Price Target Update on Callon Petroleum Company (NYSE:CPE)

Callon Petroleum Company (NYSE:CPE) : 14 investment research analysts covering Callon Petroleum Company (NYSE:CPE) have an average price target of $14.16 for the near short term. The highest target price given by the Brokerage Firm to the stock is $18 and the lowest target is $11 for the short term. Analysts expect the variance to be within $1.8 of the average price.

Other Equity analysts have also commented 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.

Callon Petroleum Company (NYSE:CPE): stock turned positive on Thursday. Though the stock opened at $11.95, the bulls momentum made the stock top out at $11.98 level for the day. The stock recorded a low of $11.605 and closed the trading day at $11.87, in the green by 1.28%. The total traded volume for the day was 1,999,480. The stock had closed at $11.72 in the previous days trading.

The company shares have rallied 37.88% 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 $11.38 and the 200 Day Moving Average price is recorded at $8.71. 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.

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.

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