Q2 2023 EPS Estimates for Callon Petroleum Lowered by KeyCorp (NYSE:CPE)

Callon Petroleum (NYSE:CPE – Get Rating) – Research analysts at KeyCorp dropped their Q2 2023 earnings estimates for shares of Callon Petroleum in a research report issued on Monday, March 6th. KeyCorp analyst T. Rezvan now anticipates that the oil and natural gas company will post earnings of $2.48 per share for the quarter, down from their previous estimate of $2.82. The consensus estimate for Callon Petroleum’s current full-year earnings is $12.11 per share. KeyCorp also issued estimates for Callon Petroleum’s Q4 2023 earnings at $2.66 EPS, Q1 2024 earnings at $2.76 EPS, Q2 2024 earnings at $2.59 EPS, Q3 2024 earnings at $2.45 EPS and Q4 2024 earnings at $2.51 EPS.

CPE has been the subject of a number of other reports. Mizuho initiated coverage on shares of Callon Petroleum in a research note on Monday, January 9th. They issued a “buy” rating and a $59.00 price target for the company. Truist Financial cut their target price on shares of Callon Petroleum from $59.00 to $52.00 and set a “buy” rating for the company in a research report on Tuesday, February 21st. JPMorgan Chase & Co. upgraded shares of Callon Petroleum from an “underweight” rating to a “neutral” rating and set a $57.00 target price for the company in a research report on Monday, December 5th. Finally, Morgan Stanley cut their price target on shares of Callon Petroleum from $60.00 to $53.00 and set an “equal weight” rating on the stock in a report on Tuesday, January 24th. Six investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, Callon Petroleum currently has an average rating of “Hold” and a consensus target price of $61.38.

Callon Petroleum Trading Down 2.1 %

NYSE CPE opened at $38.75 on Wednesday. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.42 and a current ratio of 0.42. The company has a 50-day simple moving average of $39.34 and a 200-day simple moving average of $40.29. The firm has a market capitalization of $2.39 billion, a PE ratio of 2.03 and a beta of 2.70. Callon Petroleum has a one year low of $31.23 and a one year high of $66.48.

Callon Petroleum (NYSE:CPE – Get Rating) last posted its quarterly earnings results on Thursday, February 23rd. The oil and natural gas company reported $3.36 EPS for the quarter, missing the consensus estimate of $3.44 by ($0.08). Callon Petroleum had a net margin of 37.44% and a return on equity of 35.68%. The business had revenue of $704.25 million during the quarter, compared to analyst estimates of $617.42 million. During the same period last year, the firm posted $2.66 earnings per share.

Institutional Investors Weigh In On Callon Petroleum

A number of institutional investors and hedge funds have recently modified their holdings of CPE. Delphia USA Inc. bought a new stake in Callon Petroleum during the second quarter worth $209,000. Gamco Investors INC. ET AL raised its position in shares of Callon Petroleum by 87.5% in the third quarter. Gamco Investors INC. ET AL now owns 89,680 shares of the oil and natural gas company’s stock valued at $3,140,000 after purchasing an additional 41,840 shares during the period. Truist Financial Corp raised its position in shares of Callon Petroleum by 7.5% in the third quarter. Truist Financial Corp now owns 138,045 shares of the oil and natural gas company’s stock valued at $4,833,000 after purchasing an additional 9,630 shares during the period. Texas Permanent School Fund raised its position in shares of Callon Petroleum by 7.3% in the third quarter. Texas Permanent School Fund now owns 36,839 shares of the oil and natural gas company’s stock valued at $1,290,000 after purchasing an additional 2,506 shares during the period. Finally, Whittier Trust Co. raised its position in shares of Callon Petroleum by 7.9% in the third quarter. Whittier Trust Co. now owns 35,185 shares of the oil and natural gas company’s stock valued at $1,231,000 after purchasing an additional 2,583 shares during the period. 83.60% of the stock is owned by institutional investors.

Callon Petroleum Company Profile

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Callon Petroleum Co engages in the exploration, development, acquisition and production of oil and natural gas properties in the United States. It focuses on unconventional oil and natural gas reserves in the Permian Basin. The company was founded by Sim C. Callon and John S. Callon in 1950 and is headquartered in Houston, TX.