Callon Petroleum Company (NYSE:CPE) has tumbled 1.92% during the past week, however, the bigger picture is still very bullish; the stocks have advanced and posted positive gains of 3.72% in the last four weeks. The stocks have underperformed the S&P 500 by 0.75% during the past week but Callon Petroleum Company (NYSE:CPE) it has outperformed the index in 4 weeks by 2.77%.
Callon Petroleum Company (NYSE:CPE): During Fridays trading session, Bulls were in full control of the stock right from the opening. The stock opened at $11.59 and $11.55 proved to be the low of the day. Continuous buying at higher levels pushed the stock towards an intraday high of $12.04. The buying momentum continued till the end and the stock did not give up its gains. It closed at $11.72, notching a gain of 2.36% for the day. The total traded volume was 5,034,731 . The stock had closed at $11.45 on the previous day.
The company shares have rallied 42.93% from its 1 Year high price. On Jun 8, 2016, the shares registered one year high at $12.56 and the one year low was seen on Jan 20, 2016. The 50-Day Moving Average price is $11.26 and the 200 Day Moving Average price is recorded at $8.66.
On the companys insider trading activities, The Securities and Exchange Commission has divulged in a Form 4 filing that the officer (Vice President of Land) of Callon Petroleum Co, Weant Jerry A had purchased shares worth of $6,000 in a transaction dated on January 13, 2016. A total of 1,000 shares were purchased at a price of $6 per share. The information is based on open market trades at the market prices.Option exercises are not covered.
Many analysts have stated their opinion on the company shares. Equity analysts at the Brokerage firm Wunderlich maintains its rating on Callon Petroleum Company (NYSE:CPE). The rating major has initiated the coverage with buy rating on the shares. The Analysts at Wunderlich raises the price target from $12 per share to $16 per share. The rating by the firm was issued on May 26, 2016. Currently the company Insiders own 1.61% of Callon Petroleum Company shares according to the proxy statements. Institutional Investors own 76.24% of Callon Petroleum Company shares. During last six month period, the net percent change held by insiders has seen a change of 43.25%.
Callon Petroleum Company is an independent oil and natural gas company. The Company is engaged in the exploration, development, acquisition and production of oil and natural gas properties. The Company is focused on unconventional, onshore, oil and natural gas reserves in the Permian Basin in West Texas and the Midland Basin. Its asset base is concentrated in the Midland Basin located within the broader Permian Basin. Its operations are focused on horizontal drilling of several prospective intervals, including multiple levels of the Wolfcamp formation. The Company operates two horizontal drilling rigs focused on four prospective zones for development. The Company drilled approximately 27 gross (24.4 net) horizontal and 7 gross (4.3 net) vertical wells, while completing around 31 gross (27.3 net) horizontal and 5 gross (3.1 net) vertical wells. The Company also owns 6,230 gross (3,862 net) acres located in Midland, Andrews and Martin Counties.