Q1 2023 EPS Estimates for Callon Petroleum (NYSE:CPE) Decreased by Analyst

Callon Petroleum (NYSE:CPE – Get Rating) – Analysts at KeyCorp dropped their Q1 2023 EPS estimates for shares of Callon Petroleum in a research report issued on Monday, March 6th. KeyCorp analyst T. Rezvan now forecasts that the oil and natural gas company will earn $2.16 per share for the quarter, down from their prior estimate of $2.64. The consensus estimate for Callon Petroleum’s current full-year earnings is $12.11 per share. KeyCorp also issued estimates for Callon Petroleum’s Q3 2023 earnings at $2.59 EPS, FY2023 earnings at $9.89 EPS and FY2024 earnings at $10.31 EPS.

A number of other equities analysts have also commented on CPE. Morgan Stanley decreased 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. JPMorgan Chase & Co. raised shares of Callon Petroleum from an “underweight” rating to a “neutral” rating and set a $57.00 price target on the stock in a report on Monday, December 5th. Mizuho assumed coverage on shares of Callon Petroleum in a report on Monday, January 9th. They set a “buy” rating and a $59.00 target price on the stock. Finally, Truist Financial reduced their target price on shares of Callon Petroleum from $59.00 to $52.00 and set a “buy” rating on the stock in a report on Tuesday, February 21st. Six investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $61.38.

Callon Petroleum Price Performance

Shares of NYSE:CPE opened at $37.22 on Thursday. The company’s fifty day moving average price is $39.45 and its 200-day moving average price is $40.26. The firm has a market capitalization of $2.29 billion, a price-to-earnings ratio of 1.90 and a beta of 2.70. Callon Petroleum has a one year low of $31.23 and a one year high of $66.48. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.42 and a quick ratio of 0.42.

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

Institutional Investors Weigh In On Callon Petroleum

Several institutional investors have recently added to or reduced their stakes in CPE. Raymond James & Associates purchased a new stake in Callon Petroleum during the 1st quarter valued at $1,020,000. PNC Financial Services Group Inc. lifted its position in shares of Callon Petroleum by 25.2% in the 1st quarter. PNC Financial Services Group Inc. now owns 2,296 shares of the oil and natural gas company’s stock worth $135,000 after purchasing an additional 462 shares during the period. AlphaCrest Capital Management LLC lifted its position in shares of Callon Petroleum by 8.0% in the 1st quarter. AlphaCrest Capital Management LLC now owns 7,775 shares of the oil and natural gas company’s stock worth $459,000 after purchasing an additional 575 shares during the period. Natixis Advisors L.P. purchased a new stake in shares of Callon Petroleum in the 1st quarter worth about $842,000. Finally, MetLife Investment Management LLC lifted its position in shares of Callon Petroleum by 55.4% in the 1st quarter. MetLife Investment Management LLC now owns 25,397 shares of the oil and natural gas company’s stock worth $1,500,000 after purchasing an additional 9,056 shares during the period. Hedge funds and other institutional investors own 83.60% of the company’s stock.

About Callon Petroleum

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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.