th. They issued a buy rating and a $17.00 price objective for the company. Finally, Canaccord Genuity increased their price objective on Callon Petroleum from $15.00 to $18.00 and gave the company a buy rating in a research note on Thursday, September 8th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the company. Callon Petroleum currently has an average rating of Buy and a consensus target price of $15.58.

Shares of Callon Petroleum (NYSE:CPE) opened at 15.54 on Tuesday. The company’s market cap is $2.04 billion. Callon Petroleum has a 52-week low of $4.21 and a 52-week high of $16.03. The stock’s 50 day moving average is $14.75 and its 200 day moving average is $11.93.

Callon Petroleum (NYSE:CPE) last announced its earnings results on Monday, August 8th. The company reported ($0.61) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.04 by $0.65. The business had revenue of $45.14 million for the quarter, compared to analyst estimates 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 quarterly revenue was up 15.0% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.11) earnings per share. Equities analysts forecast that Callon Petroleum will post $0.26 EPS for the current year.

Several institutional investors have recently made changes to their positions in CPE. Legal & General Group Plc boosted 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 valued at $106,000 after buying an additional 1,395 shares during the last quarter. US Bancorp DE boosted its position 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 last quarter. Hsbc Holdings PLC bought a new position in shares of Callon Petroleum during the second quarter valued at about $115,000. Capital Fund Management S.A. bought a new position in shares of Callon Petroleum during the second quarter valued at about $116,000. Finally, Genesee Valley Trust Co. bought a new position in shares of Callon Petroleum during the second quarter valued at about $119,000. Institutional investors and hedge funds own 83.09% of the company’s stock.

Callon Petroleum Company Profile

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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