Zacks Investment Research Upgrades Callon Petroleum Company (NYSE:CPE) to Hold

Zacks Investment Research upgraded shares of Callon Petroleum Company (NYSE:CPE) from a sell rating to a hold rating in a report published on Monday, July 24th.

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

A number of other brokerages have also recently weighed in on CPE. Roth Capital set a $23.00 price objective on shares of Callon Petroleum and gave the stock a buy rating in a research note on Saturday, April 1st. Scotiabank set a $18.00 price objective on shares of Callon Petroleum and gave the stock a buy rating in a research note on Monday, April 3rd. Evercore ISI cut shares of Callon Petroleum from an outperform rating to an in-line rating and dropped their price objective for the stock from $17.00 to $16.00 in a research note on Wednesday, April 19th. Eurobank EFG raised shares of Callon Petroleum from a hold rating to a buy rating and set a $17.00 price objective for the company in a research note on Thursday, April 13th. Finally, EuroPacific Canada raised shares of Callon Petroleum from a neutral rating to a buy rating and set a $17.00 price objective for the company in a research note on Thursday, April 13th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and twenty have issued a buy rating to the company’s stock. Callon Petroleum currently has an average rating of Buy and a consensus target price of $17.79.

Shares of Callon Petroleum (NYSE CPE) opened at 10.42 on Monday. Callon Petroleum has a 52-week low of $9.63 and a 52-week high of $18.53. The stock has a market capitalization of $2.10 billion, a price-to-earnings ratio of 19.85 and a beta of 1.44. The stock has a 50 day moving average price of $10.74 and a 200-day moving average price of $12.08.

Callon Petroleum (NYSE:CPE) last posted its quarterly earnings results on Wednesday, August 2nd. The oil and natural gas company reported $0.09 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.11 by $0.02. Callon Petroleum had a net margin of 34.61% and a return on equity of 4.16%. The company had revenue of $82.30 million for the quarter, compared to analyst estimates of $83.89 million. During the same quarter in the previous year, the business posted ($0.61) earnings per share. Callon Petroleum’s revenue was up 82.5% on a year-over-year basis. On average, equities research analysts predict that Callon Petroleum will post $0.53 EPS for the current fiscal year.

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Hedge funds have recently made changes to their positions in the stock. BlackRock Inc. boosted its stake in shares of Callon Petroleum by 96,684.2% in the first quarter. BlackRock Inc. now owns 12,101,893 shares of the oil and natural gas company’s stock valued at $159,259,000 after buying an additional 12,089,389 shares in the last quarter. Wellington Management Group LLP boosted its stake in shares of Callon Petroleum by 29.0% in the first quarter. Wellington Management Group LLP now owns 21,117,124 shares of the oil and natural gas company’s stock valued at $277,902,000 after buying an additional 4,749,928 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Callon Petroleum by 180.4% in the second quarter. Dimensional Fund Advisors LP now owns 7,185,506 shares of the oil and natural gas company’s stock valued at $76,238,000 after buying an additional 4,622,758 shares in the last quarter. Channing Capital Management LLC bought a new stake in shares of Callon Petroleum during the first quarter valued at about $34,810,000. Finally, Goldman Sachs Group Inc. boosted its stake in shares of Callon Petroleum by 56.3% in the first quarter. Goldman Sachs Group Inc. now owns 7,333,603 shares of the oil and natural gas company’s stock valued at $96,510,000 after buying an additional 2,642,192 shares in the last quarter.

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. The Company focuses on the acquisition and development of unconventional oil and natural gas reserves in the Permian Basin.

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Analyst Recommendations for Callon Petroleum (NYSE:CPE)

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