Callon Petroleum (NYSE:CPE) Shares Gap Down to $43.09

Callon Petroleum (NYSE:CPEGet Rating) gapped down before the market opened on Wednesday . The stock had previously closed at $43.09, but opened at $41.80. Callon Petroleum shares last traded at $41.92, with a volume of 1,394 shares changing hands.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on CPE shares. JPMorgan Chase & Co. reduced their price objective on shares of Callon Petroleum from $59.00 to $56.00 and set an “underweight” rating for the company in a report on Friday, October 7th. Citigroup boosted their price target on shares of Callon Petroleum from $40.00 to $45.00 and gave the stock a “neutral” rating in a report on Friday, September 9th. KeyCorp began coverage on shares of Callon Petroleum in a report on Monday, September 19th. They set a “sector weight” rating on the stock. Morgan Stanley cut their price target on shares of Callon Petroleum from $64.00 to $60.00 and set an “equal weight” rating on the stock in a report on Wednesday, October 19th. Finally, StockNews.com began coverage on shares of Callon Petroleum in a report on Wednesday, October 12th. They set a “hold” rating on the stock. One research analyst has rated the stock with a sell rating, five have given a hold rating and three have issued a buy rating to the company. According to MarketBeat, Callon Petroleum presently has a consensus rating of “Hold” and an average price target of $68.57.

Callon Petroleum Trading Down 2.1 %

The company has a debt-to-equity ratio of 0.84, a current ratio of 0.44 and a quick ratio of 0.44. The stock has a market capitalization of $2.60 billion, a PE ratio of 2.12 and a beta of 2.69. The stock’s 50 day simple moving average is $41.85 and its two-hundred day simple moving average is $43.92.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. boosted its stake in Callon Petroleum by 4.1% in the third quarter. BlackRock Inc. now owns 7,831,506 shares of the oil and natural gas company’s stock valued at $274,181,000 after acquiring an additional 308,578 shares during the last quarter. Vanguard Group Inc. raised its position in shares of Callon Petroleum by 22.4% in the third quarter. Vanguard Group Inc. now owns 6,610,084 shares of the oil and natural gas company’s stock valued at $231,419,000 after purchasing an additional 1,210,001 shares during the period. State Street Corp raised its position in shares of Callon Petroleum by 8.6% in the third quarter. State Street Corp now owns 3,649,408 shares of the oil and natural gas company’s stock valued at $127,766,000 after purchasing an additional 287,578 shares during the period. Dimensional Fund Advisors LP raised its position in shares of Callon Petroleum by 13.5% in the third quarter. Dimensional Fund Advisors LP now owns 1,518,491 shares of the oil and natural gas company’s stock valued at $53,161,000 after purchasing an additional 180,612 shares during the period. Finally, FMR LLC raised its position in shares of Callon Petroleum by 574.2% in the second quarter. FMR LLC now owns 1,507,959 shares of the oil and natural gas company’s stock valued at $59,112,000 after purchasing an additional 1,284,307 shares during the period. 87.85% of the stock is currently owned by hedge funds and other institutional investors.

Callon Petroleum Company Profile

(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.

Further Reading

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