Callon Petroleum (CPE) Short Interest Down 9.1% in September

Callon Petroleum (NYSE:CPE) saw a significant decline in short interest in the month of September. As of September 28th, there was short interest totalling 39,519,232 shares, a decline of 9.1% from the September 14th total of 43,477,208 shares. Based on an average trading volume of 3,821,878 shares, the days-to-cover ratio is currently 10.3 days. Approximately 17.5% of the shares of the company are sold short.

CPE stock opened at $12.17 on Thursday. The stock has a market capitalization of $2.73 billion, a P/E ratio of 28.98 and a beta of 1.02. Callon Petroleum has a 52 week low of $9.75 and a 52 week high of $14.65. The company has a debt-to-equity ratio of 0.44, a current ratio of 2.61 and a quick ratio of 2.61.

Callon Petroleum (NYSE:CPE) last posted its quarterly earnings results on Monday, August 6th. The oil and natural gas company reported $0.21 EPS for the quarter, missing the Zacks’ consensus estimate of $0.22 by ($0.01). The company had revenue of $137.10 million during the quarter, compared to analyst estimates of $133.66 million. Callon Petroleum had a net margin of 31.27% and a return on equity of 7.25%. The firm’s revenue for the quarter was up 66.6% compared to the same quarter last year. During the same period last year, the firm earned $0.09 EPS. On average, sell-side analysts predict that Callon Petroleum will post 0.86 earnings per share for the current fiscal year.

In other news, VP Mitzi P. Conn sold 15,000 shares of the business’s stock in a transaction dated Tuesday, September 18th. The shares were sold at an average price of $11.76, for a total value of $176,400.00. Following the completion of the sale, the vice president now owns 42,062 shares of the company’s stock, valued at $494,649.12. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 0.63% of the company’s stock.

A number of hedge funds have recently bought and sold shares of CPE. PNC Financial Services Group Inc. raised its stake in Callon Petroleum by 31.2% in the first quarter. PNC Financial Services Group Inc. now owns 28,188 shares of the oil and natural gas company’s stock valued at $373,000 after purchasing an additional 6,704 shares in the last quarter. Sei Investments Co. raised its stake in Callon Petroleum by 55.1% during the first quarter. Sei Investments Co. now owns 47,493 shares of the oil and natural gas company’s stock worth $628,000 after acquiring an additional 16,876 shares in the last quarter. Principal Financial Group Inc. raised its stake in Callon Petroleum by 2.7% during the first quarter. Principal Financial Group Inc. now owns 875,735 shares of the oil and natural gas company’s stock worth $11,594,000 after acquiring an additional 23,399 shares in the last quarter. Northwestern Mutual Investment Management Company LLC raised its stake in Callon Petroleum by 56.2% during the first quarter. Northwestern Mutual Investment Management Company LLC now owns 41,299 shares of the oil and natural gas company’s stock worth $547,000 after acquiring an additional 14,865 shares in the last quarter. Finally, UBS Group AG raised its stake in Callon Petroleum by 59.3% during the first quarter. UBS Group AG now owns 299,612 shares of the oil and natural gas company’s stock worth $3,967,000 after acquiring an additional 111,533 shares in the last quarter.

A number of brokerages have recently issued reports on CPE. KLR Group reissued a “buy” rating and issued a $16.00 target price on shares of Callon Petroleum in a research report on Monday, August 20th. Stephens set a $20.00 target price on shares of Callon Petroleum and gave the company a “buy” rating in a research report on Wednesday, July 25th. Piper Jaffray Companies reissued a “buy” rating and issued a $20.00 target price on shares of Callon Petroleum in a research report on Sunday, August 12th. ValuEngine raised shares of Callon Petroleum from a “sell” rating to a “hold” rating in a research report on Friday, June 22nd. Finally, Barclays began coverage on shares of Callon Petroleum in a research report on Wednesday, August 29th. They issued an “overweight” rating and a $14.00 target price for the company. Five analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. Callon Petroleum has a consensus rating of “Buy” and a consensus price target of $16.11.

About Callon Petroleum

Callon Petroleum Company, an independent oil and natural gas company, focuses on the acquisition, development, exploration, and exploitation of unconventional onshore, oil, and natural gas reserves in the Permian Basin in West Texas. As of December 31, 2017, its estimated net proved reserves totaled 137.0 million barrel of oil equivalent.

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