Callon Petroleum Company (CPE) is Reiterated by Imperial Capital to Outperform, Raises Price Target to $ 18

Callon Petroleum Company (CPE) was Reiterated by Imperial Capital to “Outperform” according to the research note released today. The brokerage firm has raised the Price Target to $ 18 from a previous price target of $16 . Imperial Capital advised their investors in a research report released on Sep 30, 2016.

Many Wall Street Analysts have commented on Callon Petroleum Company. Company shares were Reiterated by FBR Capital on Sep 9, 2016 to “Outperform”, Firm has raised the Price Target to $ 19 from a previous price target of $17 .Company shares were Reiterated by Canaccord Genuity on Sep 8, 2016 to “Buy”, Firm has raised the Price Target to $ 18 from a previous price target of $15 .Company shares were Upgraded by RBC Capital Mkts on Sep 8, 2016 to ” Outperform”, Firm has raised the Price Target to $ 18 from a previous price target of $15 .

On the company’s financial health, Callon Petroleum Company reported $-0.61 EPS for the quarter, missing the analyst consensus estimate by $ -0.65 based on the information available during the earnings call on Aug 8, 2016. Analyst had a consensus of $0.04. The company had revenue of $45.14 million for the quarter, 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.

Callon Petroleum Company closed down -0.51 points or -3.63% at $13.55 with 35,48,232 shares getting traded on Tuesday. Post opening the session at $13.88, the shares hit an intraday low of $13.33 and an intraday high of $13.9 and the price fluctuated in this range throughout the day.Shares ended Tuesday session in Red.

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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