Shares of Callon Petroleum Co. (CPE), a Houston, Texas-based independent oil and natural gas company, are rising more than 11 percent or $1.70 in Wednesday's morning trade at $16.39 despite no company-centric news.
U.S. stocks are mostly higher on Wednesday, benefitting from recent upward momentum amid optimism about coronavirus vaccines and a new fiscal stimulus bill. Crude oil prices are rebounding more than 1 percent on hopes that fuel demand will recover.
Callon Petroleum has traded in a range of $3.80 to $49.80 in the past 52 weeks.
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