$148.49 Million in Sales Expected for Callon Petroleum (CPE) This Quarter

Equities research analysts forecast that Callon Petroleum (NYSE:CPE) will announce $148.49 million in sales for the current fiscal quarter, Zacks Investment Research reports. Eleven analysts have made estimates for Callon Petroleum’s earnings, with the highest sales estimate coming in at $174.00 million and the lowest estimate coming in at $129.00 million. Callon Petroleum posted sales of $84.61 million in the same quarter last year, which suggests a positive year-over-year growth rate of 75.5%. The business is expected to announce its next quarterly earnings results after the market closes on Tuesday, November 6th.

According to Zacks, analysts expect that Callon Petroleum will report full year sales of $582.11 million for the current financial year, with estimates ranging from $509.00 million to $650.30 million. For the next financial year, analysts expect that the firm will report sales of $825.45 million, with estimates ranging from $705.00 million to $924.00 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of research firms that that provide coverage for Callon Petroleum.

Callon Petroleum (NYSE:CPE) last announced its quarterly earnings data on Monday, August 6th. The oil and natural gas company reported $0.21 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.22 by ($0.01). Callon Petroleum had a net margin of 31.27% and a return on equity of 7.25%. The business had revenue of $137.10 million during the quarter, compared to analysts’ expectations of $133.66 million. During the same period in the prior year, the firm posted $0.09 EPS. Callon Petroleum’s revenue for the quarter was up 66.6% compared to the same quarter last year.

A number of equities research analysts have weighed in on CPE shares. TheStreet raised Callon Petroleum from a “c+” rating to a “b-” rating in a report on Monday, September 17th. ValuEngine downgraded shares of Callon Petroleum from a “hold” rating to a “sell” rating in a research report on Monday, July 2nd. Oppenheimer began coverage on shares of Callon Petroleum in a research report on Wednesday, October 3rd. They set an “outperform” rating and a $16.00 price target for the company. Zacks Investment Research upgraded shares of Callon Petroleum from a “hold” rating to a “buy” rating and set a $12.00 price target for the company in a research report on Wednesday, July 18th. Finally, Barclays began coverage on shares of Callon Petroleum in a research report on Wednesday, August 29th. They set an “overweight” rating and a $14.00 price target for the company. Five analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $16.11.

CPE traded down $0.19 during trading on Wednesday, reaching $11.48. The company’s stock had a trading volume of 3,576,452 shares, compared to its average volume of 4,868,805. Callon Petroleum has a 52-week low of $9.75 and a 52-week high of $14.65. The firm has a market capitalization of $2.66 billion, a PE ratio of 27.33 and a beta of 1.02. The company has a current ratio of 2.61, a quick ratio of 2.61 and a debt-to-equity ratio of 0.44.

In related news, VP Mitzi P. Conn sold 15,000 shares of Callon Petroleum stock in a transaction that occurred on Tuesday, September 18th. The stock was sold at an average price of $11.76, for a total transaction of $176,400.00. Following the completion of the transaction, the vice president now directly owns 42,062 shares in the company, valued at approximately $494,649.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.63% of the company’s stock.

Institutional investors have recently modified their holdings of the stock. Point72 Asset Management L.P. acquired a new position in shares of Callon Petroleum during the 2nd quarter worth approximately $13,964,000. Sei Investments Co. raised its position in shares of Callon Petroleum by 40.0% during the 2nd quarter. Sei Investments Co. now owns 66,486 shares of the oil and natural gas company’s stock worth $714,000 after purchasing an additional 18,993 shares during the last quarter. US Bancorp DE grew its stake in Callon Petroleum by 28.9% in the 2nd quarter. US Bancorp DE now owns 171,548 shares of the oil and natural gas company’s stock worth $1,842,000 after acquiring an additional 38,507 shares during the period. Dynamic Technology Lab Private Ltd purchased a new stake in Callon Petroleum in the 2nd quarter worth approximately $1,608,000. Finally, Principal Financial Group Inc. grew its stake in Callon Petroleum by 2.7% in the 1st 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 during the period.

Callon Petroleum Company Profile

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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Earnings History and Estimates for Callon Petroleum (NYSE:CPE)

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