Callon Petroleum (NYSE:CPE) Position Reduced by Principal Financial Group Inc.

Principal Financial Group Inc. trimmed its stake in shares of Callon Petroleum (NYSE:CPE) by 5.6% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 309,933 shares of the oil and natural gas company’s stock after selling 18,290 shares during the quarter. Principal Financial Group Inc. owned approximately 0.45% of Callon Petroleum worth $10,869,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in CPE. Strs Ohio acquired a new stake in shares of Callon Petroleum during the first quarter worth $26,000. CWM LLC increased its holdings in shares of Callon Petroleum by 260.7% in the 2nd quarter. CWM LLC now owns 1,100 shares of the oil and natural gas company’s stock worth $39,000 after acquiring an additional 795 shares during the period. Headlands Technologies LLC acquired a new stake in shares of Callon Petroleum in the 2nd quarter worth about $52,000. Northwestern Mutual Wealth Management Co. acquired a new stake in shares of Callon Petroleum in the 4th quarter worth about $97,000. Finally, PNC Financial Services Group Inc. increased its holdings 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 acquiring an additional 462 shares during the period. 92.79% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research firms recently weighed in on CPE. Truist Financial dropped their price objective on shares of Callon Petroleum from $51.00 to $48.00 and set a “buy” rating on the stock in a report on Monday, August 7th. Mizuho increased their price objective on shares of Callon Petroleum from $59.00 to $63.00 and gave the stock a “buy” rating in a report on Monday, September 18th. Citigroup raised shares of Callon Petroleum from a “neutral” rating to a “buy” rating and raised their target price for the company from $40.00 to $45.00 in a research note on Wednesday, August 16th. Morgan Stanley raised their target price on shares of Callon Petroleum from $40.00 to $41.00 and gave the company an “equal weight” rating in a research note on Friday, August 18th. Finally, StockNews.com raised shares of Callon Petroleum from a “sell” rating to a “hold” rating in a research note on Saturday, October 21st. Three investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, Callon Petroleum presently has a consensus rating of “Moderate Buy” and a consensus target price of $51.00.

Callon Petroleum Stock Performance

NYSE:CPE opened at $33.13 on Monday. Callon Petroleum has a twelve month low of $28.91 and a twelve month high of $44.49. The company has a current ratio of 0.40, a quick ratio of 0.40 and a debt-to-equity ratio of 0.50. The company has a 50-day moving average of $36.85 and a 200-day moving average of $35.46. The firm has a market cap of $2.25 billion, a price-to-earnings ratio of 4.15 and a beta of 2.71.

Callon Petroleum (NYSE:CPE) last announced its earnings results on Wednesday, November 1st. The oil and natural gas company reported $1.82 EPS for the quarter, topping the consensus estimate of $1.79 by $0.03. The company had revenue of $619.30 million during the quarter, compared to analysts’ expectations of $599.76 million. Callon Petroleum had a net margin of 20.63% and a return on equity of 16.26%. The business’s revenue for the quarter was down 25.9% on a year-over-year basis. During the same period last year, the company posted $4.04 earnings per share. Analysts forecast that Callon Petroleum will post 7.92 earnings per share for the current fiscal year.

Callon Petroleum Company Profile

Callon Petroleum Company, an independent oil and natural gas company, focuses on the acquisition, exploration, and development of oil and natural gas properties in West Texas. The company was founded in 1950 and is headquartered in Houston, Texas.