First Trust Advisors LP Boosts Holdings in Callon Petroleum (NYSE:CPE)

Posted by Defense World Staff on Mar 10th, 2023

First Trust Advisors LP raised its stake in shares of Callon Petroleum (NYSE:CPE – Get Rating) by 11.5% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 534,470 shares of the oil and natural gas company’s stock after purchasing an additional 54,922 shares during the period. First Trust Advisors LP owned 0.87% of Callon Petroleum worth $18,712,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in CPE. Bank of New York Mellon Corp raised its position in shares of Callon Petroleum by 5.2% in the third quarter. Bank of New York Mellon Corp now owns 560,121 shares of the oil and natural gas company’s stock valued at $19,610,000 after buying an additional 27,775 shares during the last quarter. BlackRock Inc. raised its position in shares of Callon Petroleum by 4.1% in the third quarter. BlackRock Inc. now owns 7,831,506 shares of the oil and natural gas company’s stock valued at $274,181,000 after buying an additional 308,578 shares during the last quarter. BlueCrest Capital Management Ltd raised its position in shares of Callon Petroleum by 39.2% in the third quarter. BlueCrest Capital Management Ltd now owns 103,378 shares of the oil and natural gas company’s stock valued at $3,619,000 after buying an additional 29,116 shares during the last quarter. Brandywine Global Investment Management LLC raised its position in shares of Callon Petroleum by 13.5% in the third quarter. Brandywine Global Investment Management LLC now owns 199,365 shares of the oil and natural gas company’s stock valued at $6,980,000 after buying an additional 23,787 shares during the last quarter. Finally, Cantor Fitzgerald L. P. acquired a new stake in shares of Callon Petroleum in the third quarter valued at about $1,014,000. 83.60% of the stock is owned by hedge funds and other institutional investors.

Callon Petroleum Trading Down 3.9 %

Shares of CPE stock opened at $37.22 on Friday. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.42 and a quick ratio of 0.42. The firm has a market cap of $2.29 billion, a PE ratio of 1.90 and a beta of 2.70. The company has a 50-day moving average of $39.45 and a two-hundred day moving average of $40.26. Callon Petroleum has a 1-year low of $31.23 and a 1-year high of $66.48.

Callon Petroleum (NYSE:CPE – Get Rating) last announced its earnings results on Thursday, February 23rd. The oil and natural gas company reported $3.36 earnings per share for the quarter, missing the consensus estimate of $3.44 by ($0.08). The company had revenue of $704.25 million for the quarter, compared to analysts’ expectations of $617.42 million. Callon Petroleum had a return on equity of 35.68% and a net margin of 37.44%. During the same period last year, the business earned $2.66 EPS. On average, analysts predict that Callon Petroleum will post 12.11 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on CPE. Mizuho began coverage on shares of Callon Petroleum in a research report on Monday, January 9th. They issued a “buy” rating and a $59.00 target price for the company. Truist Financial cut their price objective on shares of Callon Petroleum from $59.00 to $52.00 and set a “buy” rating for the company in a research report on Tuesday, February 21st. Morgan Stanley cut their price objective on shares of Callon Petroleum from $60.00 to $53.00 and set an “equal weight” rating for the company in a research report on Tuesday, January 24th. Finally, JPMorgan Chase & Co. upgraded shares of Callon Petroleum from an “underweight” rating to a “neutral” rating and set a $57.00 price objective for the company in a research report on Monday, December 5th. Six analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $61.38.

Callon Petroleum Profile

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Callon Petroleum Co engages in the exploration, development, acquisition and production of oil and natural gas properties in the United States. It focuses on unconventional oil and natural gas reserves in the Permian Basin. The company was founded by Sim C. Callon and John S. Callon in 1950 and is headquartered in Houston, TX.