Zacks: Analysts Anticipate Callon Petroleum (NYSE:CPE) Will Post Quarterly Sales of $578.19 Million

Equities analysts expect that Callon Petroleum (NYSE:CPEGet Rating) will post $578.19 million in sales for the current fiscal quarter, Zacks reports. Four analysts have issued estimates for Callon Petroleum’s earnings, with estimates ranging from $513.35 million to $696.00 million. Callon Petroleum reported sales of $359.88 million in the same quarter last year, which indicates a positive year-over-year growth rate of 60.7%. The company is expected to issue its next earnings report after the market closes on Monday, January 1st.

According to Zacks, analysts expect that Callon Petroleum will report full year sales of $2.51 billion for the current year, with estimates ranging from $2.29 billion to $3.14 billion. For the next year, analysts forecast that the firm will report sales of $2.67 billion, with estimates ranging from $2.41 billion to $3.02 billion. Zacks’ sales averages are a mean average based on a survey of sell-side analysts that follow Callon Petroleum.

Callon Petroleum (NYSE:CPEGet Rating) last announced its quarterly earnings results on Wednesday, February 23rd. The oil and natural gas company reported $2.66 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $2.81 by ($0.15). Callon Petroleum had a net margin of 17.86% and a return on equity of 40.46%. The business had revenue of $692.19 million during the quarter, compared to the consensus estimate of $542.75 million. During the same period in the previous year, the business posted $1.00 EPS.

CPE has been the topic of several recent analyst reports. StockNews.com initiated coverage on shares of Callon Petroleum in a research report on Thursday, March 31st. They set a “hold” rating on the stock. Zacks Investment Research cut shares of Callon Petroleum from a “buy” rating to a “hold” rating and set a $58.00 target price on the stock. in a research report on Tuesday, April 26th. Truist Financial lifted their target price on shares of Callon Petroleum from $100.00 to $109.00 in a research report on Thursday, April 21st. Morgan Stanley lifted their target price on shares of Callon Petroleum from $63.00 to $79.00 and gave the stock an “equal weight” rating in a research report on Friday, April 22nd. Finally, Roth Capital raised shares of Callon Petroleum from a “neutral” rating to a “buy” rating and set a $80.00 target price on the stock in a research report on Monday, April 18th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and four have issued a buy rating to the stock. According to MarketBeat, Callon Petroleum currently has a consensus rating of “Hold” and an average target price of $72.78.

Callon Petroleum stock opened at $48.93 on Tuesday. Callon Petroleum has a 52 week low of $25.32 and a 52 week high of $66.48. The company’s 50 day moving average price is $58.12 and its two-hundred day moving average price is $54.77. The company has a quick ratio of 0.34, a current ratio of 0.34 and a debt-to-equity ratio of 1.44. The stock has a market cap of $3.01 billion, a P/E ratio of 7.78 and a beta of 2.81.

In related news, major shareholder Primexx Energy Partners, Ltd sold 5,225 shares of Callon Petroleum stock in a transaction that occurred on Friday, March 4th. The shares were sold at an average price of $60.02, for a total value of $313,604.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Holdings L.P. Blackstone III sold 200,000 shares of Callon Petroleum stock in a transaction that occurred on Monday, April 18th. The shares were sold at an average price of $62.00, for a total transaction of $12,400,000.00. Following the completion of the transaction, the insider now owns 5,935,002 shares of the company’s stock, valued at $367,970,124. The disclosure for this sale can be found here. Insiders sold a total of 1,232,939 shares of company stock worth $75,744,597 in the last ninety days. 2.10% of the stock is currently owned by insiders.

Institutional investors have recently added to or reduced their stakes in the stock. Wells Fargo & Company MN grew its position in shares of Callon Petroleum by 44.6% during the 2nd quarter. Wells Fargo & Company MN now owns 36,061 shares of the oil and natural gas company’s stock valued at $2,080,000 after purchasing an additional 11,131 shares in the last quarter. Victory Capital Management Inc. grew its position in shares of Callon Petroleum by 62.9% during the 3rd quarter. Victory Capital Management Inc. now owns 20,229 shares of the oil and natural gas company’s stock valued at $993,000 after purchasing an additional 7,809 shares in the last quarter. Raymond James Financial Services Advisors Inc. grew its position in shares of Callon Petroleum by 15.9% during the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 4,305 shares of the oil and natural gas company’s stock valued at $211,000 after purchasing an additional 591 shares in the last quarter. Deutsche Bank AG grew its position in shares of Callon Petroleum by 48.3% during the 3rd quarter. Deutsche Bank AG now owns 41,626 shares of the oil and natural gas company’s stock valued at $2,044,000 after purchasing an additional 13,554 shares in the last quarter. Finally, Los Angeles Capital Management LLC purchased a new position in shares of Callon Petroleum during the 3rd quarter valued at $289,000. Institutional investors and hedge funds own 95.73% of the company’s stock.

About Callon Petroleum (Get Rating)

Callon Petroleum Company, an independent oil and natural gas company, focuses on the acquisition, exploration, and development of oil and natural gas properties in Permian Basin in West Texas. As of December 31, 2021, its estimated net proved reserves totaled approximately 484.6 million barrel of oil equivalent, including 290.3 MMBbls oil, 577.3 Bcf of natural gas, and 98.1 MMBbls of natural gas liquids.

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