Callon Petroleum Company (CPE) Releases Earnings Results, Misses Expectations By $-0.65 EPS

Callon Petroleum Company (CPE) reported quarterly earnings results on Monday, Aug-8-2016. The company reported $-0.61 earnings per share for the quarter, missing the analyst consensus estimate by $-0.65. Analysts had a consensus of $0.04. The company posted revenue of $45.14 million in the period, compared to analysts expectations of $47.75 million. The company’s revenue was up 15.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $-0.11 EPS.

Many Wall Street Analysts have commented on Callon Petroleum Company. KLR Group Initiated Callon Petroleum Company on Jul 11, 2016 to “Buy”, Price Target of the shares are set at $17.Company shares were Reiterated by Wunderlich on May 26, 2016 to “Buy”, Firm has raised the Price Target to $ 16 from a previous price target of $12 .Credit Suisse Initiated Callon Petroleum Company on May 24, 2016 to “Outperform”, Price Target of the shares are set at $14.

Callon Petroleum Company opened for trading at $11.69 and hit $12.25 on the upside on Friday, eventually ending the session at $12.01, with a gain of 2.91% or 0.34 points. The heightened volatility saw the trading volume jump to 38,50,256 shares. Company has a market cap of $1,574 M.

In a different news, on Jan 15, 2016, Jerry A Weant (Vice President of Land) purchased 1,000 shares at $6.00 per share price. According to the SEC, on Jan 7, 2016, Matthew Regis Bob (director) purchased 7,000 shares at $7.50 per share price. On Jun 18, 2015, Mitzi P Conn (Controller) sold 10,000 shares at $8.26 per share price, according to the Form-4 filing with the securities and exchange commission.

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 6230 gross (3862 net) acres located in Midland Andrews and Martin Counties.

Callon Petroleum Company

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