Callon Petroleum Company (NYSE:CPE)’s share price gapped down before the market opened on Tuesday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $11.99, but opened at $11.82. Callon Petroleum shares last traded at $11.82, with a volume of 10536986 shares traded.

The oil and natural gas company reported $0.09 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.10 by ($0.01). Callon Petroleum had a return on equity of 4.16% and a net margin of 34.61%. The company had revenue of $84.60 million during the quarter, compared to the consensus estimate of $81.98 million. During the same quarter in the prior year, the business earned $0.09 earnings per share. The firm’s revenue for the quarter was up 51.3% on a year-over-year basis.

Several research analysts have weighed in on the company. Northland Securities reiterated a “buy” rating and set a $18.00 target price on shares of Callon Petroleum in a report on Wednesday, November 1st. Citigroup Inc. reduced their target price on Callon Petroleum from $17.00 to $15.00 and set a “buy” rating on the stock in a report on Thursday, July 13th. Zacks Investment Research upgraded Callon Petroleum from a “sell” rating to a “hold” rating in a report on Tuesday, August 1st. Jefferies Group LLC assumed coverage on Callon Petroleum in a report on Monday, October 9th. They set a “buy” rating and a $16.00 target price on the stock. Finally, BidaskClub lowered Callon Petroleum from a “sell” rating to a “strong sell” rating in a report on Saturday, August 5th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-two have given a buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $17.50.

Several large investors have recently added to or reduced their stakes in CPE. Legal & General Group Plc increased its position in shares of Callon Petroleum by 25.0% in the first quarter. Legal & General Group Plc now owns 68,172 shares of the oil and natural gas company’s stock valued at $892,000 after acquiring an additional 13,643 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Callon Petroleum by 4.3% in the first quarter. Vanguard Group Inc. now owns 16,158,249 shares of the oil and natural gas company’s stock valued at $212,642,000 after acquiring an additional 667,220 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Callon Petroleum by 7.1% in the first quarter. Geode Capital Management LLC now owns 1,460,374 shares of the oil and natural gas company’s stock valued at $19,218,000 after acquiring an additional 96,739 shares during the last quarter. BlackRock Inc. increased its position 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 acquiring an additional 12,089,389 shares during the last quarter. Finally, Amalgamated Bank increased its position in shares of Callon Petroleum by 21.3% in the first quarter. Amalgamated Bank now owns 21,633 shares of the oil and natural gas company’s stock valued at $285,000 after acquiring an additional 3,801 shares during the last quarter.

The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.41 and a current ratio of 1.41. The company has a market capitalization of $2,450.00, a PE ratio of 32.53 and a beta of 1.38.

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

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