Callon Petroleum Company (CPE) has been under a strong bear grip, hence the stock is down -0.1% when compared to the S&P 500 in the past 4 weeks. However, in the near-term, buying emerged at lower levels and the stock has outperformed the S&P 500 by 5% in the past 1 week. The stock has continued its bullish performance both in the near-term and the medium-term, as the stock is up 5.44% in the last 1 week, and is up 2.39% in the past 4 weeks. Buying continues as the stock moves higher, suggesting a strong appetite for the stock.
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 $11.69 and $11.53 proved to be the low of the day. Continuous buying at higher levels pushed the stock towards an intraday high of $12.25. The buying momentum continued till the end and the stock did not give up its gains. It closed at $12.01, notching a gain of 2.91% for the day. The total traded volume was 3,850,256 . The stock had closed at $11.67 on the previous day.
The stock has recorded a 20-day Moving Average of 5% and the 50-Day Moving Average is 4.27%. Callon Petroleum Company is up 15.7% in the last 3-month period. Year-to-Date the stock performance stands at 44%.
Callon Petroleum Company (CPE) : 15 Wall Street analysts covering Callon Petroleum Company (CPE) believe that the average level the stock could reach for the short term is $14.83. The maximum price target given is $18 and the minimum target for short term is around $11, hence the standard deviation is calculated at $2.05.
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.